Economic Development - Expansions and Relocations

[KJHburg]

Big announcements like these garner lots of national attention

from the Dallas Morning News AP story

https://www.dallasnews.com/business/health-care/2020/07/01/charlotte-wins-3200-new-jobs-and-corporate-campus-dubbed-project-big-boy/

MSN

https://www.msn.com/en-us/money/savingandinvesting/centene-to-invest-1-billion-hire-6000-employees-in-charlotte-in-the-coming-years/ar-BB16dBxD

story from Charlotte Agenda this morning has a few more details 

https://www.charlotteagenda.com/223472/fortune-50-healthcare-giant-announces-a-major-charlotte-expansion/

 

From a story in the St Louis Business Journal explains a little why Centene chose Charlotte to expand:

""Recruiting in St. Louis can be more difficult, Neidorff said, citing the negative national news in the past week.""

""I think individuals in St. Louis recognize, I hope they do, that there's a lot of things that need to change and improve," Neidorff told the St. Louis Business Journal, stressing that he meant for his comments to be "constructive."  "More people are leaving than entering the community," he said. "I'm working to try to improve the public-safety issues. We're making progress on that, but it's taking a long time. We needed to have a viable alternative if things don't get better here. On a corporate and personal basis, we recognize that Charlotte has their act together."""

from these comments I will say what was hinted above in Tyree's post:    I think the HQ could eventually move here if this all works out for Centene.    This is a HQ which seems to have duplicate functions as their St Louis in addition to the tech center.  

subscriber story from the CLT Biz Journal  https://www.bizjournals.com/charlotte/news/2020/07/02/michael-neidorff-on-why-centene-needed-alternative.html

 

[SouthEndCLT811]

Certainly based on this article the CEO doesn't seem tied to the St. Louis area.   Sounds like he's had some issues with city/state leaders in the past.  There's an overall tone to more quotes in this article that seem to point fingers at the socioeconomic issues of St. Louis as a reason to leave versus realizing you're the CEO of a large company in the region that has a platform to impact those things.  But instead seems to blame elected officials in the area versus becoming part of the solution.  Not saying Centene isn't philanthropic or a good corporate citizen but the tone of his comments led me to that opinion.

Quote

While Clayton remains Centene's headquarters, whether that continues is "not up to us," Neidorff said. "It's up to the people that create an environment that a Fortune 25 company wants to be in."

https://www.bizjournals.com/charlotte/news/2020/07/02/michael-neidorff-on-why-centene-needed-alternative.html

Edited July 2, 2020 by SouthEndCLT811

[SouthEndCLT811]

Charlotte Ledger to the rescue providing the rest of the quotes

 

 

[tozmervo]

9 hours ago, Desert Power said:

We need good circulator buses for this type of stuff, but it is impossible to trust CATS to provide.

CATS operates a shift-specific circulator #50 URP/CIC that circulates out of UC Blvd Station. I suspect this is co-funded by Wells. 

The #54 University Research Park route goes from UC Blvd Station to Concord Mills, passing through the park. Looks like a 40-50 minute headway. 

The #22 runs up and down Harris from JW Clay and eventually down Graham to Uptown. This would be the primary connection between the UC shopping area and the park, but there's very little walkability on Harris and to/from the complexes along Harris. 30 minute headway currently.

This is a highly challenging area from a bus perspective. Many of those roads have very little traffic usage except for massive waves at rush hour (and some lunch time traffic). There's no residential to speak of, and only low-density commercial. On top of that, it is a suburban road pattern on steroids, making any bus route really inefficient. Everything is so far apart you really need a stop basically right at the front entrance of these complexes to work. If you thought Ballantyne was hard to service, it ain't got nothin on URP.

[KJHburg]

NC biggest job announcements for the year ending June 1 according to Business NC  (of course does not include Centene which announced July 1 with 3200 jobs) 

https://businessnc.com/top-job-creators-in-north-carolina/

Yes I did the quick math and this includes only companies that received incentives I am pretty sure since some like Better.com and others in Charlotte are missing from the list.  Plus many job creators in Charlotte and elsewhere did not take incentives either or were smaller in dollar volume or jobs.  

