Atlanta finishes fiscal year on top despite global pandemic

Atlanta finishes fiscal year on top despite global pandemic

By: Felipe Rivas 

2 min read September 2020—The pandemic has soured the business climate globally and through the United States for the better part of the year. However, in Georgia, consistently ranked as the top state to do business by different publications, though 2020 has been far from peaches and cream, the Peach State closed out the fiscal year with an increase in economic development projects and billions in new investments. In the midst of the pandemic, the state saw an increase in economic development projects and closed out fiscal year 2020 with a total of more than $7 billion in new investments made in the state, the governor’s office announced. 

During fiscal year 2020, ending June 30, economic development project locations increased compared to the year prior while the state reported a 30% increase in jobs created outside the metro Atlanta area. From July 2019 to June 30, 2020, and despite the global implications of COVID-19 during the second half of the fiscal year, the Georgia Department of Economic Development (GDEcD) supported the creation of more than 24,000 new jobs, generating more than $7.4 billion in total investment. The location of 350 projects constituted a 4% increase from fiscal year 2019, according to the governor’s office. 

“These numbers are proof that the fundamentals that have made Georgia a leading competitor for investment remain strong. Businesses far and wide understand that, and the result is more jobs for hardworking Georgians,” said Gov. Brian Kemp in a press release.

Since mid-March, when the governor’s executive stay-at-home order was in place, the whole business landscape changed. “But thanks to Georgia’s approach to business during COVID-19, we still saw 72 new projects, over 7,800 new jobs announced and $2 billion in investments to date,” GDEcD Commissioner Pat Wilson told Focus: Atlanta. Many companies recognized both the challenges and need for long-term plans for the post-pandemic future, providing an opportunity to automate and change business lines, Wilson said. “Some of our companies that were planning toward the 2021 horizon to invest in automation and upgrade facilities are doing so now,” he said. 

Industries that experienced significant growth in both jobs and investment during fiscal year 2020 include the manufacturing, logistics, software development and tech industries, according to the governor’s office.  “The tech sector has been one of the real hot points for job growth in the last few months,” Wilson told Focus: Atlanta “As COVID-19 deeply transforms the retail industry, tech jobs are booming as a result of the bustling e-commerce activity.” GDEcD is keen on supporting workforce development efforts and the talent pipeline needed to fill the jobs coming to the Peach State. “We continue to focus on ensuring we can provide the workforce to supply those jobs and keep them going. We are only as good as the long-term workforce in the pipeline for these companies,” Wilson said. The department’s strategic partnerships with Georgia’s robust trades and higher education system have been instrumental in the success of its economic development efforts. “There is a strong focus on growing jobs, especially the new jobs of the future, and making sure the graduating workforce is anchored in the latter,” Wilson said. 

Balancing recovery efforts while keeping momentum in the growing sectors of the economy are among the main priorities as Georgia enters its new fiscal year. “For the upcoming phase of recovery, we intend to keep a close eye on our strategic and growing industries to continue their momentum,” Wison said. “Parallel to cybersecurity, fintech and e-commerce, food processing is going to be a renewed strategy for companies, bringing it closer to their supply chain. Georgia’s massive agricultural base recognizes a sizable opportunity within that niche.” Supply chain disruptions as a result of the pandemic can potentially create economic development opportunities in the state. “We are also monitoring companies looking to pull their supply chain back into the United States. We continue to see ripple effects from overseas shutdowns and how they impact companies involved in real-time supply chains. A company that has to shut down because it does not have enough inventory of critical components impacts local production. A number of companies are thinking about diversifying their supply chain and we are focused on working with Georgia companies that experience these problems, assisting them by recruiting their suppliers into the state,” Wilson said. 

To learn more about our interviewees, visit: https://gov.georgia.gov/

Enter Phase 2: Palm Beach County ready for further opening of economy

Enter Phase 2: Palm Beach County ready for further opening of economy

By: Felipe Rivas

5 min read September 2020After reflecting on the social and economic achievements of American workers, Palm Beach County is ready to allow more workers to get back to work. For the first time since March, the majority of Palm Beach County industries will be allowed to reopen Tuesday after Gov. Ron DeSantis agreed to the easing of coronavirus-related business restrictions.The county now sits in Phase 2 of its multistep reopening plan, which will allow movie theaters, bowling alleys, playhouses and other entertainment venues to reopen following Labor Day weekend. 

