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The Good News Report


atlrvr

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19 minutes ago, KJHburg said:

Less than 3 star reviews on the Apple and Android App stores and frustrated customers.... good luck to them. Sounds like they do need to hire more people to handle problems!

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Did not see this posted, this is a forecast view for both Charlotte and Raleigh. But Charlotte is looking good. Favorite and telling quote:

Quote

“Right now, about 90% of the state’s growth occurs in the seven counties around Charlotte and the three counties around Raleigh,” Connaughton says.

Only blemish is the energy sector with nuclear (all nuclear companies in CLT) and gas (Siemens) most likely will not see growth in 2018.

Mentions that if we get the Toyota-Mazda plant it would be huge for the state (not necessarily for Charlotte) but where there is business there is need for services...

It is paywalled :(https://www.bizjournals.com/charlotte/news/2018/01/04/a-surging-economy-is-lighting-up-the-charlotte.html

Oh and Amazon HQ came up as well:

Quote

But it is all guessing, Walden says. “When I talk to people in Raleigh, they think Raleigh will get it. I talk to people in Charlotte, they think Charlotte will get it. I was in Austin recently, and they think it’s going there. Atlanta says Atlanta will get it.”

Vitner, disclaiming any inside information, thinks “Atlanta is the hands-down favorite.” 

But he thinks part of what Amazon is looking for is a “safety valve” city — one that can easily absorb a large influx of workers and relieve the pressure of growth on its Seattle headquarters. 

Atlanta, many times larger than Charlotte, does not spring to mind as a place to go to relieve pressure on growth. Charlotte fits that bill, at least, much better. 

The city population increases about 100,000 a year, he says, so absorbing 50,000 new jobs would not be as difficult as it would be for some smaller metros thought to be in the running.

 

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Here is some good news about the continued development of Fintech in Charlotte, and specifically the formalization of The Carolina Fintech Hub.

https://www.bizjournals.com/charlotte/news/2018/01/11/charlottes-fintech-hub-eyes-the-future.html

"The Carolina Fintech Hub — which came together toward the end of 2017 to support Charlotte’s growing financial-technology industry — is quickly moving out of its own startup phase.  The nonprofit organization now lists 150 members on its website, has hired an executive director and has attracted 12 board members who have already played key roles in both technology and banking here. "

"Carolina Fintech plans to focus on ways to enhance financial services through technology, rather than try to disrupt the entire market. In the past, financial companies were often pitted against fintech startups, but the narrative is largely shifting to one of collaboration in Charlotte."

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On 10/13/2017 at 12:00 PM, atlrvr said:

Article is the WSJ from 2 days ago said CEO of AllianceBernstein told staff they are considering moving a lot of jobs from NYC to either Charlotte or San Antonio.

This would likely be several hundred financial services/asset management jobs that pay probably $250k on average.

Have talked to two people at AB about this.  Sounds like will be Charlotte or Nashville, with internal rumor mill thinking management is leaning towards Nashville....crazy to me given the depth of financial services here compared to Nashville, but Nashville certainly has the "it" buzz with people I talk to outside of Charlotte.

 

Also, heard a rumor the other day that one of the largest investment managers in the world was looking for a second corporate office, and Charlotte was finalist, but likely going to Austin....ugh!

The good news is there are a lot of large investment managers looking to reduce costs, and as long as we are in the mix, we should be able to get a couple more.  We have major offices for TIAA/Nuveen, Wells Cap, Barings, and DFA....... would think we will see more open offices here because of existing talent.

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19 minutes ago, Cadi40 said:

With all these Companies picking cities like Austin and Nashville over Charlotte it worries me.

Its simple, NCGA.  

Their rural initiatives/tilt has allowed other cities to gain momentum on Charlotte.  Of course that is my opinion.  But again its competition, NC has historically had to fight a little harder than other regions.  The QC will be fine.

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Dr. Martin Luther King, Jr. Day (January 15, 2018) 

Forbes Magazine article entitled "Where African Americans Are Doing the Best Economically 2018" finds Charlotte the nation's 6th best metro area out of 53 Million Plus metros.

The top 10 cities: 

Tied for 1st place:  Washington, DC, median household income $69,246 and 48.3% home ownership rate;

Tied for 1st place:  Atlanta, median household income $48,161 and 44.7% home ownership rate;

3rd place: Austin, median household income $49,871 and 42.5% home ownership rate;

4th place: Baltimore, median household income $53,231 and 44.6% home ownership rate;

5th place: Raleigh, median household income $49,433 and 41.3% home ownership rate;

6th place: Charlotte, median household income: $42,108 and 41.6% home ownership rate;

7th place: San Antonio, median household income $46,754 and 44.3% home ownership rate;

8th place: Houston, median household income $47,588 and 41.4% home ownership rate;

9th place: Miami, median household income $40,239 and 45.0% home ownership rate;

10th place: Richmond. median household income $43,265 and 48.6% home ownership rate.