Mecklenburg 2050 jobs

Wake 2265 jobs   Durham 1979  jobs Orange 1053   (shows the power of the Triangle or Quadrangle as I call it   Raleigh Durham Cary Chapel Hill) 

Cabarrus 670 jobs 

[TheOneRJ]

Shake Shack is opening their fifth Charlotte location in Huntersville. 

[KJHburg]

The story of small NY based manufacturer that moved lock stock and barrel down to Charlotte.  (and I expect more of this in the future for this region)  Good read on why our area is attracting businesses like this.  I know of a similar company story that moved from California to Concord the entire company.  

https://charlotteregion.com/index.php

and the company now based in SW Charlotte 

https://wtshade.com/

[rancenc]

From Business Facilities Magazine.  Rankings of metro areas throughout the country on various economic criteria.

https://businessfacilities.com/2020/07/business-facilities-2020-metro-and-global-rankings-reports/

 

[Blue_Devil]

Urban Drought

https://www.bloomberg.com/amp/opinion/articles/2020-08-10/new-york-san-francisco-u-s-cities-will-struggle-after-covid-19

 

Charlotte is going to reap the benefit of this

[atlrvr]

A little bird noticed for me today Citigroup is moving into about half the 10th floor at 615 S College into WeWork space.

I'd guess that's 100 people or so.  Makes sense as I've speculated for years on here that they and AIG were most likely to have major expansions that could result in a new tower.

I'm guess they are starting with relocating their banking product people up from Ft. Mill, but def think NYC jobs will be on the way over the next 5 years.

Any other birdies have more details on their plans?

[Blue_Devil]

1 hour ago, atlrvr said:

A little bird noticed for me today Citigroup is moving into about half the 10th floor at 615 S College into WeWork space.

I'd guess that's 100 people or so.  Makes sense as I've speculated for years on here that they and AIG were most likely to have major expansions that could result in a new tower.

I'm guess they are starting with relocating their banking product people up from Ft. Mill, but def think NYC jobs will be on the way over the next 5 years.

Any other birdies have more details on their plans?

I wonder if someone is coming to the East/West tower and that is why they started soil sampling

[KJHburg]

Here you go Fintech firm adding 300 jobs here in Charlotte!

""Retirement Clearinghouse, which currently employs 60 in Charlotte, is expected to add 300 jobs and invest $4.1 million in a local expansion. The state economic investment committee approved Jobs Development Investment Grant eligibility of $3.3 million at its meeting on Tuesday morning.  The jobs will be added over five years, between 2021 and 2025. The average wage is expected to be $65,946.""   Based currently in Whitehall Corporate Park near TopGolf

https://www.bizjournals.com/charlotte/news/2020/08/11/retirement-clearinghouse-300-jobs-expansion.html

[Hushpuppy321]

15 hours ago, Blue_Devil said:

Urban Drought

https://www.bloomberg.com/amp/opinion/articles/2020-08-10/new-york-san-francisco-u-s-cities-will-struggle-after-covid-19

 

Charlotte is going to reap the benefit of this

All these major cities listed on here are super expensive places to live too...  not sure about how expensive Portland is though.

[Blue_Devil]

7 hours ago, KJHburg said:

Here you go Fintech firm adding 300 jobs here in Charlotte!

""Retirement Clearinghouse, which currently employs 60 in Charlotte, is expected to add 300 jobs and invest $4.1 million in a local expansion. The state economic investment committee approved Jobs Development Investment Grant eligibility of $3.3 million at its meeting on Tuesday morning.  The jobs will be added over five years, between 2021 and 2025. The average wage is expected to be $65,946.""   Based currently in Whitehall Corporate Park near TopGolf

https://www.bizjournals.com/charlotte/news/2020/08/11/retirement-clearinghouse-300-jobs-expansion.html

Sounds like they are going to stay at their location?

