A new study out from PNC Bank suggests adults in their 20s are feeling less financially independent than they did two years ago. The national study of more than 3,000 people ages 20-29 found that millennials with at least some college education who describe themselves as "totally independent" dropped 26 percent this year compared with research from 2011.
More than half felt they were behind where they expected to be financially at this point in their lives. "It has been a very slow (economic) recovery ... painfully slow for this age group," said Mekael Teshome, an economist with PNC who worked on the study. They tend to have fewer skills and so it's harder for them to compete in the rough economy.
Even so, they remain an optimistic group. Sixty percent of those who didn't identify themselves as "totally independent" said they were determined to get there soon. One telling point: those with a college degree tended not only to be more optimistic psychologically, but were generally more likely to be financially independent. "Higher education matters," Teshome said.
Thursday, July 25, 2013
PNC survey: 20-somethings feeling stymied by sluggish economic recovery
Monday, July 1, 2013
Durham firm buys two SouthPark office buildings
The ownership of two SouthPark-area office buildings has changed hands, officials announced Monday.
The Durham-based Dilweg Companies real estate firm has bought One SouthPark Center, located at 6060 Piedmont Row Drive South, and Two SouthPark Center, 6135 Park Drive South, from an affiliate of Trammell Crow.
Officials with Dilweg said Fluor Enterprises occupies about half of One SouthPark Center, a 10-story building. Quicken Loans Mortgage is the largest tenant in the five-story Two SouthPark Center.
Dilweg said in a news release that the purchase marks its return to the Charlotte market. The firm previously owned the Carnegie Building in SouthPark and currently owns the Park Abbey Building on Park Road.
Thursday, March 14, 2013
Foreclosure starts rise in February but remain down from a year ago
Foreclosure rates across the country and in the Carolinas ticked up in February compared to January, but were down compared to the same time last year, according to the latest report by RealtyTrac.
Foreclosure filings were reported on nearly 154,300 U.S. properties last month, up 2 percent from January but down 25 percent from February.
In North Carolina, foreclosure proceedings were started on 2,557 homes in February, a 4.3 percent increase from January and a nearly 15 percent decrease from February 2012.
In South Carolina, foreclosure proceedings were begun on 2,867 homes, a 15 percent increase from January and a 34 percent decrease from the same time a year earlier.
Such states include Washington, which has seen seven months of rising foreclosure activity, and Maryland, which has seen eight months of rising foreclosure filings, Blomquist said. Florida posted the nation's highest state foreclosure rate for the sixth consecutive month in February, RealtyTrac data shows.
North Carolina ranks 32nd in terms of foreclosure filings, according to RealtyTrac. South Carolina ranks 11th.
Read the full report here.
Wednesday, March 13, 2013
Rose & Associates hires as it expands focus to small businesses
Commercial real estate and economic development advisory firm Rose & Associates has hired two employees as it expands its focus to include small business and entrepreneurship.
The firm has hired Robert Aldrich as a project consultant assisting with small business and entrepreneurship.
He is the former Director of Finance and Operations for Ventureprise, Inc. (formerly The Ben Craig Center), a nonprofit business incubator affiliated with the University of North Carolina at Charlotte, where he managed financial reporting, client and vendor relationships, the Student Incubator and the Accounting Advisory Services program. Prior to his eight-year tenure at Ventureprise, Aldrich was Senior Regional Accountant for InterNET Services Corporation. He is the owner of Aldrich CFO Services, an accounting firm specializing in small business. Aldrich holds degrees from Appalachian State University and Queens University and is Past President of the North Carolina Business Incubator Association.
Kathleen Yager joined the firm to assist with property and asset management as well as real estate market analysis. A certified general appraiser in North Carolina, Yager’s background includes work in senior housing/long term care valuation, multi-tenant office, retail and residential cash flow analysis and subdivision/condominium feasibility studies. Yager is a graduate of Wilmington College in Ohio.
Last month, the Davidson-based firm hired Budd Berro, former director of the Piedmont Regional Office of the Governor of North Carolina, to serve as senior finance and public policy consultant.
In a statement, the company said it is expanding its economic development and real estate advisory services focused on small business and entrepreneurship.
"Not all small business is the same," says Kathleen Rose, the firm’s President and CEO. "We understand the nuances between Main Street retail, local services, tourism, emerging cottage industries and innovation. Each has different dynamics and needs. These start-up and first stage companies are what will drive most communities’ job growth going forward. That is what economic sustainability is all about and what our team will help deliver."
With 20 years of experience, Rose and Associates has advised real estate development companies, private equity firms and municipalities.
NAI Southern Real Estate brokers recognized
Charlotte's NAI Southern Real Estate brokerage team enjoyed recognition at the recent Deal Makers Awards Program sponsored by the Charlotte Commercial Board of Realtors.
The program recognizes the region's top commercial real estate producers each year.
The 130 applicants completed more than 3,750 transactions, which is an 18 percent increase over 2011, according to the group's president, A. Scott Hensley. The deals combined totaled more than $1.8 billion.
"These are phenomenal numbers and is a testament the Charlotte commercial real estate market is well on its way back to business," Hensley said.
The NAI Southern Real Estate brokers honored include: Billy Cooper, David Goode, and Mike Wiles, who were recognized for production volume between $10 million and $14.9 million.
Cooper was recognized as the 2nd leading retail broker based on volume for the local market.
Mac Barksdale, Rob Settle, David Simpson, Vince Sumner, and Jay Vaughn were recognized for production volume between $2 million and $9.9 million.
Old HIckory Business Park adds tenants
Old Hickory Business Park in Indian Trail has landed a new tenant, and an existing one is expanding.
Industrial Alloys, Inc. has purchased approximately 7.27 acres of land located within the park and plans to
build a 40,000 square-foot facility with room for future expansion. Industrial Alloys is relocating from
their current location in Old Hickory where they have outgrown their facility. The new building will
let them add equipment and personnel.
Established in 1983, Industrial Alloys is a distributor and processor of carbon steel, aluminum, stainless
steel and nickel alloy mill products.
CrossFit Indian Trail has signed a least for 13,900 square feet at 2021-B Van Buren Ave. CrossFit is a strength and conditioning program.
Old Hickory is a 225-acre master planned business park for small- to medium-sized companies looking for ready-to-build sites.
Ken Chapman of Merrifield Patrick Vermillion represented the developer and owner, NJV Investments, LLC, which is an affiliate of Merrifield Patrick Vermillion, LLC.
Tuesday, March 12, 2013
Charlotte's Hendrick Construction wins safety award
Hendrick Construction, Inc. has received the 2012 National Safety Excellence Award for its commitment to workplace safety.
The award was given by the Association of Builders and Contractors, a trade group. Charlotte-based Hendrick was one of 35 group members nationwide out of nearly 22,000 to receive the award.
“ABC is proud to honor Hendrick Construction with a National Safety Excellence Award for demonstrating an extraordinary commitment to safety and outstanding safety performance,” said Michael Bellaman, ABC president and CEO. “Hendrick Construction has truly shown a dedication to becoming one of the leaders for the industry by striving to create the safest work environment possible for its employees.”
In a statement, Hendrick Construction president Roger Hendrick said: “A safe work environment is always our top priority. ABC brings the industry together each year to recognize and honor great safety records. Our employees work diligently to create safe job sites and we are pleased to see their commitment recognized.”
This is the third time in its decade-long existence that Hendrick Construction has been honored with a National Safety Excellence Award from the ABC. Hendrick was also honored in 2011 and 2008.
Hendrick Construction provides commercial construction services throughout the Southeast.
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