The Good News Report

[rancenc]

Positive rankings on the economic front for North Carolina.

https://wraltechwire.com/2023/06/05/north-carolinas-economy-ranks-no-7-in-us-new-study-says/

[KJHburg]

This is MLS soccer news but it is good news:

""A dose of Messi Mania might help Charlotte FC fill bank of America Stadium for the Major League Soccer team’s home finale on Oct. 21. On Wednesday, as news spread of Lionel Messi’s move to MLS club Inter Miami this summer, fans began snapping up tickets to Inter Miami games. 

A Charlotte FC spokesman told CBJ the team decided to put upper level tickets on sale immediately without notice and promptly sold 600 seats. For most home games, only the lower bowl — with capacity for 35,000 people — is used. 

There are exceptions: For Charlotte FC’s home opener this season, more than 69,000 fans attended as BofA’s full capacity of 75,000 was available. In 2022, Charlotte FC’s first home match in club history set a league single-match record with 74,479 fans in the stadium.""

https://www.bizjournals.com/charlotte/news/2023/06/07/charlotte-fc-messi-ticket-sales.html

[CharlotteWkndBuzz]

Price gouging aside, this game’s attendance should rival the first home opener of 74k+. Should be a fantastic environment. 

[KJHburg]

Good news Charlotte some of the highest apartment absorption rate in the first quarter of 2023. 

""CBRE, a Dallas, Texas-based commercial real estate firm, released a report earlier this month outlining multifamily data for the first quarter of the year. The firm tracked 69 markets and determined that 35 of those saw positive net absorption in Q1. Charlotte recorded the second-highest total with 1,300 units, behind Orlando, Florida, which had 3,200 units. Charlotte's multifamily market has consistently hovered right around 95% occupancy, which Kempf said is standard. Currently, there are about 215,000 completed multifamily units throughout the local market, with only about 13,000 available. By this time next year, Kempf said another 20,000 units are expected to deliver in the Charlotte market with about 17,000 of those filling quickly. That, he said, will drop the area's absorption closer to 93%.""

https://www.bizjournals.com/charlotte/news/2023/06/12/multifamily-market-apartment-rent-cbre-kevin-kempf.html

[KJHburg]

Charlotte so far this year has built almost 11,000 new single family home in the metro area nipping at the heels at the twice as large Atlanta metro.  Quite remarkable actually.

https://www.chamberofcommerce.org/new-home-construction

[15895]

Charlotte is quite skewed toward sprawling single family but good Lord Houston is at 13k single family houses vs. 7.6k for Multifamily housing. 
 

Raleigh is up there too in being skewed heavily towards single family. Austin’s growth is surprisingly skewed towards Multifamily. 
 

Below is the break down of single family vs. Multifamily 

[RANYC]

11 hours ago, KJHburg said:

Charlotte so far this year has built almost 11,000 new single family home in the metro area nipping at the heels at the twice as large Atlanta metro.  Quite remarkable actually.

https://www.chamberofcommerce.org/new-home-construction

Quite staggering actually when you consider metro area geographies.

Not sure if this chamber of commerce used the same boundaries, but I read that Houston's metro area is 10,000+ square miles, Dallas Forth Worth is 9200 square miles, Atlanta is 8300 square miles.  Charlotte's metro area is just 3,000 square miles, so when you consider the amount of new housing generated in a metro land area that's a fraction of these other places, it really speaks to our desirability and home-buying robustness.

[rancenc]

Another accolade for North Carolina's economic development "prowess"!  However, personally, I am a little cautious of the viability of the VinFast project with all of the negative financial issues surrounding the company...I guess wait and see!

https://wraltechwire.com/2023/06/19/nc-tops-another-economic-development-list-this-time-a-platinum-shovel/

[rancenc]

The State of NC awards grants to various locales throughout the state creating hundreds of jobs!

https://wraltechwire.com/2023/06/20/ncs-rural-infrastructure-authority-awards-grants-to-help-create-nearly-400-jobs-91m-in-private-investments/

[KJHburg]

this just shows the growth by aerial photos of various parts of the city from 1993 to now uptown, south end, No Da, Southpark, University area   I just posted something like from his overviews of Raleigh in their UP thread there. 

https://philveasley.com/2023/06/19/visualizing-30-years-of-growth-in-charlottes-core/

[rancenc]

Looks like the suburban communities of the state's larger metros are the growth generators in the multifamily housing market at this time.

https://rebusinessonline.com/suburbs-are-king-for-carolinas-multifamily-market-say-interface-panelists/

[CLT Development]

36 minutes ago, rancenc said:

Looks like the suburban communities of the state's larger metros are the growth generators in the multifamily housing market at this time.

https://rebusinessonline.com/suburbs-are-king-for-carolinas-multifamily-market-say-interface-panelists/

"While the suburbs are growing, there are still plenty of urban developments underway in the Carolinas’ top markets. Some examples include Space Craft’s The Joinery in Charlotte’s Optimist Park neighborhood, Aventon Bees Ferry, a 394-unit property in Charleston’s West Ashley submarket by Aventon Cos., and a new high-rise in downtown Raleigh by Alchemy Properties South and New Valley Realty."