Businesses will still limit the number of customers served at one time and will continue to enforce social distancing guidelines. Palm Beach County Mayor Dave Kerner said that 95% of businesses will be operational in some fashion, according to the Patch. 

Unemployment rates remained under 4% in the county for all of 2019 and the start of 2020, consistently dipping to under 3% in that time span, according to the U.S. Bureau of Statistics. From March to April, unemployment shot up from 4% to almost 15% as shelter-in-place measures were implemented locally and throughout the state and nation. Since April, unemployment rates have dipped, hitting about 10% in July as the economy began to carefully open up. The rate is currently at 11.6%.    

“We remain focused on preserving a healthy community and a vibrant way of life for our hometown,” Kerner told Invest: Palm Beach. “Our outlook is ensuring we remind this community every day that it takes a village to get through this. It is not going to happen without continued cooperation, passion and civic duty on behalf of our constituents, our neighbors and our friends. If we achieve that, the outlook will be excellent,” he said. 

As the county enters Phase 2, lessons learned from the pandemic may help drive future economic development in the region. “We all want to safely get back to doing the everyday tasks but this will take a slow and steady approach,” Boca Raton Economic Development Manager Jessica Del Vecchio told Invest: Palm Beach, echoing the mayor’s sentiments. “Today, with technology, we’ve learned we can work from anywhere. This will allow us to continue to attract new companies from out of state, especially now that we’ve been forced to test the work from home concept for many months,” she said.

Continuing to observe health and social distancing guidelines will be key as the economy continues to open up. “It’s important that we make sure we are ready and comfortable for the upcoming reopening of businesses, schools and local community events,” Del Vecchio said. “We should bear in mind that everyone has different boundaries and comfort levels, so the recovery could vary drastically from one person or location to another. Over the next six months, it will be interesting to see what changes occur as we start getting back to everyday happenings. I hope the simpler joys that we rediscovered during the shelter in place order will remain.”

For more information, visit:

https://discover.pbcgov.org/

https://myboca.us/470/Economic-Development

Invest: Charlotte 2020 Press Release

Invest: Charlotte 2020 Press Release

By: Felipe Rivas

Charlotte’s economic resilience in the face of unprecedented challenges to highlight the launch of the inaugural edition of Invest: Charlotte 2020.

September 2, 2020

Charlotte, N.C. – In this time of uncertainty, it is crucial to showcase the strength and overall resilience of the local community and economy. Invest: Charlotte 2020 does just that. With 152 pages of thoroughly researched analysis, the inaugural edition of Invest: Charlotte 2020 highlights the opportunities in the Charlotte Metro Area economy through C-level insider insights and key business intelligence. Known for its affordability, highly educated workforce and reputation as a major banking hub, the Queen City is poised to continue its growth and economic diversification even through current coronavirus-related challenges. These challenges and the steps taken to overcome them are just some of the focal points in this edition of Invest: Charlotte, published by Capital Analytics. The 2020 edition highlights Mecklenburg County and beyond, including parts of South Carolina, such as Rock Hill and Lancaster County, and includes a special focus chapter on Gaston County.

 

 

Importantly, this first edition of Invest: Charlotte dives deep into the top economic sectors in the Charlotte Metro Area. The business report features exclusive insights from industry leaders, sector insiders, elected officials and heads of important institutions, brought together for the first time in a comprehensive release. It analyzes the leading challenges facing the market and uncovers emerging opportunities for investors, entrepreneurs and innovators.

The official launch of the publication will take place on Thursday, Sept. 10, at 11:30 a.m. via Zoom Webinar. This event will consist of a brief introduction by Capital Analytics’ CEO Abby Melone and will be followed by two robust panel discussions.

