The Good News Report

[atlrvr]

A couple of random pieces of news.

1) A new Hedge Fund of Funds is opening up in the Hearst Tower named Cantilever Capital. It is fund that invests in other hedge funds, and is being led by Hugh McColls son. Probably not a huge job generate as such operations typically employ less than a dozen people, but good to see financial firms outside of banking keep coming.

2) CapTech consulting has opened a new office at Transamerica Square (401 N Tryon). They are a Richmond based IT Management Consulting firm. They have about 12 position listed on their website, and are supposed to add between 50-100 position between their 3 offices next year.

3) Adaptivity, a SouthPark area based IT startup, just won $3MM in funding from Intel which was on top of a previous $7MM in venture funding. Adaptivity is lead by the old head of Trading Systems IT for Wachovia, and their software is a one-stop shop for getting businesses set up on "cloud computing". The funding is supposed to help them rapidly expand.

4) The Trudeau Institute is apparantly considering either expanding to or relocating entirely to the NC Biomed thinky in Kannapolis. They are a well respected health research institute located in upstate NY. They employ about 150 sceintists, so if they do relocate, it would be a major win for the research campus.

[HopHead]

More Energy jobs coming to Charlotte: Shaw Power Group to add 225 new jobs! This will bring their total local employment level to over 1,300. The jobs announcements come as part of the nuclear development agreement signed with Toshiba.

Shaw Power Group Expansion

[Urbanity]

^^^ You just beat me to that! Love that they are energy sector jobs too!

Gonna mention another item mentioned in CBJ. A Brookings Institute report that stated Charlotte was one of the hardest hit metros in the Recession. What's the good news? We're having one of the best turn-arounds.

The Charlotte area’s economy ranked No. 65 among the150 areas during the pre-recession period from 1993 to 2007, according to the report.

But the Queen City’s performance rating plummeted 76 spots to No. 141 during the years of minimum growth, from 2007 to 2010.

Here’s the good news: The Brookings report currently places Charlotte at No. 55.

Read more: Brookings study cites Charlotte’s economic struggles {sodEmoji.|} Charlotte Business Journal

Edited December 1, 2010 by Urbanity

[HopHead]

^ Haha, yea... Another good thing to point about these jobs is that more than 180 of them are engineering positions. On average they will pay $95,000/year. So, these are very well paying jobs as too!

Edited December 1, 2010 by dbull75

[HopHead]

In addition to the 225 jobs that Shaw Power Group is adding, Toshiba will be adding another 25-40 people in the coming months to support their new nuclear development agreement with Shaw.

[atlrvr]

1) SINGLE and mechanical temperature control manufacture based in Germany is opening its US operations in Charlotte. They will hire several now and expand with demand. Always good to see more German firms.

2) Foundation Financial (which committed to hiring 50 mortgage professionals by the end of 2010) have said they will hire an additional 30 in the 1st quarter of 2011.

3) Both Lance and Snyder's shareholders agreed to the their proposed merger yesterday and today, respectively. The merger will be completed this Monday (Dec 6th). The companies combined revenue will make it a Fortune 1000 firm and its HQ will be here in Charlotte (Ballantyne).

4) The Charlotte Business Journal reported that LPL Financial which has over 1000 employees in Charlotte is likely to expand here as their company grows. They recent had an IPO to fund growth.

[atlrvr]

Paetec, the telecom that bought Charlotte base US Lec several years ago, is closing thier Iowa technical center and relocating those 90+ jobs to their HQ in Rochester, NY and to Charlotte. What I don't understand is why thy don't follow the other several thousand people per year, and just move the entire company from Roc City to Charlotte.

[cltbwimob]

Yarn maker Tuscarora is bringing 40 jobs to York County.

Perfect Fit is refurbishing it's Monroe Factory adding 88 jobs.

The big announcement... BAe, a British Aerospace company, is adding 176 jobs in Charlotte. This is especially significant since Aerospace and Defense is one of the focal points of business recruiting in Charlotte. Additionally, a few weeks ago, an Airbus executive said that Charlotte is becoming very attractive to aerospace companies. Maybe one day Charlotte can get an Airplane/Helicopter assembly line like Charleston with the 787.

[cltbwimob]

Red F, a local marketing firm, will be hiring an extra 60 people as a result of a move from Southpark to downtown

Edited December 17, 2010 by cltbwimob

[Urbanity]

^^^To me that's a double shot of good news, The hires are nice, but I love reading companies in Charlotte moving into city center,

[atlrvr]

Then you'll also appreciate that a worker's comp insurance provider is relocate to the old Foundation of the Carolinas building on Tryon (the one with the Emerson Joseph salon). They are relocating from the Ballantyne area and brining 40 employees with them.

[nonillogical]

Then you'll also appreciate that a worker's comp insurance provider is relocate to the old Foundation of the Carolinas building on Tryon (the one with the Emerson Joseph salon). They are relocating from the Ballantyne area and brining 40 employees with them.

that reminds me...i don't know if its common knowledge but Foundation for the Carolinas is moving into the much larger Mint Museum of Craft + Design building.

[jednc]

that reminds me...i don't know if its common knowledge but Foundation for the Carolinas is moving into the much larger Mint Museum of Craft + Design building.

