Triangle Economic News

[rancenc]

Jobs and investment coming to the "outer" Triangle in Granville County/Oxford.

https://www.nccommerce.com/news/press-releases/food-company-invest-4-million-oxford

[Mid South NC]

Facebook’s parent company Meta planning ‘significant presence’ in Durham, sources say
 

https://wraltechwire.com/2022/06/06/facebooks-parent-company-meta-planning-significant-presence-in-durham-sources-say/?fbclid=IwAR2sS0TNplGeclzbw9TU3AGGAvPMe774nY2eNhha6lPt93HkGLjD4fT-WlQ&fs=e&s=cl

[KJHburg]

I found on Google (which of course is hiring in Durham) many jobs with Facebook listing Durham  as the location.

https://www.google.com/search?q=facebook+jobs+durham&rlz=1C1CHZN_enUS948US948&oq=facebook+jobs+durham&aqs=chrome..69i57j0i390l2.5038j0j7&sourceid=chrome&ie=UTF-8&ibp=htl;jobs&sa=X&ved=2ahUKEwih-7yhkZr4AhXbSjABHYXxDP4QudcGKAJ6BAgGECs#htivrt=jobs&htidocid=9m4ryx7XQKMAAAAAAAAAAA%3D%3D&fpstate=tldetail

[rancenc]

Jobs and investment coming to Johnston County

https://www.feedstrategy.com/industry-news-trends/do-good-foods-to-invest-100m-in-north-carolina-facility/

[KJHburg]

Triangle leaders want to attract more HQs and this is good idea.  The Triangle is successful in attracting new business no doubt about that but very few HQ relocations but there have been a few in the last few years.  Vontier,  #883 on the F500 list Advance Auto #392 on F500 list Iquivia #269 F500 list 

https://wraltechwire.com/2022/06/13/triangles-next-phase-of-growth-is-luring-more-company-hqs-heres-how-why/

[KJHburg]

Business Facilities short article on the RTP region and promoting many sites outside the core counties of Wake Durham and Orange which I think that is good.

https://businessfacilities.com/2022/07/research-triangle-region-your-sites-new-home/?oly_enc_id=9918A8536689E2S

[rancenc]

Looks like Advance is not going to reach their target headcount goals and looks to be losing their incentives from the state.

https://www.bizjournals.com/triangle/news/2022/07/12/advance-auto-parts-raleigh-hiring-goals-change.html

[rancenc]

In this particular survey, the Raleigh apparently has dropped some notches a "hot tech" market.  Me personally, I take these surveys good OR bad with a grain of salt.  They use a wide variety of methodology and sometimes the data is quite dated!

https://www.commercialsearch.com/news/north-americas-hottest-tech-talent-markets/

[KJHburg]

NC and in particular the Triangle goes after the HQ of this new $1 Billion Federal agency and I think the area is a perfect fit lower costs than DC, huge biopharma industry and CROs, national leading hospitals.  

https://wraltechwire.com/2022/07/15/north-carolina-wants-new-1-billion-research-headquarters-bipartisan-coalition-leads-effort/

NC ranked both #1 by CNBC and Business Facilities magazine this week and when you keep popping up at the top you are doing something very right!

https://wraltechwire.com/2022/07/14/nc-ranks-1-for-its-business-climate-for-second-time-this-week/

[Gib]

On 7/15/2022 at 9:34 AM, KJHburg said:

NC and in particular the Triangle goes after the HQ of this new $1 Billion Federal agency and I think the area is a perfect fit lower costs than DC, huge biopharma industry and CROs, national leading hospitals.  

https://wraltechwire.com/2022/07/15/north-carolina-wants-new-1-billion-research-headquarters-bipartisan-coalition-leads-effort/

NC ranked both #1 by CNBC and Business Facilities magazine this week and when you keep popping up at the top you are doing something very right!

https://wraltechwire.com/2022/07/14/nc-ranks-1-for-its-business-climate-for-second-time-this-week/

I really do hope we can get this.  I wonder if they could set up shop on the compound NIH Institute of Environmental Health Sciences and EPA already share.  

[KJHburg]

6 hours ago, Gib said:

I really do hope we can get this.  I wonder if they could set up shop on the compound NIH Institute of Environmental Health Sciences and EPA already share.  

I say they could squeeze in somewhere in the RTP maybe near NIHES.   Their presence and location not too far from DC is good for the Triangle. 