The panels will address the current economic climate as well as prevailing themes dominating the Charlotte Metro Area’s economy: finance and banking in the time of a pandemic and the future of development in the Queen City. Charlotte Mayor VI Lyles will kick off the virtual conference as the opening keynote speaker. Truist Metrolina Regional Charlotte President Heath Campbell, Fifth Third Bank  Mid-Atlantic President Lee Fite, and Wells Fargo Managing Director and Senior Economist Mark Vitner will participate in the panel, “Financial recovery for businesses and individuals in the wake of a pandemic.”Cadwalader, Wickersham & Taft LLP Charlotte Office Managing Partner Suart Goldstein will moderate. The second panel, “The future of development in the Charlotte region,” will feature Zach Pannier of DPR Construction, Marcie Williams of RKW Residential-Charlotte, Clay Grubb of Grubb Properties, and Lawrence Shaw of Colliers International. City of Charlotte Planning Director Taiwo Jaiyeoba will moderate. Charlotte Regional Business Alliance CEO Janet LaBar will be the closing keynote speaker. Hundreds of high-level guests and officials from Charlotte’s key industries and economic institutions will be tuning into the event. We are inviting all attendees and those wanting to register for the event to participate in the following survey, the results of which will be presented at the Invest: Charlotte 2020 launch conference. 

“Charlotte was an important expansion for us as it is the nation’s second-largest banking city and a key driver of economic growth in the Southeast. The Queen City is experiencing positive economic activity as national and international companies choose Charlotte as a place to grow or relocate their operations,” said Abby Melone, President and CEO of Capital Analytics. “Despite the challenges put upon us by COVID-19, Capital Analytics remains steadfast in our purpose: to deliver in-depth business intelligence through its print and digital platforms. Now more than ever, information is not only necessary, it is vital.” 

***

About Capital Analytics & Invest: Charlotte

Capital Analytics is an integrated media platform that produces in-depth business intelligence through its annual print and digital economic reviews, high-impact conferences and events and top-level interviews via its video platform, Invest: Insights.

Invest: Charlotte is an in-depth economic review of the key issues facing Charlotte’s economy, featuring the exclusive insights of prominent industry leaders. Invest: Charlotte is produced with two goals in mind: 1) to provide comprehensive investment knowledge on the Charlotte region to local, national and international investors, and 2) to promote Charlotte as a place to invest and do business.

The book conducts a deep dive into the top economic sectors in the county, including real estate, construction, utilities and infrastructure, transportation and aviation, banking and finance, legal, healthcare, education, and arts, culture and tourism. The publication is compiled from insights collected from more than 200 economic leaders, sector insiders, political leaders and heads of important institutions. It analyzes the leading challenges facing the market, and uncovers emerging opportunities for investors, entrepreneurs and innovators.

For more information, contact: 

Max Crampton-Thomas

Regional Editor

305-523-9708 Ext: 233

 

Tourism sector shows signs of life in Georgia

Tourism sector shows signs of life in Georgia

By: Felipe Rivas 

2 min read September 2020 — In the Peach State, and throughout the world, the coronavirus decimated the travel and hospitality industry. Though the tourism sector remains among the most embattled sectors of Georgia’s economy, data trending in the right direction coupled with recent developments in the airline industry and a new museum coming to the Atlanta area are reasons to celebrate in the midst of a bleak year for the sector. 

Coming off a Super Bowl year in 2019, Atlanta, and the state of Georgia, was prepared to continue showing Southern hospitality to millions of tourists and guests. As of January, more than 500,000 people were employed in the hospitality sector across the state of Georgia, according the the U.S Bureau of Labor. But by April, as shelter in place measures and global travel restrictions were in full effect, the number of hospitality sector workers dropped precipitously to around 284,000 in a matter of weeks. According to the data, however, employment in the tourism sector has trended upward, month after month, since April, and currently over 420,000 Georgians are employed in the sector. 

While the tourism data is promising, the top U.S. airlines are doing their part to increase consumer confidence in the face of the coronavirus. United, American and Atlanta-based Delta this week announced they would drop most change fees for good. Change fees have long been a steady revenue stream for the airlines at the expense of the customer experience. For Delta, flexibility and maintaining health standards has been a major priority during the coronavirus pandemic. “We’ve said before that we need to approach flexibility differently than this industry has in the past, and today’s announcement builds on that promise to ensure we’re offering industry-leading flexibility, space and care to our customers,” Delta CEO Ed Bastian said in a press release. “We want our customers to book and travel with peace of mind, knowing that we’ll continue evaluating our policies to maintain the high standard of flexibility they expect,” he said. 