That's good news. I had been wondering what would fill this space.

[Urbanity]

Then you'll also appreciate that a worker's comp insurance provider is relocate to the old Foundation of the Carolinas building on Tryon (the one with the Emerson Joseph salon). They are relocating from the Ballantyne area and brining 40 employees with them.

I'm going to sorta appreciate that. I am thrilled to see another Charlotte company moving into city center and I am thrilled to see the Foundation building get a tenant, but I do admit I was hoping for a bigger bang than a worker's comp insurance provider. Though overall I agree that this is good news (now if only they turn the ground floor into retail it would be GREAT news.)

that reminds me...i don't know if its common knowledge but Foundation for the Carolinas is moving into the much larger Mint Museum of Craft + Design building.

I did hear/read that a while ago and think that is great news. Even better, they do plan to utilize the first floor for some type of gallery space if I remember correctly.

Edit: This is the article I was thinking about http://www.philanthropyjournal.org/nc/ncfoundations/foundation-carolinas-gets-new-home

Edited December 18, 2010 by Urbanity

[HopHead]

File this under "speculation" for now, but apparently Duke Energy is in talks to merge (buy) Progress Energy in Raleigh. The merger would create the largest utility company in the country. There are a number of hurdles to overcome, including sale price and regulatory issues so it's no given. Given the size of Duke compared to Progress, the HQ will likely stay in Charlotte. In the end, this would do wonders for Charlotte's energy hub initiative.

[Urbanity]

^^^ agree about the potential good news and ramifications if it happens.

[HopHead]

Well, it's no longer speculation. The Duke Energy/Progress Energy merger will be announced on Monday. The deal will be worth about $13 billion and will make Duke the largest utility company in the US. Corporate HQ will remain in Charlotte.

[jednc]

Well, it's no longer speculation. The Duke Energy/Progress Energy merger will be announced on Monday. The deal will be worth about $13 billion and will make Duke the largest utility company in the US. Corporate HQ will remain in Charlotte.

This is great news as far as I can tell (for Charlotte anyway).

[Rufus]

I am all happy for Charlotte, but it kind of sucks for Raleigh. The Triangle only had two F500 HQs, and Raleigh had one of them, Progress Energy. It's a real blow to the ego of the city trying to become more big-business friendly. Hopefully though, a bruised ego is all we have to deal with within the state.

[abttown]

I am all happy for Charlotte, but it kind of sucks for Raleigh. The Triangle only had two F500 HQs, and Raleigh had one of them, Progress Energy. It's a real blow to the ego of the city trying to become more big-business friendly. Hopefully though, a bruised ego is all we have to deal with within the state.

You should go to the Raleigh News and Observer website and read the comments about the merger. Needless to say, there's a lot of "us" vs "them" going on right now. I can't say that I blame them, but this is good news for Charlotte!

[dxartist]

just what I need. Another merger. I'm going to be quite busy for the next couple of years. Oh well, after working on merger projects Corestates-First Union, First Union-Wachovia, Wachovia-SouthTrust, Wachovia-Golden West, this one should be a breeze.

You should go to the Raleigh News and Observer website and read the comments about the merger. Needless to say, there's a lot of "us" vs "them" going on right now. I can't say that I blame them, but this is good news for Charlotte!

I don't get this "us" vs "them" mentality between Charlotte and Raleigh and vice-versa, even after living here for over 12 years. It's quite petty.

[Urbanity]

This is great news indeed. I really am pleased about the growth of Duke with a CLT headquarters but more importantly about what it does for our attraction of energy related jobs (as well as ancillary service companies).

I do commiserate though with the Raleigh folks on losing a major HQ bragging rights. It sucked for us to lose Wachovia no matter how much Wells Fargo has retained its presence here. Overall though it is good for the state.

[HopHead]

Agreed with what everyone else said, it does suck for Raleigh, even though they'll maintain a presence there. Unfortunately with a merger like this, something has to give. And that whole "us" vs "them" argument is annoying, however I'm sure some people in Charlotte would be doing the same thing if the roles were reversed. Regardless, this will really boost Charlotte's energy hub initiative and further diversify the local economy. Hopefully it also helps the state as a whole in the log run.

[aceboogie]

I think in the future this will help the state. To have Progress comepeting against Duke divided the state but now they are unified. To have the largest electric utility located in the state is still great for the state. I think this will compartmentalize the economy of the state and focus each region to utilize it's greatest assett. Raleigh has a great assett in Durham, RTP, and its great concentration of higher ed research universities. The RTP is a great assett in Raleigh and the software and pharmaceuticals that come out of this area are a great plus. It would hurt NC if Charlotte were to do the same. So, IMO, all is well for both Charlotte nad Raleigh. Raleigh may have lost a F500 but it stayed in NC. That's a plus for both.

[Urbanity]

Another piece of good news today. Two accounting firms are merging and moving their HQ to Charlotte.

According to the Observer, Dixon Hughes Goodman LLP, will have more than 1,700 employees in 30 offices in 11 states and Washington, D.C. The firm said it will be the largest certified public accounting firm based in the Southern U.S. and the 13th largest in the nation. Dixon is based in High Point and Goodman is in Richmond.

Edited January 10, 2011 by Urbanity