[KJHburg]

Eaton Corporation is adding 170 jobs in their Raleigh office.  I know this corporation is based in Ireland but why not make Raleigh their American HQ?

https://wraltechwire.com/2022/07/18/eaton-adding-jobs-in-triangle-including-many-to-be-based-at-revamped-raleigh-office/

[Rufus]

1 hour ago, KJHburg said:

Eaton Corporation is adding 170 jobs in their Raleigh office.  I know this corporation is based in Ireland but why not make Raleigh their American HQ?

https://wraltechwire.com/2022/07/18/eaton-adding-jobs-in-triangle-including-many-to-be-based-at-revamped-raleigh-office/

I believe Eaton has their former HQ/now American HQ in Cleveland...could be wrong. 

[KJHburg]

Just now, Rufus said:

I believe Eaton has their former HQ/now American HQ in Cleveland...could be wrong. 

they do in a suburb but with such a huge division based in Raleigh maybe time to re think that.  

[SydneycartonII]

21 hours ago, KJHburg said:

Eaton Corporation is adding 170 jobs in their Raleigh office.  I know this corporation is based in Ireland but why not make Raleigh their American HQ?

https://wraltechwire.com/2022/07/18/eaton-adding-jobs-in-triangle-including-many-to-be-based-at-revamped-raleigh-office/

Is Eaton an American  company that “moved” its “HQ” to Ireland as part of a tax inversion scheme?  Ireland has very few, home-grown, major corporations.

Edited July 19, 2022 by SydneycartonII

[Rufus]

13 minutes ago, SydneycartonII said:

Is is an American  company that “moved” its “HQ” to Ireland as part of a tax inversion scheme?  Ireland has very few, home-grown, major corporations.

Correct. Like a number of companies, NC companies included. 

[KJHburg]

CBRE is out with their Tech Talent  Market Report

Here is comparisons between Charlotte CLT , Raleigh Durham RDU  and Nashville BNA

Total Tech workers   CLT 61,950,  RDU 69,050,   BNA 36,110

Where they work?  Core Tech companies 29% CLT, 56% in RDU, 33% in BNA     FIRE(Finance Insurance Real estate) 25% CLT, 11% in RDU, 14% in BNA   Health care is 16% in BNA their 2nd place where they work. 

5 year employment growth in the 3 markets     CLT 21.8% , RDU 10.8%,  BNA 29.4% 

Rent to Tech Wage ratio:  lower the number the more affordable given the wages:    CLT 17.4%  RDU 17.9%  BNA  20.6% 
Average wages in 3 markets   CLT $98,875      RDU   $109,663    BNA $86,212

download your own report    https://www.cbre.com/insights/books/scoring-tech-talent-2022

 

Edited July 20, 2022 by KJHburg

[KJHburg]

Raleigh ranked #1  as best place to start an online business in the country so says this study and Charlotte came in #2. 

https://business.centurylink.com/internet#onlinebusiness   go half way down the page to find the study in the green box

or here is the WRALTechwire story

https://wraltechwire.com/2022/08/08/raleigh-ranks-no-1-as-best-city-to-start-online-business-charlotte-is-no-2/

[KJHburg]

Business Facilities magazine recently named NC #1 Business climate in the country.  

But here are few more of their rankings which are highly regarded with decision makers

#7 in Biosciences leader

#7 in Manufacturing Output

#4 in Tech Talent pipeline

#7 in Food processing 

#9 in Health care jobs

#6 in Customized Workforce training

#8 in Semiconductors 

#6 in Recovery Leaders

#4 in Installed Solar Capacity

#10 in FDI Foreign direct investment 

#2 in FDI capital investment 

https://businessfacilities.com/2022/08/business-facilities-18th-annual-rankings-report-state-rankings/

Raleigh or Durham Metro rankings

#6 Crypto Leaders jobs   R-D

#7 Best Business climate large metros Raleigh Cary 

#4 Biopharma Leaders R-D

#6 Life Sciences R-D

#4 Fintech leaders job growth  Raleigh Cary 

#6 Manufacturing hub Durham

#2 Tech talent leaders smaller metros (Austin #1) R-D

#10 fastest growing metros by numerical county Raleigh Cary

https://businessfacilities.com/2022/08/business-facilities-2022-metro-rankings-report/

and yes these rankings do matter when you see your metro and state again and again on these lists.  Proof is in the pudding.  