And while the tourism sector in Georgia sang the blues for the better part of this year, a new museum experience announcement will bring a much-needed change of tune to the region. The Grammy Foundation along with the Georgia Music Accord on Monday approved the Grammy Museum Experience in Atlanta. The Georgia Music Accord is exploring possible sites for the museum experience and locating funding sources, according to Saporta Report. The four pillars that will solidify the museum in Atlanta revolve around education, economic impact, workforce development and a celebration of Georgia’s musical heritage, according to the news outlet. Additionally, the museum reportedly is envisioned to have a scoring stage that would work on music scores for movies, TV shows and video gaming.

An influx of affordable housing is coming to Orlando

An influx of affordable housing is coming to Orlando

By: Beatrice Silva 

2 min read September 2020  — Affordable housing has been a major cause for concern in Florida for decades. Homes in the sunshine state are overpriced by almost 20%, the highest level in eight years, according to a study done by Florida Atlantic University. The pandemic has served as a reminder of just how fragile the line between having a place to live and experiencing homelessness is for families. This past year, Central Florida added seven affordable rental options for low-income households, which has raised the total count to 20, in an effort to subdue this crisis.  

On Dec. 17, 2019, Orange County commissioners signed off on a 10-year plan to create new affordable housing projects, injecting $160 million into a fund with a goal to build 30,300 units by 2029. Among other grants and strategies, developers and nonprofits can seek financial help to build or upgrade low-income properties. “In the end, all those things are going to help, but they are going to have to have dedicated resources,” Shannon Nazworth, CEO of Jacksonville-based Ability Housing, previously told Orlando Business Journal. “There have been communities like Los Angeles that have gotten permission from their populous to do a bond issue to develop affordable housing and meet the need, and if Orange County were to do that, I think the return on investment would be demonstrative.”

Residential Communities LLC and New South Residential LLC are the most recent developments to undertake an affordable apartment complex. Construction on the 77,473-square-foot senior housing facility is set to begin in early September at 5800 S. Rio Grande Ave, according to Orlando Business Journal. This project is one of the many that are needed to help bring more affordable housing options to the region. Families are struggling, perhaps now more than ever, to simply pay rent. To put things into perspective, a minimum-wage worker in Florida makes around $445 per month while the average one bedroom apartment costs around $1,027 per month, according to the National Low Income Housing Coalition. Rent at that price point is simply out of reach even for median-waged workers like nursing assistants, janitors and cashiers. 

While paying rent is difficult, for some people owning a home may seem unfathomable. However, renting a single-family home provides the experience of owning without the costly fees and obligations associated with purchasing a property. As a result, the single-family rental sector is booming in Orlando. “If you can find single-family housing that you can rent that’s within close proximity of multifamily housing, the single-family housing is going to beat it out every time,”  Brad Hunter, managing director of real estate consulting firm RCLCO, told Orlando Business Journal

The rise of rentals could be another form of relief for low-income families. The increase in occupancy will eventually lead to more single-family rental communities being built that then provide more affordable housing options. However, when it comes down to it, the majority of the responsibility to help reduce the burdens of housing costs and minimum wages falls on elected officials. Without the support of the local and state government, deploying a plan to promote affordable housing is left in the hands of developers and the community. 

Face Off: Adaptability is par for the course for these development leaders

Face Off: Adaptability is par for the course for these development leaders

By: Max Crampton Thomas

Patrick Lee

Andrew Burnett

3 min read August 2020 Although there have been major roadblocks stemming from the pandemic that have created some slowdown, development in South Florida has continued to show a steadfast resilience and adaptability as projects around the region have remained on a path toward completion. For companies within the construction and development sectors, there is an understanding that being adaptable to the communities’ changing needs is just par for the course. While the future may be uncertain, it’s important to keep a cautiously optimistic attitude. Invest: spoke with both Shorecrest Construction President Patrick Lee and Senior Principal for Stantec Andrew Burnett about their companies’ major developmental successes over the last year, the constantly shifting industry landscape and their best estimations of what the future may hold. 

What are some recent landmarks for your business in the Miami-Dade region? 