I don't get this article, there are around 18,000 units proposed between LoSo, South End, Uptown, NoDa, Optimist Park, Villa Heights, Plaza Midwood, West End, and Sugar Creek. And they represent this by calling out a single apartment building in Charlotte's urban area.

[kayman]

1 hour ago, CLT Development said:

"While the suburbs are growing, there are still plenty of urban developments underway in the Carolinas’ top markets. Some examples include Space Craft’s The Joinery in Charlotte’s Optimist Park neighborhood, Aventon Bees Ferry, a 394-unit property in Charleston’s West Ashley submarket by Aventon Cos., and a new high-rise in downtown Raleigh by Alchemy Properties South and New Valley Realty."

I don't get this article, there are around 18,000 units proposed between LoSo, South End, Uptown, NoDa, Optimist Park, Villa Heights, Plaza Midwood, West End, and Sugar Creek. And they represent this by calling out a single apartment building in Charlotte's urban area.

Typical bias anti-Charlotte and minimalism reporting off non-Charlotte based media outlets. This is why I don't care unless context is provided that it's a metro area of 3 million that is seeing explosively growth levels. 

[atlrvr]

I dunno.  I mean, sure, The Joinery as a single-anecdote is a bit odd, but the article wasn't anti-urban in my opinion, but rather highlighting the demand for more urban-style products in areas that have very limited supply of that (suburbs) in the Carolinas.

Posters on an urban development site might be dismissive of the trend, but I do think awareness that demand exists (and developers certainly seem aware) is important.

What does it say about the value proposition of being in Charlotte vs suburbs?  Do the suburbs have the necessary infrastructure?   If we go into a recession, would the trend of suburban rent growth outperforming urban rent growth reverse?

[15895]

Edit: 
 

Everyone’s biased. At the end of the day, Charlotte is what it is. And there’s lots to enjoy about it so. 

Edited June 22, 2023 by AirNostrumMAD

[CLT Development]

23 hours ago, atlrvr said:

I dunno.  I mean, sure, The Joinery as a single-anecdote is a bit odd, but the article wasn't anti-urban in my opinion, but rather highlighting the demand for more urban-style products in areas that have very limited supply of that (suburbs) in the Carolinas.

Posters on an urban development site might be dismissive of the trend, but I do think awareness that demand exists (and developers certainly seem aware) is important.

What does it say about the value proposition of being in Charlotte vs suburbs?  Do the suburbs have the necessary infrastructure?   If we go into a recession, would the trend of suburban rent growth outperforming urban rent growth reverse?

I dunno I feel like it glosses over the fact that urban and suburban growth are really in lockstep in cities like Charlotte, and as far as necessary infrastructure goes, there doesn't seem to even be a sewer installed yet on West Tremont to support the massive growth happening over there. So I'm not sure our urban neighborhoods have the necessary infrastructure.

Edited June 22, 2023 by CLT Development

[kermit]

22 hours ago, CLT Development said:

I dunno I feel like it glosses over the fact that urban and suburban growth are really in lockstep in cities like Charlotte, and as far as necessary infrastructure goes, there doesn't seem to even be a sewer installed yet on West Tremont to support the massive growth happening over there. So I'm not sure our urban neighborhoods have the necessary infrastructure.

Its hard to get a sense of the motivations behind growth in different parts of town because we ALL carry strong biases based on where we live. My read on the intra-urban nature of growth is: 1) developers can easily sell any new housing unit (SF, plex, townhouse or condo) built within Windover/Eastway/Billy Graham — there is nearly unlimited demand (even at current (insane) pricepoints). 2) Suburban residential gets bought up largely because there is insufficient supply intown (AKA house and yard sizes are bigger in the burbs). My bias is that I assume people only buy in the burbs because price points intown are too high, but I know that is not true. The ‘faux-urban’ suburban projects getting built in Charlotte lately are a reflection of this.

I am surprised by how quickly many of the traditional markers of suburban quality of life are fading. School districts, better retail access, lower crime rates and less traffic were once sought after suburban qualities, but each of these urban-suburban contrasts have diminished or disappeared over the past decade. Seems like cost is the last significant suburban advantage -- although it can be argued that the burbs are only cheaper because the price of driving is so well hidden for drivers. Remote work certainly increased demand for suburban amounts of space, but it remains to be seen how enduring that shift will be.

tldr: if we were better at infill (and did LOTS more of it) there would be much less suburban growth IMO.

