Triad Business Notes

[JerseyBoy]

Many might not know this, but the "first" Lambo dealership was (and is) located in Summerfield in NW Guilford County. As for other dealerships in the area, Flow is doing a major restructuring in Forsyth. I believe Honda will now be located on University?

[suburban george3]

Many might not know this, but the "first" Lambo dealership was (and is) located in Summerfield in NW Guilford County. As for other dealerships in the area, Flow is doing a major restructuring in Forsyth. I believe Honda will now be located on University?

I haven't read about Honda moving, are they going to have 2 Honda locations in W-S? They have invested quite a bit of money on the Peters Creek Pkwy facility with the parking decks and everything.

[suburban george3]

Reynolds American Tobacco is reviewing all salaried positions in preps for further layoffs. There are approximately 1800 salaried workers still in Forsyth County. Any reduction would take place by the end of September. This is on top of the IT dept shutdown that took effect this month due to outsourcing.

I dread the day those two towers are darkened in downtown W-S.

WSJ Article about RJR job cuts

[twincity]

i thought those IT cut were from out of state?

i dont want to jinx anything but i think Reynolds is a mainstay. i worry more about GMAC, Wachovia and BB&T.

[suburban george3]

i thought those IT cut were from out of state?

i dont want to jinx anything but i think Reynolds is a mainstay. i worry more about GMAC, Wachovia and BB&T.

I worry about them too, a perfect storm could leave W-S's downtown virtually devoid of employment for some time....

[suburban george3]

Pierce Homes, who has built many communities in the Triad, is now out of business. Many homeowners wonder if their warranties will be honored by anyone and there are communities which aren't finished. Some homeowners are looking at legal alternatives. This company has been building homes locally for almost 25 years, and has fallen victim to the economy and the downturn in the housing market.

FOX 8 Article on Pierce Homes Closing.

[JerseyBoy]

I haven't read about Honda moving, are they going to have 2 Honda locations in W-S? They have invested quite a bit of money on the Peters Creek Pkwy facility with the parking decks and everything.

I'm not sure, but I thought the same thing. It would seem illogical to move Honda after all the investments they made on that site. I was driving up University and saw that GMC and Pontiac (and Buick?) building had been vacated with a banner on their old sign stating "Future Honda and Used Cars". There were some other phrases on the tarp to, but I can't seem to remember them. I think they're also doing some restructuring at their Stratford compound too.

[suburban george3]

B/E Aerospace is opening an additional facility to produce airplane seats in a 90,000 square foot building in the West Point Business Park off Stratford Rd. in Winston-Salem. B/E's income has been increasing and last quarter's was a record.

WSJ Article about B/E expansion

[cityboi]

High Paying jobs coming to Greensboro.

Mack Trucks is relocating its corporate headquarters and some support function to Greensboro and will be bring 493 jobs. Greensboro will now have both headquarters of Mack Trucks and Volvo Trucks of North America. Both are competitors. Average Salary at Mack will be $73,800 per year.

http://www.news-record.com/content/2008/08...s_in_greensboro

Edited August 14, 2008 by cityboi

[twincity]

Im glad to hear about B/E and Mack Trucks. I understand the new location on Stratford is 1 of only a few remaining vacant industrial buildings in the city. It may be time for more spec space.

Mack Trucks HQ will be huge for Greensboro, since its trying to become a logistics hub. Im assuming the new facility will be in the PTI area?

[JerseyBoy]

I'm not sure, but I thought the same thing. It would seem illogical to move Honda after all the investments they made on that site. I was driving up University and saw that GMC and Pontiac (and Buick?) building had been vacated with a banner on their old sign stating "Future Honda and Used Cars". There were some other phrases on the tarp to, but I can't seem to remember them. I think they're also doing some restructuring at their Stratford compound too.

Honda will be opening up a second Winston location on University. Crews have begun putting blue exterior additions on to the building. Pontiac and GMC have moved to Stratford in the semi-new Buick building. In other car dealer news, Bob King Kia will be moving to Peters Creek Parkway and Suzuki is now next to Parkway Ford on University.

[twincity]

Reynolds plans to cut 570 jobs from its W-S workforce. job cuts should be complete by 2010.

[suburban george3]

Reynolds plans to cut 570 jobs from its W-S workforce. job cuts should be complete by 2010.

My cousin got informed that his was one of the 570 jobs. It's a shame, at one time you had a good job at RJR for life.

[krazeeboi]

Dang, that's a lot of jobs. I hope other jobs are created to make up for this loss.

[suburban george3]

Dang, that's a lot of jobs. I hope other jobs are created to make up for this loss.

They've cut more before.. at one time a job cut would have spelled doom and gloom, but as time progresses RJR is not as major of a contributor to WS' economy. Still, it's gonna be tough in this economy to quickly find a new job for many of these folks, I hope the severence packages are generous. I truly dread the day though they vacate their office towers in downtown...

[triadguy37]

Winston-Salem has moved closer toward reaching an ambitious national economic goal. the Winston-Salem metropolitan statistical area was ranked for the first time among the top 100 best-performing cities in the nation. It ranks 200 metropolitan areas based on economic growth, including both long-term and short-term measurements of employment and salary growth and indicators of high-tech output. The Winston-Salem MSA was ranked 99th overall, up from 128th in 2007. The area improved in seven of nine categories from the 2007 report. By comparison, the Greensboro-High Point MSA -- which consists of Guilford, Randolph and Rockingham counties -- slid to 141st from 136th in 2007. The bright spot for the Winston-Salem MSA in the Milken index was a No. 18 ranking for gross domestic product from its high-tech sector from 2002 to 2006, primarily related to jobs created at Dell Inc.'s plant in Forsyth County and at the research park.