Patrick Lee: The main markets Shorecrest Construction focuses on are hospitality, boutique commercial and luxury residential. In the last few years, all of these markets have been extremely strong. We just completed the renovation of the Soho Beach House in Miami Beach, which included the refreshment of guestrooms and suites, bar areas and gym to keep guests engaged and coming back. In luxury residential, a mainstay market for us, we build high-end homes on the water and complete condo interiors in some of the most prominent South Florida neighborhoods. Shorecrest works closely with well-known architects and designers to bring their concepts to life. We just finished the penthouse at the Four Seasons Surf Club designed by Holly Hunt. In the last few years, we have gotten a stronger foothold in those markets.

Andrew Burnett: Recent landmark projects in full swing include Wynwood Square, a 12-story mixed-use facility that includes apartments and retail space; the 30-story YotelPAD Miami condo and hotel project under construction; and a 43-story Luma tower in Miami’s Worldcenter. And there are a lot of new projects to be announced soon and currently coming on board. Each asset within our portfolio contributes to our growth in the creative services space, beyond architecture and interior design, but also engineering and resilience. We think beyond traditional physical traits and focus on how our vast team builds our communities and what we create so there is continuity in our lives and the spaces we inhabit and to ensure that we protect diversity and creative thinking. We call it cultural resilience. 

Have you seen more cognizant efforts toward building for the future with sustainability in mind? 

Lee:  From a climate change perspective, we have been building at a higher elevation, which has been mostly code-driven. Having said that, we have worked on projects where our client has voluntarily built higher than the codes require. Miami Beach has been extremely aggressive in its efforts to raise sea walls to deal with issues stemming from sea level rise. As far as our clients, everybody is technologically savvy, so a lot of the smart home amenities that were reserved for the elite level of homes are becoming a more common feature in homes. We find a lot of our younger clients, in particular, prefer that kind of addition.

Burnett: There is a significant level of agreement across the industry related to what we are facing and where we need to go. It is only a matter of how and there are varying perspectives to harness. Our government agencies, utilities, partners, clients, insurance agencies and lenders all commonly understand the need to mitigate prevalent risks and maintain our quality of life. There is power in the collective movement and I am optimistic about our future and path. 

What does the rest of the year look like for your company?

Lee: Shorecrest has a couple of projects that will still happen as well as some ongoing projects that are still running, including a condominium at the Continuum South Beach and several single-family residences in South Florida. We have two luxury clubs and restaurants right on Miami Beach and the owners of those projects are still very bullish on the construction. I think there will be more of an influx of people who have been coming into Miami from the Northeast because they no longer want to live in such dense cities and prefer to live in a place like Florida. I predict that there will be a recovery in Miami relatively quickly. 

Burnett: We have been quite busy, which is a reflection of the busy private development market. Projects are moving forward and the entire development community is gearing up for when the play button is pressed. In 2009, during the H1N1 outbreak, we established a pandemic committee, granting us an effective way to respond quickly to the pandemic and set up a remote work setting. Fast forward to today: Our productivity levels have allowed us to meet established deadlines and keep projects moving forward, continuing business as usual. Our current outlook for 2021 does not project significant levels of interruption. We want to continue to support that in any way we can. 

To learn more about our interviewees, visit:

https://www.stantec.com/en

https://shorecrestgc.com/

 

 

Innovation and Sustainability: Palm Beach County entrepreneurs endeavor to preserve the world

Innovation and Sustainability: Palm Beach County entrepreneurs endeavor to preserve the world

By: Felipe Rivas

5 min read August 2020 — The coronavirus pandemic put a spotlight on the importance of health, wellness, the essentiality of work, and the innovation that is possible in the midst of a constantly changing landscape. The global pandemic also shed light on the need for businesses and companies to ramp up their sustainability efforts, reduce their carbon footprints, support green initiatives and leave the world a better, cleaner place for future generations. In Palm Beach County, from the air to the ocean, local entrepreneurs are working hard to innovate in an effort to preserve the health of the planet in South Florida and beyond. 