Link to Forbes article at:  https://www.forbes.com/sites/joelkotkin/2018/01/15/the-cities-where-african-americans-are-doing-the-best-economically-2018/#2e18d2651abe

 

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On ‎1‎/‎15‎/‎2018 at 5:02 PM, tarhoosier said:

All in slave states

Former slave states.  I am southern to the core but this isn't a surprise since most African American still live in the south, and prefer the south, even those who migrated northward for jobs and to escape Jim Crow want to move back "home".   I love the south but any illusion that ambitious African Americans in Detroit, Seattle, Chicago, Philly, New York, Denver, Indianapolis, Cleveland,  etc aren't privy to many more opportunities versus southern cities is misleading, primarily because those places been inclusive much longer with leadership at the top of the economic infrastructure that have the power to move the needle.  Most of the cities on that list still have significant barriers and walls (even Charlotte) when it comes to embracing diverse leadership and sharing pools of economic prosperity/resources.  The south's  great edge is affordability and desirability since so many African Americans have deep connections/roots here.  Coupled with the high growth in sunbelt cities, there's a lot of momentum.  Don't get it twisted, the Northeastern Corridor cities, Chicago, LA, etc are still the economic powerhouses of the US, regardless of race, color or creed....basically where the movers and shakers live.

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Quote

... CBRE's "Scoring Tech Talent" report last year, which put Charlotte at No. 26, was a factor for it not being on the short list as well as a lower ranking in number of tech degrees awarded in this market — No. 32 out of 40 metros evaluated.

...

Despite Charlotte's lower ranking overall, the report says Charlotte saw a 77% growth rate in number of tech workers from 2011 to 2016 — the fastest pace of the 50 metros that CBRE studied.

(paywalled) https://www.bizjournals.com/charlotte/news/2018/01/23/cbre-exec-talks-charlottes-strengths-and-why-it.html

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Growth of STEM jobs in Charlotte is 3rd highest among the 53 Million plus US metros.  Excerpts from Forbes Magazine story, below:

"The third tech turning, now in its infancy, promises greater dispersion to other markets, some with strong tech backgrounds, some with far less. In the last two years, according to numbers for the country’s 53 largest metros compiled by Praxis Strategy Group’s Mark Schill based on federal data and EMSI’s fourth-quarter 2017 data set, the STEM growth leader has been Orlando, at 8%, three times the national average. Next are San Francisco and Charlotte (each at 7%); Grand Rapids, Michigan (6%); and then Salt Lake City, Tampa, Seattle, Raleigh, Miami and Las Vegas (5%)".

"Charlotte, another new high-flier, also takes advantage of lower costs, a revived downtown area and ties to the financial service industries. The real estate firm CBRE named the city its top "momentum market" in 2016 based on its tech-talent growth rate from 2010 to 2015 (74.7%). It was followed by Nashville, with a 67.9% rate; both outpaced the Bay Area, at 61.5%."

Metros with the Most STEM job growth:

3.  Charlotte-Concord-Gastonia MSA.  2015 jobs: 60,493.  2017 jobs:  64,543

9.  Raleigh MSA.  2015 jobs:  53,957.  2017 jobs: 56,522.

Link to Forbes article (click open link in new tab):  https://www.forbes.com/sites/joelkotkin/2018/01/11/techs-new-hotbeds-cities-with-fastest-growth-in-stem-jobs-are-far-from-silicon-valley/#39a02568bed1

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Park National Corp. in Newark, Ohio, has agreed to buy Charlotte-based bank New Dominion.  The merger means Charlotte will soon be down to one bank headquarters (BOA).   

Link to Charlotte Observer story (click open in new tab):  http://www.charlotteobserver.com/news/business/banking/article196111549.html

Excerpts from the Observer (01/23/2018):

"In the past year, three Charlotte-based banks – Capital Bank Financial, Park Sterling and Carolina Premier – have been acquired by other banks. That leaves Bank of America, the nation’s No. 2 U.S. bank with about $2.3 trillion in assets, as the only bank still headquartered in the city. Wells Fargo is based in San Francisco but has its biggest employee base in Charlotte after buying Wachovia in 2008."

"'Local decision-making will continue to stay here,' New Dominion CEO Blaine Jackson, who joined the bank in 2011 as chief financial officer, said in an interview. These recent deals are a sign that outside banks, such as Park National, want to take advantage of Charlotte’s strong market, Jackson said.   'They (Park National) love the metro strategy,' he said, 'and the growth opportunities that Charlotte can afford.'”    

N.B.:  Wasn’t sure if this story belonged in “good news report” or “bad news report,” but put it in good news b/c CEO said that local decision making will stay in Charlotte, and the acquiring bank made glowing statements regarding Charlotte as a growth opportunity.

 

Edited by QCxpat
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49 minutes ago, Dale said:

Good for Charlotte, but I can't help but notice that my former town of Orlando is going bonkers. STEM, and the fastest growing major city in terms of job and wage growth.

% Growth without relative quantities is pretty much useless in my opinion. For example, Look at the large Charlotte high tech growth. Yet we are not close to being a high tech locale.

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^ Some (German language but no translation needed " Gasturbinenjobs") suggestion on the tweeter that its more gas turbine jobs. Interesting since all reports till now were that Siemans is looking to downsize / shut large turbine production.

 

Edited by kermit
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