Scotland County Is Motivated to Recruit Industry – News Observer
“Saddled with one of the highest unemployment rates in the state, businesses in Scotland County have adopted an unorthodox plan to help recruit new industry and boost the local economy. Instead of simply pledging money to support economic development, more than 60 businesses in the county are offering one-of-a-kind incentive packages for any employer that commits to creating at least 50 new jobs. Convenience store Nic’s Pic Kwik donated $1,000 in gas and merchandise plus a free car wash each week for 52 weeks. Others have offered everything from free haircuts to a one-year membership at the local country club.
In Raleigh, Gov. Pat McCrory is pushing for adoption of his ‘N.C. Competes’ jobs incentive plan as a way to boost economic development incentives for poorer regions such as Scotland County. But business and government officials here are well aware that there are limits to what the state can do, especially since the county sometimes competes against its counterparts across the state with access to the same incentives.”
How N.C. Banks Rank on a Nationwide Top Performers List—Triad Business Journal
“Several North Carolina banks rank competitively when stacked against other publicly traded banks across the country, with Winston-Salem-based BBT Corp. earning a top-10 ranking. That’s according to the 2015 Bank Performance Scorecard, a ranking of the 300 largest publicly traded banks put out by Bank Director magazine. The scorecard evaluates banks on everything from core return on average equity to capital strength and credit quality. Bank Director editor Jack Milligan says the rankings identify banks with strong fundamentals primarily across three areas — profitability, capitalization, and asset quality. ‘To me, these are strong, well balanced banks that are built to last,’ he says. Several North Carolina banks made the rankings in the community banking category, such as Bank of North Carolina and NewBridge Bank. The overall winners in the rankings were McLean, Virginia-based Capital One Financial Corp (in the $50 billion plus category), Little Rock, Arkansas-based Bank of the Ozarks (in the mid-sized banks category), which is expanding within North Carolina with its pending purchase of Bank of the Carolinas, and Los Angeles-based Preferred Bank (in the community bank category).”
—The top North Carolina banks in the $50 billion and above category: BBT Corp. (Ranked No. 7), Bank of America (Ranked No. 20)
Lower Inventory Fuels Charlotte’s Hot Housing Market, Says Zillow Study—Charlotte Business Journal
“Roughly 40 percent fewer homes are for sale in Charlotte compared with a year ago, and that’s helping fuel the area’s red-hot housing market. That’s according to a new report by online real estate company Zillow, which notes the Queen City had the largest drop in inventory year over year. Supply is even tighter in the lower-priced tier of the local market, Zillow reports. There are nearly 49.7 perent fewer homes for sale in Charlotte in that bracket than at this time last year, while the number of mid-priced homes for sale here is down 44.8 percent from a year ago. Among the city’s highest-priced homes, inventory is down 25 percent over the year. Nationally, inventory is down just 6.5 percent from a year earlier, according to the report. Zillow analyzed the 35 largest markets it covers to come up with the figures.”
PNC: These Are the Hiccups to More Robust Triangle Economic Growth—Triangle Business Journal
“On the whole, Raleigh continues to outperform the national economy, but a new PNC (NYSE: PNC) economic forecast points out that the ‘aggregate region’s strong performance masks the bifurcation within the market.’ In Raleigh, payroll employment is 5 percent higher than the peak in early 2008, whereas payroll employment for the entire nation is about 2.5 percent ahead of its peak. Gains have been concentrated in urban areas, however. Raleigh and Durham, both high-tech oriented economies, boast comparatively low unemployment rates. On the other hand, the smaller, manufacturing reliant areas of Rocky Mount and Goldsboro are struggling to stay afloat, according to the PNC report. In June 2015, their unemployment rates were 8.4 percent and 6.2 percent, respectively. Despite relatively slow economic growth in the first half of 2015, PNC economists expect a brighter future, though not without risk. Goldsboro, for example, relies heavily on spending generated by Seymour Johnson Air Force Base and without large increases in personnel or spending, the base’s ability to drive new growth is limited, PNC economists warn. While Rocky Mount has a more diverse factory sector, it is in the middle of a long-term shift toward services, a trend similar to many areas in the United States.”
NC Wine and Grape Industry Has $1.71B Impact on State’s Economy—Caldwell Journal
“Wine lovers may raise a glass to a new report that shows the North Carolina wine and grape industry contributes $1.71 billion to the state’s economy. ‘It is encouraging to see continued growth in the wine and grape industry, not only for our wineries, but also for our grape growers,’ said Agriculture Commissioner Steve Troxler. ‘More than 77 percent of all wine produced in North Carolina comes from North Carolina grapes.’ The study was commissioned by the N.C. Wine and Grape Council and conducted by Frank, Rimerman + Co. using data from 2013. The firm also conducted the council’s 2009 economic impact study. The economic impact of the industry grew 33.6 percent from 2009 to 2013. Tourism accounted for the most significant increase in the study. Between 2009 and 2013, tourism expenditures increased 65 percent, to $257 million. The number of tourists visiting North Carolina wineries increased by nearly a half-million people from 2009 to 2013. ‘Many of our wineries are opening up their vineyards to wine-related events, private parties, weddings, and other special occasions to attract more visitors and diversify their income,’ said Whit Winslow, executive director of the Wine and Grape Council. ‘The new numbers reflect an increase in consumer demand for experiences beyond the tasting room.’ According to the report, North Carolina is home to 130 wineries and 525 commercial grape growers. Winslow said that because of substantial growth over the past two years, North Carolina now has 159 wineries.”
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