For the past two years, local Palm Beach County resident and entrepreneur Tim Sperry has toiled to transform the ubiquity of paint into an air purifying instrument. His company, Smog Armor, is a solutions provider keenly focused on ending air pollution. With its slogan, “We innovate, you improve,” Smog Armor is committed to helping business owners and residents improve the air quality around them in an effort to eradicate air pollution. 

More than an eco-friendly paint, Smog Armor produces a water-based paint that is nontoxic, free of volatile organic compounds (VOCs), and infused with enhanced zeolite minerals for maximum absorption of air pollutants. Sperry’s patented process is optimal for reducing air pollution for up to five years depending on the condition of the environment it is painted in. Multiple independent testing has shown Smog Armor paint to reduce 95.1% of indoor air pollution in one hour, while its Green Wise certification ensures it has zero VOCs. 

With a background in real estate and business, and a consuming passion for entrepreneurship and preservation of nature and environment, Sperry transitioned from a life as a restauranteur to a biotech entrepreneur. “I needed to come up with something that I was passionate about, fulfilled by. With my love for nature, I wanted to find a way to help nature and do something that I really enjoyed doing,” Sperry told Invest: Palm Beach. As someone with a sensitive respiratory system, he knew helping reduce air pollution would be the main path in his journey to innovation and preserving the environment. 

His journey began by attempting to reduce vehicle carbon emissions because at that time “that’s what I saw,” he said. He spent months on end researching the dense, esoteric, chemistry-related literature revolving around air pollution and efforts to reduce it. “I essentially became a self-taught chemist,” he said. “I had two computers open. One with the research, and another to decipher those readings.” Time and time again he read about zeolite, a negatively charged mineral that is extremely effective at trapping carbon emissions and airborne pollutants. He designed a series of exhaust tips infused with zeolite aimed at directly reducing CO₂ emissions from cars, conducting and measuring air quality with and without the specialty exhaust tip. His exhaust tips proved to reduce car emissions by as much as 80 to 90 percent, he said. But after driving around for a while with the specialty exhaust tip, he realized that the system was impractical for the average consumer because the tips would constantly fall off and would become saturated after a few months of use. After going back to the drawing board, his light bulb moment came when he considered replicating this process with paint rather than the exhaust tips.

“At that point, I had to try something new,” he said. “Everyone uses paint, so I am not teaching people new habits.” After months of researching the proper paint manufacturers, honing the formula and testing the air purification efficacy of the paint, Smog Armor was ready to cover the walls of commercial and residential buildings and beyond. Local hotels have already used Smog Armor paint to improve consumer confidence in the coronavirus landscape, Sperry said. On the community outreach end of the spectrum, the company has tapped into the power of the arts, collaborating with nonprofit organizations to create impactful murals that purify the air of their local surroundings. To put it in perspective, three gallons of Smog Armor paint will remove as much CO₂ as one adult tree does in an entire year, Sperry said. For Sperry, giving back to the community via the art installations, for example, while advocating for a more sustainable future is the ultimate goal. “We have seen a spike in what we are doing because of all that is going on. We’ve got some amazing collaborations, working with amazing artists and companies, that are interested in showing that they are improving customer experience while building customer confidence and showing that they care about the environment in a public way,” he said. 

Similar to Sperry, two Florida Atlantic University alumni and entrepreneurs are on a mission to end plastic pollution in the ocean. Docked at Florida Atlantic University’s Research Park, 4ocean is a public benefit corporation founded by Andrew Cooper and Alex Schulze. 4ocean’s mission is to end the ocean plastic pollution crisis through global cleanup operations and a variety of methods that help stop plastic pollution at its source. In March, the company relocated it’s corporate headquarters to FAU’s Research Park. 

Through it’s “One Pound, One Promise,” 4oceans supports its efforts from the sale of bracelets, apparel and other products made from recycling recovered materials. Each product purchased removes one pound of trash from oceans and coastlines. To date, the company has recovered more than 10 million pounds of ocean plastic and trash, according to the company’s tracker, found on its website.

“Partnerships like this are extremely important in advancing our mission to end the ocean plastic crisis,” said Director of Operations Desmond Reese in a press release related to its move to FAU. The Research Park at FAU was the ideal location for future growth and innovation because it offers an opportunity to collaborate with FAU’s faculty and students on research and development, Reese said. 

