The Good News Report

[cltbwimob]

TZ Insurance solutions is opening a Charlotte office and hiring 125

[Niner National]

TZ Insurance Solutions sounds a lot like Red Ventures.

I know RV recently bought an insurance provider, is this company a subsidiary of that company?

[nashbill]

Something I thought of as I was reading through this thread. When a company says that they plan on adding whatever number of jobs and I assume the incentive is based on job creation, does the state follow up later to see if they really do hire the number of people they claim they will? Is each situation valued differently as to what kind of jobs? Very high paying jobs, a regional headquarters perhaps, as opposed to low paying jobs, such as a call center? Are there guarantees? Just a thought.

[kermit]

^ Yes, each situation is negotiated seperately. Higher wage/skill jobs recieve larger incentives payments than lower skill jobs (other things equal). One condition that can skew that incentives 'pay scale' is that the state will reward projects in 'less developed' areas more heavily than projects in urban areas so it is possible that a $25,000 factory job in Anson county could recieve more incentives than an $80,000 knowledge industry job in Mecklenburg. IMO the only rationale for the huge payments that went to data centers in Rutherford, Catawba and Caldwell counties (facebook, Apple and Google respectively) was that they were located in 'less developed' portions of the state -- the payments were not justified by job creation.

Counties and cities can also contribute to incentives, those negotiations are typically handled seperately from the state program.

The state incentives program is administered on a contract basis, the companies recieving incentives are contractually obligated to create a specific number of jobs at a specific wage rate within a clearly defined timeline. If those conditions are not met there are clawback provisions where the company must pay back a pro-rated portion of the state's incentives based on the number of jobs actually created. Clearly the state becomes just another creditor in the case of bankruptcy.

When Dell shut down their production facility in Forsyth county back in 2007(?) they had to return all of the state's incentives payments. Unfortunately Forsyth county (who provided land and infrastructure) recieved nothing (AFIK).

[TarHeelCLT]

TZ Insurance Solutions sounds a lot like Red Ventures.

I know RV recently bought an insurance provider, is this company a subsidiary of that company?

TZ Insurance isn't related to Red Ventures or HomeInsurance.Com

[kermit]

SunTrust will add 100 mortgage underwriting jobs. LakePointe Office Park.

http://charlottechamber.com/clientuploads/Economic_pdfs/Announcements/SunTrust_Release_10-3-12.pdf

[cltbwimob]

Here's an interesting piece:

http://www.charlotteobserver.com/2012/10/05/3574890/chinese-manufacturer-eyes-concord.html

What type of manufacturing facility needs 200 acres?

[ah59396]

Big stuff.

[Urbanity]

I'm curious about the plant being $50 million. It's a huge investment, but does it seem proportional to 200 acres?

[Niner National]

What natural resources does Concord have that would be used in manufacturing?

All I can really think of in that area would be granite and clay.

[cltbwimob]

I'm curious about the plant being $50 million. It's a huge investment, but does it seem proportional to 200 acres?

I had the same question too...but 200 acres is a large chunk of land

[cltbwimob]

RATO, a small engine and ATV maker, is adding a manufacturing facility in Lincoln County and 450 jobs. The jobs number could expand to 600-1000 jobs.

http://www.bizjournals.com/charlotte/blog/outside_the_loop/2012/10/rato-denver-global-deal-to-bring-jobs.html?page=2

[CarolinaCrown]

This news in the Observer came out of nowhere, "Tanger plans to build Charlotte outlets at the corner of Steele Creek and 485. I certainly would have thought that some rumors would have floated around before the CO went public with the info.

http://www.charlotteobserver.com/2012/10/17/3603544/tanger-plans-to-build-charlotte.html

[kermit]

Sounds like Wells is continuing to ramp up in investment banking -- hopefully good news for the Queen city (although I thought all the capital markets folks of both banks had left town already)

http://www.bizjournals.com/charlotte/news/2012/10/17/wells-fargo-creates-markets-division.html?ana=e_du_pub&s=article_du&ed=2012-10-17

[tozmervo]

Hah, a piece of land not inside Charlotte. Sneaky little developer. (Re: Tanger)

Edited October 17, 2012 by tozmervo

[atlrvr]

Wells has a substantial portion of its Investment Bank still here, though certainly some groups are more NYC-centric. My general guess is that growth will happen in both NY and Charlotte, but a larger share in NY just because most of the people who were here and got laid off have moved on and the talent pool there is so much greater.

There was a CO article over the weekend where a office leasing broker was quoted as saying that several large corporate relocations were under consideration post-DNC.

[Skyline49er]

This news in the Observer came out of nowhere, "Tanger plans to build Charlotte outlets at the corner of Steele Creek and 485. I certainly would have thought that some rumors would have floated around before the CO went public with the info.

http://www.charlotte...-charlotte.html

The new Tanger for Charlotte will employ 300 workers during construction and around 900 full and part time positions once the center is open. That's a pretty good amount of jobs.

http://www.heraldonline.com/2012/10/17/4344883/tanger-outlets-announces-plans.html

[Niner National]

The new Tanger for Charlotte will employ 300 workers during construction and around 900 full and part time positions once the center is open. That's a pretty good amount of jobs.

http://www.heraldonl...nces-plans.html

Yeah not bad. Most of the jobs will be part time, but have to figure every store will require a manage and at least 1 assistant manager (probably more) that will be full time.

[southslider]

The location is in Charlotte's ETJ. The recapture of sales taxes currently lost by County residents shopping in Gaffney and Concord will be good for CATS. And if the mall is ever annexed, maybe voluntarily, the taxes will be good for Charlotte as well. Lastly, if Carolina Pavilion suffers, maybe Pineville will finally re-think their prior rejection of TOD.

[cltbwimob]

Well looks like Charlotte lost another company to SC. Fortunately, they are increasing their employment nearly fourfold as a result.

http://www.bizjournals.com/charlotte/blog/outside_the_loop/2012/10/physicians-choice-to-jump-line-into.html

Also Electrolux will hire approximately 80 more than they intially expected to hire when they moved here. They have already exceeded their job targets.

[Urbanity]

We got another headquarters!!!!

(hehehe)

[nonillogical]

We got another headquarters!!!!

(hehehe)

Few people realize that we're home to one of the biggest (it may still be THE biggest) online pornography companies in the country, AEBN. I think it would be really funny if we became something of a hub of adult business headquarters.

[Urbanity]

Well - It is a growth business!

[jednc]

We got another headquarters!!!!

(hehehe)

Well, they said we'd get new businesses from hosting the DNC.

[atlrvr]

Mecklenburg employment statistics came out today. Besides the fact that the unemployment rate fell from 9.7% to 9.1%, the big news is we are now at peak employment. As of September, there are 5,100 more people working in Meck Co than any time previously, ever. The sole reason for the elevated unemployment rate is the even greater inflow of people into the labor force.

We have 11k more employees then this time last year, and 33k more than Sept 2009.

If I were to peer into my economic crystal ball, Charlotte will really kick it into high gear spring 2013. 2013 will probably be the 2nd best year in employment growth history after 2006 for Meck Co.