Looking at a variety of local and state economic and business news is an important component of gaining insight into the future direction of our Lake Norman real estate market. I collect such data from various news sources for several months and then share them with you in one blog post with the goal of helping you get a better understanding of the bigger picture in our area’s economy. This stack of data shows some glimmer of hope:
- ISI Alams announced on 10/5/11 that they will be moving their headquarters and call center to Downtown Mooresville. (From Concord). This move will include an expansion and, according to CEO Jayson Walker, will employ about 150 workers within two years.
- Forest City Land Group has requested a rezoning of property on N.C. 801 in Mooresville for their Cotton Creek housing development; increasing the number of single family homes from 655 to 1,100. While this is a long-term project, it is a positive sign to see developers moving forward with the planning and construction of new homes after years of inactivity and even shutdowns.
- “Facebook ‘likes’ North Carolina, and it’s investing here” according to a Charlotte Observer article on 10/5/11. The first of Facebook’s 3-building data center is scheduled to go online in March, 2012 about 75 miles west of Charlotte. The $450 million data center will serve the Eastern U.S. and Europe. This announcement “underscores state officials’ efforts to lure high-profile companies to North Carolina …with the help of incentives including our low-cost electricity, ready access to water and significant building incentives”. Facebook will join Google, Apple, Time Warner Cable as part of North Carolina’s “data hub”.
- North Carolina ranks as Number 16 cyberstate according to The Triangle Business Journal on 10/10/2011. TechAmerica Foundations’ annual report stated that North Carolina currently employs 145,700 tech workers. North Carolina computers and peripheral equipment manufacturing which employs 11,000 ranks 4th nationwide after California, Texas and Massachusetts.
- North Carolina ranks 5th in corporate relocations according to another article in The Triangle Business Journal on 8/17/11. “An Atlas Van Lines migration study shows that North Carolina continues to rank among the strongest states in the country as a corporate relocation destination.”
- North Carolina was 8th in the “Top 10 States for Venture Capital” rankings according to an 8/9/11 article in The Triangle Business Journal.
- “Charlotte among Forbes’ top potential boom cities” was the headline of an article in the Charlotte Business Journal on 7/14/11. Charlotte ranked 8th on the list “mainly because of its mild climate, low housing prices and relatively small size, which allows it to avoid transportation bottlenecks that strangle larger cities like Atlanta”. They also considered the Charlotte Airport and Charlotte’s investment in its infrastructure.
- North Carolina is the second-least-expensive state for mortgage closing costs according to a new survey from Bankrate Inc. I can support these findings as I hear this from many of my relocation clients who are very pleased when they find out their actual closing costs are so low!
- Charlotte ranked 47th in job increases out of all of the U.S’s metropolitan areas according to an article on 10/4/11 in the Triangle Business Journal.