#personalperspectivebias

Edited June 23, 2023 by kermit

[KJHburg]

All America City Charlotte

 

and I have lived in 2 of the named cities 

[elrodvt]

Hampton must've changed a lot? I have bad memories of my visits there.

[CLT2014]

10 minutes ago, elrodvt said:

Hampton must've changed a lot? I have bad memories of my visits there.

Their award is heavy on citizen engagement. The All America City Award isn't really a "best place to live" ranking on amenities, jobs, tourism, urban development, et. but how well a community works together with constituents to solve issues and try to move a city forward. 

Re Hampton's award:

"The City of Hampton doesn’t have a “city” plan; it has a community plan developed by 1,500 to 3,000 residents, business owners, property owners, educational institutions, and a variety of non-profits and associations over a two-year period. The plan guides the future of land use, city governance, the school system, and the community.  Civic engagement in Hampton doesn’t stop with the community plan, participation avenues range from online surveys, social media outreach, community discussions, steering groups, and boards and commissions. Residents have a real voice in policy and directly participate in the design and implementation of community programs.  "

 

Charlotte's award summary called out the following: 
1.) Mayor's Youth Employment Program

2.) CMPD Community Services Division w/ Youth Diversion Program

3.) CMPD Community Affairs Division

https://www.nationalcivicleague.org/2023-all-america-city-finalist-charlotte-nc/

Edited June 28, 2023 by CLT2014

[CltFlyer]

11 hours ago, KJHburg said:

All America City Charlotte

 

and I have lived in 2 of the named cities 

A huge deal for my hometown of Mocksville (Davie County)!! 

Some pretty incredible company for a smallish (43K population) rural county.

[KJHburg]

I will put this here as this is great news for tourism locally this week.  

""Starting Wednesday, UNC Charlotte becomes the epicenter of national and international flag football competition, part of a campaign by governing body USA Football that executives hope will be capped by inclusion as an Olympic sport when the 2028 Summer Games kick off in Los Angeles.

More than 2,300 players, coaches, and team personnel are here this week representing 160 teams from various countries in different age groups and in youth, co-ed, and men’s and women’s divisions. That count includes 130 U.S. teams vying for national championships in various categories as well as a mix of American and international clubs (Brazil, Canada, Chile, Japan, Mexico, Panama) in a juniors-level competition and an international Americas""

2300 players and coaches and I am sure many will bring their families along if they are kids 

https://www.bizjournals.com/charlotte/news/2023/07/05/usa-football-in-charlotte.html

""No economic impact estimates are available, but an influx of players, coaches, and organizers helps fill hotel rooms and neighboring restaurants — and is a big reason why Charlotte and other cities have made amateur sports a focus area for a decade or more.

 

Hallenback hinted at bringing more competitions here in the future.

“This is a great opportunity to showcase flag football,” he added. “We’re excited to educate people on (the sport). It’s a great opportunity to showcase Charlotte and UNC Charlotte and continuing the conversation (about other events).”""

[KJHburg]

This is great news and I know some think these things don't matter but they do collectively and over time.

https://www.cnbc.com/2023/07/11/north-carolina-is-top-state-for-business-led-by-workforce-economy-.html

[Blue_Devil]

It’s great news. And Charlotte is going to be riding in Education as well. Eventually the Wake Forest Med school will have a full MBA program, nursing school, pt/ot school, PA school, and maybe even a wing of the law school.

If that goes well near uptown I suspect we might see another big name private school bring a MBA and Law program here. Probably not medical. 

[QCxpat]

3 hours ago, Blue_Devil said:

It’s great news. And Charlotte is going to be riding in Education as well. Eventually the Wake Forest Med school will have a full MBA program, nursing school, pt/ot school, PA school, and maybe even a wing of the law school.

If that goes well near uptown I suspect we might see another big name private school bring a MBA and Law program here. Probably not medical. 

Today's CBJ  "Ally Charitable Foundation donates $5M to Atrium Health to boost its workforce program" by Symone Graham

Excerpt:  "Ally Charitable Foundation's largest investment to date included a recent $5 million donation to expand Atrium Health's workforce development program." ... "The investment also established the Ally Charitable Foundation Workforce Development Center of Excellence and a scholarship fund."  “Because of this partnership, I’m excited that the students who participate will be the next generation of amazing doctors, nurses and allied health professionals who will walk the hallways of Atrium Health,” said Gene Woods, president and CEO of Atrium Health."  ... "Ally's workforce scholarship fund, established with $1 million of the $5 million investment, will provide $50,000 in scholarships per year to Carolinas College of Health Sciences." ... "According to Ally, more than 7,000 health-care job vacancies currently exist in the Charlotte region. The foundation's investment aims to help meet that need."

Link:  https://www.bizjournals.com/charlotte/news/2022/11/17/ally-charitable-foundation-donation-atrium-health.html