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tozmervo

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KJHburg Ecumenopolis

KJHburg

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Correct Amazon thought (why is the question) that their boom during Covid would continue unabated.  It did not and they have now closed or cancelled 42  warehouse projects around the country and it is still rising.  They way OVER expanded and now with higher inflation people are cutting back on non essentials which is the majority of what they sell.  So far only that one in NC is in Durham  but I did hear they have transferred or offer jobs at other warehouses.  They are backing out of leases from coast to coast and build to suits all over.  

https://fortune.com/2022/09/02/amazon-warehouse-expansion-ends-hiring-workers-andy-jassy/

 

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WEM
WEM

I work at Siemens.  Reports of this factory's death are greatly over-exaggerated. As stated, this rolling shutdown is part of the PG division's greater shut down.  The industry is experiencing a

ah59396
ah59396

Just, no.  We are all aware of your position on HB2, which is fine, you are entitled to it.  But losing the East Coast operation of PayPal and 400 new jobs is not warranting of a smiley face.  Get out

JHart
JHart

People moving across state lines for jobs are not the exploited workers who require protections. Clearly there are tons of high paying jobs in the metro areas, which is a great thing about Charlotte a

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Blue_Devil Burg

Blue_Devil

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3 hours ago, KJHburg said:

Correct Amazon thought (why is the question) that their boom during Covid would continue unabated.  It did not and they have now closed or cancelled 42  warehouse projects around the country and it is still rising.  They way OVER expanded and now with higher inflation people are cutting back on non essentials which is the majority of what they sell.  So far only that one in NC is in Durham  but I did hear they have transferred or offer jobs at other warehouses.  They are backing out of leases from coast to coast and build to suits all over.  

https://fortune.com/2022/09/02/amazon-warehouse-expansion-ends-hiring-workers-andy-jassy/

 

Well thats part of it. But the other part is the conveyers they use are on a 3 year backlog.  

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15895 City

15895

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1 hour ago, KJHburg said:

follow up saw this about Amazon they are cancelling or delaying indefinitely 3 other NC planned warehouses in addition to the closure of the Durham warehouse.  

https://wraltechwire.com/2022/09/15/amazon-shutting-durham-warehouse-site-canceling-or-delaying-3-others-in-nc/

Is there any concerns about the Charlotte area fulfillment centers or is this just general bad news for NC?

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TCLT Hamlet

TCLT

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1 hour ago, atlrvr said:

Glass-half-full hot-take, with record spending, and declining Amazon demand, that must mean that local Charlotte businesses are seeing record revenue.

Record spending because of buying more expensive stuff or record spending because of buying more stuff? It's certainly the former. People are spending more on necessities, especially food and shelter. It's highly unlikely discretionary spending has shifted from Amazon to (usually more expensive) local businesses in any meaningful way.

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Blue_Devil Burg

Blue_Devil

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5 minutes ago, TCLT said:

Record spending because of buying more expensive stuff or record spending because of buying more stuff? It's certainly the former. People are spending more on necessities, especially food and shelter. It's highly unlikely discretionary spending has shifted from Amazon to (usually more expensive) local businesses in any meaningful way.

Consumer Goods are still flying off shelves. Again, Amazon is having a huge logistical issue with the equipment they use in their warehouses, most warehouses companies are. Walmart, Chewy, etc. Amazon doesn't want to hold all of these empty warehouses they can't use for the next 3+ years. 

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KJHburg Ecumenopolis

KJHburg

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10 hours ago, rancenc said:

VERY bad news for Twitter.  Definitely not a tech company that would be on NC's wish list for relocation and incentives!:tw_hushed:

https://www.reuters.com/technology/twitters-workforce-likely-be-hit-with-massive-cuts-coming-months-report-2022-10-20/

I suspect Twitter will be moved to Austin with its much smaller workforce. 

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JHart Whistle-Stop

JHart

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Ehh, this isn't necessarily a bad thing. The target for unemployment isn't 0%, we are actually probably still a little lower than the current goal of 4.2-4.4%. Given our higher than average tech skew a small bump over last month makes perfect sense. 

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CLT2014 Town

CLT2014

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21 minutes ago, JHart said:

Ehh, this isn't necessarily a bad thing. The target for unemployment isn't 0%, we are actually probably still a little lower than the current goal of 4.2-4.4%. Given our higher than average tech skew a small bump over last month makes perfect sense. 

Some sectors of financial services employment in the Charlotte area is slowing down as well, in particular mortgage originators. Charlotte has a decent concentration of mortgage processors, centralized sales loan officers, underwriters, et... and refinance activity is pretty much dead. Movement Mortgage, Wyndham Capital, Wells, Citi, Better, et.... lots of layoffs in that sector in Charlotte. 

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JRCLT Burg

JRCLT

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Unemployment is a normal occurrence in the economy in certain cases and goes through cycles and as long as it’s not a permanent type unemployment, it is no cause of concern. There are many normal reasons for when people go unemployed. An uptick is part of the cycle.

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KJHburg Ecumenopolis

KJHburg

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5 hours ago, JeanClt said:

Unemployment is a normal occurrence in the economy in certain cases and goes through cycles and as long as it’s not a permanent type unemployment, it is no cause of concern. There are many normal reasons for when people go unemployed. An uptick is part of the cycle.

Unless it is you who gets laid off.  There is a real person behind each layoff.  

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JRCLT Burg

JRCLT

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Unless it is you who gets laid off.  There is a real person behind each layoff.  

Layoffs aren’t an impermanent unemployment. Seeing unemployment for just a percentage doesn’t tell you where it’s truly coming from and the breakdown of the reasons for unemployment. Transitioning from job to job, leaving a job for a variety of reasons to find another and unemployed for that time, and so on are impermanent unemployment and most often are due to the decision of the person. These are all examples of natural unemployment. (That is what I meant).

Statistics can be an art just as it is a math. The way unemployment data is collected isn’t by surveying every laborer in the country/state. It is randomly sent to a select number of people and from that sample, a data set can be representatively scaled to the population. So it’s isn’t as accurate as people would think but it is probably reasonably close to the true number.
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KJHburg Ecumenopolis

KJHburg

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1 hour ago, carolinaboy said:

Does Facebook/Meta have a physical office presence in Charlotte?

Facebook has a huge data center in Forest City 50 miles west of Charlotte and they were talking about opening a tech office in Durham hiring had begun about 6 months ago and that is probably off now. 

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JHart Whistle-Stop

JHart

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NC in the news for a domestic terrorist attack on the power grid in Moore County. 

https://www.bizjournals.com/charlotte/news/2022/12/05/duke-energy-moore-county-nc-outages.html?cx_testId=40&cx_testVariant=cx_23&cx_artPos=3#cxrecs_s

A few years ago Duke Energy was undergoing a giant RFP for security camera installations across the US at all sites including substations, hopefully they had some here. 

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15895 City

15895

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3 hours ago, JHart said:

NC in the news for a domestic terrorist attack on the power grid in Moore County. 

https://www.bizjournals.com/charlotte/news/2022/12/05/duke-energy-moore-county-nc-outages.html?cx_testId=40&cx_testVariant=cx_23&cx_artPos=3#cxrecs_s

A few years ago Duke Energy was undergoing a giant RFP for security camera installations across the US at all sites including substations, hopefully they had some here. 

I was so confused on what was going on for a while because I seen on my social media feeds people  extremely outraged over what was going on in NC and how they were outraged North Carolina hadn't declared a state of emergency (obviously now it has) and man. People outside of NC in my sphere are riled up over this. Dunno if that's just my echo chamber but it's definitely pretty substantial. 

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