FAU’s College of Engineering & Computer Science will work with 4ocean on several projects, such as developing enhanced methodologies to track ocean cleanup volumes in real time, diving deeper to understand the impact of cleaning waste from specific coastal and river outflow locations, developing additional cleanup operation tools and increasing its efficiency at interruption, capture and prevention of ocean inflow waste in remote regions while also developing datasets and tracking models.

“The arrival of 4ocean is very exciting,” Research Park President Andrew Duffell said in a press release. “It offers real-world research opportunities for both the faculty and students at FAU who can see how two of their fellow alumni are making a positive impact on our environment through entrepreneurship.”

For more information, visit:

https://www.smogarmor.com/breathe-cb

https://www.4ocean.com/

Charlotte provides relief now while thinking about the future

Charlotte provides relief now while thinking about the future

By: Felipe Rivas

2 min read August  2020 From a census count, to civil unrest, to the health and economic fallout from the COVID-19 pandemic, 2020 has proved to be a pivotal year for the nation. And though uncertainty has remained constant throughout the year so far, the Queen City’s infrastructure investments, diverse business climate and access to talent continue to draw interest from companies and new residents. As the pandemic continues to change the way Charlotteans live, work and play, however, city leaders are juggling the precarious task of providing relief for residents now, while contemplating the future development and growth expected in the Queen City. 

 

From workforce development efforts to small business relief, state, municipal and banking leaders are working to mitigate the pandemic’s immediate economic impact. In August, in an effort to continue to help embattled renters and homeowners, the Charlotte City Council approved an additional $8 million of federal stimulus funding to expand the existing Rental and Mortgage Assistance Program (RAMP CLT). Since April, more than 1,500 households have received $1.4 million in mortgage, rent, hotel and utilities relief and upfront housing assistance due to COVID-19, the city reported. Individuals earning 80% or below the average median income who face COVID-19 hardships and cannot make housing payments may apply for rent or mortgage assistance.

Though the pandemic-infused economic contraction has hit the Charlotte metro area, the region continues to be a favorable destination for new residents. The Charlotte metro continued to be a major draw for new residents coming from the East Coast and as far as California, global property investment giant Jones Lang LaSalle reported in August. “New residents have been drawn by a robust job market, lower cost of living and more pleasant climate,” JLL wrote in its “Tracking population migration in Charlotte” snapshot report. “Year over year migration from the Miami-Fort Lauderdale metro increased by 450%,” while “in-migration from California has increased by 500% year over year as the California diaspora moves further east,” JLL found. 

Charlotte’s appeal to new residents, business owners and companies will likely drive commercial and residential development demand as the region moves past the pandemic. In an effort to maximize the value of development projects expected to come to the city, Charlotte city leaders are considering implementing impact fees on property developers to cover public services for new developments, including any new infrastructure needed. These fees can also help create public green space, support schools and parks, as well as fund public transportation projects. 

Leading the effort on the impact fees proposal is Taiwo Jaiyeoba, assistant city manager and director of Planning, Design and Development, who is expected to present a proposal to the city manager in the coming months, as reported by the Charlotte Observer. Impact fees are vehemently opposed by developers who say the fees can potentially stifle development projects. Additionally, to move forward with impact fees, the city will have to receive permission from the state legislature, which has traditionally opposed the measure. 

During these uncertain times, sound insights and collaboration between the public and private sectors will be pivotal in ensuring financial recovery for both businesses and residents. To learn more about the future of development in Charlotte, register now for the Invest:Charlotte 2020 Virtual Launch Conference. The conference takes place on Sept. 10 at 11:30 a.m. The virtual conference will feature two robust panels, including “The future of development in the Charlotte region,” moderated by Taiwo Jaiyeoba, assistant city manager and director of Planning, Design and Development, and featuring Zach Pannier, business unit leader, DPR Construction; Marcie Williams, president, RKW Residential; Clay Grubb, CEO, Grubb Properties; and Lawrence Shaw, managing partner, Colliers International.