Metro 2008 2007 Job growth Wage growth

Raleigh-Cary 2nd 10th 11th 57th

Charlotte-Gastonia-Concord 26th 23rd 35th 49th

Winston-Salem 99th 128th 104th 158th

Greensboro-High Point 141st 136th 132nd 167th

http://www2.journalnow.com/content/2008/se...-100-list/news/

[suburban george3]

Wachovia is being pummeled today in the stock market. Some figures suggest a 74% chance of the bank failing in the next 5 years. It is now a prime takeover/merger target. This could be extremely bad for Winston-Salem.

There is a thread in the Charlotte forum here.

[suburban george3]

Late breaking word that Wachovia is actively pursuing a buyer. They are already in talks with Citibank. Wachovia is on life support and on the verge of failing. This is a dark day for the storied bank that started in the Twin City.

[krazeeboi]

^Well, by now I'm sure we all know how that turned out.

[suburban george3]

^Well, by now I'm sure we all know how that turned out.

It just disgusts me... all these companies that started here that were once so strong get snapped up be outsiders and ruined..

[JerseyBoy]

I'm not sure, but I thought the same thing. It would seem illogical to move Honda after all the investments they made on that site. I was driving up University and saw that GMC and Pontiac (and Buick?) building had been vacated with a banner on their old sign stating "Future Honda and Used Cars". There were some other phrases on the tarp to, but I can't seem to remember them. I think they're also doing some restructuring at their Stratford compound too.

Flow is currently adding an addition onto the old (technically new, built in 2002) Buick dealership at the Stratford compound.

[suburban george3]

Flow is currently adding an addition onto the old (technically new, built in 2002) Buick dealership at the Stratford compound.

What ever happened to Flow's plans for Jaguar/Range Rover on Silas Creek??

[suburban george3]

I attended tonight's Winston-Salem City Council Economic Workshop meeting. While it was generally positive, I thought I would give you guys some highlights:

• Several seniors were there to voice opposition to cancelling the Senior Games. The city said this was an unfounded rumor and the games were to continue.
  
• Several people spoke up in favor of more supports for the arts, the jobs and tax dollars created by the art community, and support for proposed downtown arts projects.
  
• There was also much support for the Downtown Research Park.
  
• There was discussion on the 'inequity' in development between East Winston and the rest of the city.
  
• There were calls for additional job training and affordable housing downtown.
  
• There were comments that the city wasn't doing enough reseach or follow up in handing out incentive monies. The comments, IMO, were directed at the large amount of money handed out to DELL.
  

While there was much talk, there wasn't a lot substantive that came out of this meeting. Just hours before hand Hanes Brands announced the layoffs of 155 high paying corporate jobs in Winston-Salem. They also did tell us that the city was just barely replacing jobs and we are falling behind our peers nationally. While the folks who were passionate about certain causes came out, there were no 'ingenious' thoughts to help stimulate our economy. I'm afraid we're going to study it to death while the city slips further back.

[cityboi]

Some good news for the downtown housing markets in Greensboro and WInston-Salem. The Triad Business Journal reported that the housing/bank crisis has affected downtown projects which is why we havent heard any new announcements for downtown projects over the past 6 months to a year. But there is still demand for downtown housing because its a niche market. The problem is the lending for developers. The president of Downtown Greensboro, Inc said that when the lending loosens up he expects the announcement of more projects. What that means is that alot of the projects they were proposed and those that were never announced may still happen but developers are just waiting for the tide to change. A new administration in the White House with new economic policies should help loosen up the lending so we can get back to seeing construction cranes and downtown development.

Edited November 19, 2008 by cityboi

[twincity]

I attended tonight's Winston-Salem City Council Economic Workshop meeting. While it was generally positive, I thought I would give you guys some highlights:

• Several seniors were there to voice opposition to cancelling the Senior Games. The city said this was an unfounded rumor and the games were to continue.
  
• Several people spoke up in favor of more supports for the arts, the jobs and tax dollars created by the art community, and support for proposed downtown arts projects.
  
• There was also much support for the Downtown Research Park.
  
• There was discussion on the 'inequity' in development between East Winston and the rest of the city.
  
• There were calls for additional job training and affordable housing downtown.
  
• There were comments that the city wasn't doing enough reseach or follow up in handing out incentive monies. The comments, IMO, were directed at the large amount of money handed out to DELL.
  

While there was much talk, there wasn't a lot substantive that came out of this meeting. Just hours before hand Hanes Brands announced the layoffs of 155 high paying corporate jobs in Winston-Salem. They also did tell us that the city was just barely replacing jobs and we are falling behind our peers nationally. While the folks who were passionate about certain causes came out, there were no 'ingenious' thoughts to help stimulate our economy. I'm afraid we're going to study it to death while the city slips further back.

im sorry to hear about Hanes. i remember back in the 80's when Sara Lee/Hanes dominated the northern office market. now its decorated with 'for lease' signs in every office park.

they canceled the Senior Games? i didnt know that. yea, bring those back. complaints about East Winston have been discussed for decades, and still there has been very little to no progress. Union Station would change that.