[KJHburg]

MetLife hiring 400 people at its Cary technology campus by the end of the year.   Already 2100 are employed in its Cary operations. 

https://wraltechwire.com/2022/08/10/metlife-seeks-to-add-talent-to-cary-campus-including-400-workers-by-years-end/

 

[KJHburg]

CommercialCafe ranks Raleigh #5 best place for Generation Z   Raleigh ranks very high in parks too must be your extensive greenway system everywhere. 

https://www.commercialcafe.com/blog/top-20-cities-gen-z-2022/

Charlotte ranks #25 Nashville #16   Austin # 8   #1 is Atlanta! 

[KJHburg]

Rite Aid drug store chain which has no NC stores is establishing a tech center in downtown Raleigh says the Biz Journal.

""A $24 billion retail company plans to establish an office in downtown Raleigh. Rite Aid Corporation (NYSE: RAD), a drug store chain headquartered in Philadelphia, has agreed to lease space in Tower Two in the Bloc83 development along Hillsborough Street at Glenwood Avenue. Triangle Business Journal has learned the company is taking just over 16,000 square feet of space in the new office building with the lease beginning on Nov. 1. The location could serve as a new technology center for the company.  Rite Aid does not currently have any stores in North Carolina. In 2018, Walgreens Boots Alliance (Nasdaq: WBA) purchased 1,900 stores from Rite Aid for nearly $4.4 billion in cash. The majority of Rite Aid stores in North Carolina were converted into Walgreens (Nasdaq: WBA) locations at that time.   Rite Aid confirmed it has leased space in Raleigh, but did not provide further information in response to Triangle Business Journal inquiries. A spokesperson said more details about the company's plans would be released in the future.

In a Washington Post article from June, Rite Aid CEO Heyward Donigan said the company is "committed to building out our new technology center in Raleigh ... where our technology teams will go to collaborate, design and do lab work."""

https://www.bizjournals.com/triangle/news/2022/09/20/rite-aid-raleigh-tech-center-bloc83-lease.html

 

[rancenc]

Unique business operating in the heart of the Triangle.

https://businessnc.com/urban-farming-finds-a-niche-in-raleigh/

[KJHburg]

JLL released their 3rd quarter 2022 office market reports.   (I can't get this spreadsheet to line up but I think you will get it) 

Here is Raleigh Durham (and yes JLL considers it one market) compared to peer cities of Austin, Atlanta, Charlotte and Nashville.  

 

MARKET NAME         1. SIZE OF TOTAL OFFICE MARKET        2. TOTAL VACANCY INCLUDES SUBLEASE                    3. YEAR TO DATE ABSORP-TION %         4. AVG. YEARLY PER SQ FT RATE         

                                              1.                        2.                            3.                  4.                                                                           HIGHEST PRICED SUBMARKET                CENTRAL BUS. DIST VS SUBURBS 
                                                                    
CHARLOTTE        65.209 M            17.60%                1.00%        $34.45                                                               SOUTHEND AT $42.43 SQ FT                45/55
ATLANTA        176.3 M            21.40%                0.40%                 $32.63                                                                          MIDTOWN AT $43.60 SQ FT                37/63
AUSTIN        70.6 M            17.90%                -0.40%                   $54.78                                                                                DOWNTOWN AT $65.87                20/80
NASHVILLE        47.3 M            19.10%                -0.10%            $35.87                                                                       DOWNTOWN AT $43.11                39/61
RALEIGH DURHAM        58.0 M     13.20%                0.20%        $31.45                                                      DOWNTOWN RALEIGH AT $37.98                16/84
                                                                    
Year to date Charlotte is the best performing market in terms of absorption of office space as percentage of the market size.                                                                       
Charlotte is the most urban market in terms of its Uptown, Midtown, Southend all being part of the urban market.                                                                     
Then Nashville is 2nd most urban centric with Atlanta being the third.  (Atlanta urban market includes downtown, Midtown and Buckhead)                                                                    
Austin is by far the most expensive office market.  Raleigh Durham is the cheapest office market but does reflect that it has the most suburban office space as part of the total market.                                                                    
Highest vacancy is in the Atlanta market and all figures include sublease space.  Raleigh Durham has the lowest vacancy rate.            

Atlanta market is by far the largest in size at 176,300,000 sq ft with Austin 2nd largest and Charlotte 3rd but pretty close in market size of total square footage of office space.       Raleigh Durham office market is larger by a good bit than Nashville's.  

[KJHburg]

Raleigh metro is one of the top 10 markets in delivering apartments in the last 5 years.

https://www.wealthmanagement.com/multifamily/10-markets-will-reach-five-year-peak-apartment-deliveries-2022/gallery?slide=3