 

To learn more, visit:

https://www.us.jll.com/en/views/snapshots/charlotte-snapshot-8-3-2020

https://events.r20.constantcontact.com/register/eventReg?oeidk=a07eh85c9d965e383fa&oseq=&c=&ch=

 

Spotlight On: Jenni Bonura, President & CEO, Harry Norman, REALTORS®

Spotlight On: Jenni Bonura, President & CEO, Harry Norman, REALTORS®

By: Felipe Rivas 

2 min read August 2020Atlanta’s solid pre-COVID real estate fundamentals are placing the city on a swift and steady road to recovery. Jenni Bonura, President and CEO of Harry Norman, REALTORS®, shares her opinion on what awaits Atlanta from the perspective of a nine-decade real estate heavyweight.

How did Harry Norman, REALTORS® tackle the transition to the COVID-19 landscape?

In 2020, Harry Norman, REALTORS® celebrates its 90th anniversary. The market in Atlanta has been great for several years and continues to be so, even in 2020. We continue to break records despite the challenging environment. In 2019, we broke  sales records several months back-to-back. We also broke some average sales price records. In July 2020, we exceeded another pending-sales volume record, our highest July in the nine decades of our company. Atlanta is a highly desirable place to be, especially compared to other large cities, for a myriad of reasons. We have launched several new initiatives in the last several months, which make us stand out and are propelling us ahead of our competitors. One is a marketing automation tool that drives speed-to-market. It provides marketing assets on-demand and enables us to promote our homes digitally. In a market where there is low inventory, it has been a game-changer for our agents and our seller-clients as well. We also launched a multi-channel media campaign in  2020, across TV, Print, digital and social media, focusing on our expertise and first-class service. The company also launched an exclusive app that is similar to a dating app in that we match up the needs of buyers and sellers. 

What are the fastest-growing neighborhoods in the area?

We are seeing the second-home market explode. People want a change of scenery. One of the beautiful things about Atlanta is that you can drive an hour or two and you are in the mountains, feeling the beauty of nature and disconnected from the city. We have seen in the Blue Ridge, Blairsville and Lake Rabun areas significant positive adjustments in that sense. It is affecting our metro clients. The areas of Gwinnett and Cobb are definitely booming, population-wise. Suburbia is harder to pinpoint as an actual trend but people are already leaning in the direction of wanting a house in the suburbs with more acreage for space and privacy. With the current low interest rates, there is an increase in buying power for larger properties.

Would you say transit hubs and the BeltLine foster in-town development? 

The BeltLine will always be attractive. Part of it is the beauty of nature available and the convenience of amenities, restaurants, ease of access to work, all at your fingertips. Coupled with the beautiful outdoors, the connectedness of neighborhoods, it adds significant variety and interest. Even if transit hubs with COVID-19 hit the pause button, there will always be a desire for people to want to make it easy to hop on and explore other parts of the city and yet have those amenities right at home. Our urban core is performing well and our suburban periphery is performing solidly as well. That is why Atlanta is overall performing great in the South in general. Based on the stats, as far as pending sales, the South is the only geography in the country that is on the plus side so far. 

What is your take on new construction during this time?

Closings outpaced starts from June to August 2020 compared to the same period in 2019. That speaks volumes because in new homes, the inventory is less than it was last year. That remaining inventory is on its way to disappear fairly quickly. Even if the exact checklist a buyer may have is not fully met with the inventory that exists, a lot of builders are looking to pivot quickly. Some of the trends the virus brought to light are making them adjust their plans to reflect some of those changes. 

What are Harry Norman, REALTORS® priorities toward 2021? 

We are keeping an eye on ongoing trends. We want to be able to pivot quickly. The beauty of our company is that we are very much in tune with buyer needs and seller preferences. It helps us advise our new home builders and developers with highly granular boots-on-the-ground information. It also provides our agents an advantage when it comes to marketing, which obviously benefits our sellers. We are making a point of capitalizing on the virtual offerings we have, while looking for opportunities to help provide inventory and to educate sellers on how to best position their homes. The key to what we are going to see in the next few months is appreciation remaining slow and steady, probably ending at 4 percent for 2020, which will be mirrored in 2021 or at least in the year’s first half. Demand will continue to outpace supply but not necessarily at the same rate. We will move toward a more balanced market. 

To learn more about our interviewees, visit:https://www.harrynorman.com/employees/1235-Jenni-Bonura