[KJHburg]

1 hour ago, Blue_Devil said:

Sounds like they are going to stay at their location?

No I read in another story they would be moving to Ayrsley probably that new 4 story office building adjacent to Jen-Weld HQ

 

[KJHburg]

Retirement Clearinghouse is indeed going into Two Silver Crescent building at Ayrsley says the Biz Journal this morning.  Bob Johnson former owner of Hornets is the owner of this company by the way. 

""Retirement Clearinghouse will relocate next year from its current office in Whitehall Corporate Center to a 44,000-square-foot space in Ayrsley, at the Two Silver Crescent building that delivered last year. Williams said the lease will likely start in May.   Williams said it was "a little strange" signing a lease for office space when all employees are currently working remotely. The business has not been materially impacted by the Covid-19 pandemic otherwise, he said.""

they are planning for 1/3 of their workers to be working at home any given day 

https://www.bizjournals.com/charlotte/news/2020/08/12/retirement-clearinghouse-why-charlotte.html?iana=hpmvp_clt_news_headline

and this is great too a minority owned financial firm based in Charlotte. 

[KJHburg]

sounds like NC is still attracting the workforce from other states and especially NYC area look at the stat at the end of this article about people moving out of NYC.  

https://nypost.com/2020/08/11/new-yorkers-flee-nyc-in-droves/

[KJHburg]

Area Development Magazine the publication for economic developers ranks NC in the top 5!    But NC was beat by regional rivals GA and SC and TN.   shows how competitive it is in the southeast.    Oh where oh where is California and NY and NJ on the list??

https://www.areadevelopment.com/Top-States-for-Doing-Business/Q3-2020/overall-results-georgia-ranked-top-state-pro-business.shtml

 NY is on the top 20 list but not the Golden State 

Edited September 2, 2020 by KJHburg

[rancenc]

2 hours ago, KJHburg said:

Area Development Magazine the publication for economic developers ranks NC in the top 5!    But NC was beat by regional rivals GA and SC and TN.   shows how competitive it is in the southeast.    Oh where oh where is California and NY and NJ on the list??

https://www.areadevelopment.com/Top-States-for-Doing-Business/Q3-2020/overall-results-georgia-ranked-top-state-pro-business.shtml

 NY is on the top 20 list but not the Golden State 

The thing I like about the stats that come from journals like Area Development/Site Selection is that the information is glean directly from company decision makers  and not from recycled data from the likes of Forbes, US News and World Report and like minded purveyors of stats and surveys.  What I find interesting, is that Washington State in not listed at all in the top.  I think with a lot of initiatives from both local (primarily Seattle) and state wide that are adding more costs to employers, companies are probably reconsidering  or at least seriously evaluating their presence with new and/or expanding operations in that state.  Of course, the recent social upheavals in Washington (again primarily in the Seattle area) along with neighboring Oregon is not helping matters either! 

[KJHburg]

Area Development magazine has named its top states for business in 2020 and NC is in the top 5 and we are bested by 2 neighboring states both of which I have been to this week.  ( I just realized I posted this a few weeks back LOL)   (Hey I am out of town and touring the competition this week) 

Here is the original magazine article

https://www.areadevelopment.com/Top-States-for-Doing-Business/Q3-2020/overall-results-georgia-ranked-top-state-pro-business.shtml

here is a good summary article from the NC point of view

https://www.wraltechwire.com/2020/09/23/nc-ranks-no-5-for-top-states-doing-business-even-in-a-pandemic/

Edited September 25, 2020 by KJHburg

[rancenc]

Over $4.5 million dollars in grants have been awarded for projects throughout the state that will create jobs and investments

https://www.nccommerce.com/news/press-releases/governor-cooper-announces-grants-rural-communities-attract-366-new-jobs-and-0

Edited October 15, 2020 by rancenc

[KJHburg]

British EV maker to establish North American HQ in Charlotte's Southend taking 45.000 sq ft in a new empty building.

https://www.bizjournals.com/charlotte/news/2020/10/19/arrival-corporate-office-charlotte.html

""A British electric vehicle company has apparently zeroed in on Charlotte for a new corporate office.  Arrival is expected to lease about 45,000 square feet at the Three30Five project on South Tryon Street in South End, according to commercial real estate sources. The office will likely serve as a North American headquarters site for the London-based company.  Three30Five, developed by Ram Realty Advisors, is at 2001 S. Tryon St., between Doggett Street and Tremont Avenue in the Wilmore neighborhood.  If finalized, Arrival would occupy all of the office space at the building, which finished construction earlier this year. A broker marketing Three30Five on behalf of Ram couldn't be immediately reached.  It wasn't initially clear how many jobs would come with the new office or whether incentives are tied to the deal. The planned office size suggests 200-plus jobs could be accommodated, although norms around square feet per employee in workspaces have been disrupted because of the Covid-19 pandemic.""

r

Edited October 20, 2020 by KJHburg

[JHart]

10 hours ago, KJHburg said:

British EV maker to establish North American HQ in Charlotte's Southend taking 45.000 sq ft in a new empty building.

https://www.bizjournals.com/charlotte/news/2020/10/19/arrival-corporate-office-charlotte.html

That's great! They're also taking production space in Rock Hill to actual construct initial runs of the busses

[KJHburg]

374 new jobs coming to Lincoln County as a medical supplier expands there making N95 masks and other PPE  Interesting this is a Chinese manufacturer that sees the writing on the wall stuff like this will need to be made in the US especially with govt, contracts. 

https://www.bizjournals.com/charlotte/news/2020/10/27/taiji-medical-supplies-manufacturer-lincoln-county.html

[KJHburg]

another very large biosciences job announcement in Raleigh Durham area today.  

Here are some recent job announcements around the state and will highlight the Charlotte area ones:

Durham-based BioAgilytix has picked its hometown over competing sites in Massachusetts for a massive, $61.5 million, 878-job project.  It's the third biggest economic development project announced in North Carolina in 2020, according to records from the state Department of Commerce.   (ANNOUNCED TODAY)

 Aug. 11, for example, precision medicine developer Beam Therapeutics (Nasdaq: BEAM) announced plans to build a manufacturing facility in RTP, a move expected to create 201 jobs in exchange for up to $3.2 million in reimbursement incentives.

On June 2 cancer diagnostics firm GRAIL Inc announced plans to bring a laboratory facility to Durham, a move expected to create 398 jobs in exchange for up to $5.2 million in reimbursement incentives.

And on January 21, Eli Lilly and Company announced it had selected Durham for a major pharmaceutical plant, expected to create 460 jobs in exchange for nearly $8.7 million in potential reimbursement incentives.

Prior to Thursday, it had already been an announcement-heavy month for economic developers in North Carolina statewide. Aside from Thursday’s announcement, nine companies this month have announced plans to create nearly 1,900 jobs combined in the state in exchange for incentives:

East Coast Steel Fabrication, 28 jobs, Perquimans County
Eastern Wholesale Fence, 142 jobs, Rowan County
Texwipe, 33 jobs, Surry County
Pratt & Whitney (Raytheon Technologies), 800 jobs, Buncombe County
RMC Advanced Technologies, 50 jobs, Catawba County
Hamilton Drywall Products, 34 jobs, Union County
UPS, 592 jobs, Guilford and Alamance counties
Benestar Brands, 129 jobs, Cleveland County
Triple Aught Design, 70 jobs, McDowell County

 

^^^^ what I see is lots of manufacturing and lots of bio tech but not many office relocations which is Charlotte's strongpoint.  However the biggest job announcement in the state was Centene's eastern HQ and tech center here in Charlotte with 3200 jobs.  

https://www.bizjournals.com/triangle/news/2020/10/29/bioagilytix-picks-durham-over-massachusetts-for-8.html

Edited October 29, 2020 by KJHburg