Grow Together Q3 2019 Economic Update

Grow Together Q3 2019 ECONOMIC UPDATE

Page 1

TABLE OF CONTENTS TRULIANT EXPANSION

03

WHITAKER PARK

04

CONSTRUCTION 05 CAREER DAYS YOUNG LEADERS

07

Q3 NUMBERS 08

COMING TOGETHER FOR ECONOMIC DEVELOPMENT THE WINSTON-SALEM CHAMBER OF COMMERCE AND WINSTON-SALEM BUSINESS, INC. WILL UNITE AS ONE ORGANIZATION To help create a more vibrant, innovative and prosperous economy in Forsyth County, the board of directors of both the Winston-Salem Chamber of Commerce and Winston-Salem Business Inc. (WSBI) voted unanimously this week to consolidate the two organizations.

The consolidation will shape the future of economic development and job growth in the county through a unified vision and coordinated efforts that will give companies and site selectors considering a relocation or expansion a clear path and a single point of contact.

“We are stronger together than standing alone,” said Jeff Lindsay, Executive Vice President and Chief Operating Officer of Novant Health and chairman of the Chamber’s board. “We are confident that this is the right strategic direction for Winston-Salem and that we can build on our mutual strengths and successes as one team.”

“It’s a bold, yet pragmatic move that we believe will drive economic success for Forsyth County for years to come,” said Cantey Alexander, Triad Regional President at BB&T and board chair of WSBI. “A collaborative approach where we leverage resources is the best approach for our future.”

A committee will be formed to oversee the integration of the two organizations and decide on a new name. The aim is for the unified enterprise to be operational in 2020.

Both organizations will continue regular operations in the interim, and greatly appreciate the continued support of their investors and the community.

“We are stronger together than standing alone. We are confident that this is the right strategic direction for Winston-Salem and that we can build on our mutual strengths and successes as one team.”

JEFF LINDSAY Executive Vice President & Chief Operating Officer, Novant Health Board Chair, Winston Salem Chamber

TRULIANT EXPANSION LOCAL HEADQUARTERS MAKES ROOM FOR FUTURE GROWTH, NEW JOBS The Winston-Salem City Council voted 7-1 to approve Truliant Federal Credit Union’s request to double the size of their campus. Truliant is a homegrown success story. Founded here in 1952, Truliant has more than doubled in size over the last 15 years to $2.5 billion in assets, added more than 50,000 members, 13 new locations, and has 30+ branches in the Carolinas and Virginia. That success means they were going to outgrow their existing headquarters here in Winston Salem. This rezoning request was part of their long-term plans to address growth and their commitment to this region.

The $40 million phased build-out of their corporate campus will take place over ten years, add 450 high-paying jobs, and will allow the capacity to support nearly 1,000 jobs. Additionally, the project will come with traffic mitigators to positively impact traffic flow on Burke Mill Road. These mitigators include a traffic signal that will allow residents safer access in and out of their neighborhoods and a back entrance to the Truliant campus for employees that will help intersections perform better.

Our mission is to provide and advocate for a favorable environment for businesses of all sizes. In that, we embrace the idea of continuous improvement and are never satisfied with the status quo. We are happy that our City Council approved this request and we are grateful that a local organization can operate, thrive, and grow in our community.

PAGE 3

REINVENTING WHITAKER PARK NEW PROJECT LAUNCHES NEXT PHASE OF SITE DEVELOPMENT Developer Chris Harrison with C.A. Harrison Cos. LLC has recently announced a major investment at Whitaker Park. The multi-phase project will start with a renovation project creating 164 loft apartments, at least 20 percent of which will be classified as affordable. The project is expected to be complete in 2023.

QUICK LOOK: 164

25,000

125

$80M

LOFT APARTMENTS

SQUARE FEET OF RETAIL

HOTEL ROOMS

TO $100M INVESTMENT

FIRST-TIME ACCOLADE WINSTON-SALEM RANKS #27 ON A LIST OF AMERICA’S BEST CITIES. The economic development firm Resonance has released its 2019 list of America’s Best Cities, earning Winston-Salem national recognition for its top-30 placement.

The America’s Best Cities report ranks the top 50 large and small U.S. cities based on six economic and cultural factors to determine an overall score for each city. This is the first time Winston-Salem has appeared on the list.

The top 5 large cities are New York, Chicago, Los Angeles, San Francisco, and Washington, DC. The top 5 small cities are Honolulu, Omaha, Charleston, Albuquerque, and Tulsa.

WINTER WONDERLAND TRAVEL & LEISURE TOUTS WINSTONSALEM AS AN INTERNATIONAL HOLIDAY DESTINATION The magazine included Winston-Salem on its list of The Best Places to Travel in December among destinations like Tokyo, Budapest, and Miami.

Photo Credit: J Sinclair & Visit Winston-Salem

PAGE 4

CONSTRUCTION CAREER DAYS 1,350+ HIGH SCHOOL STUDENTS FIND OPPORTUNITIES IN HIGHDEMAND CAREER FIELDS Construction Career Days, one of our key initiatives to support a career-ready workforce, took place on November 5th-6th. 1,350 students attended the event, experiencing hands-on activities by 50+ local employers like welding, masonry, operating machinery, and more.

These experiences introduced the students to career options in a variety of in-demand fields. The skilled trades are key to our future workforce development, comprising a 17 billion dollar industry in North Carolina with a workforce demand of 200,000 jobs.

Several educational institutions including Forsyth Tech also participated, linking the students to the degrees and certifications they need to work in these fields.

Construction Career Days is organized by the Chamber’s Construction Industry Council and supported by presenting sponsor and partner, Winston-Salem Forsyth County Schools. We also received great support from our sponsors and our vendors, who showed their commitment to building a strong workforce by participating in this event. Please click through to read this article on the Chamber’s website to view a complete list of sponsors and to learn more about the event.

17B

200K

55+

$18-40

CONSTRUCTION INDUSTRY IN NC

JOBS AND GROWING

CAREER CHOICES

AVERAGE HOURLY WAGE

PAGE 5

STATE OF EDUCATION LEADERS OF ALL SIX LOCAL HIGHER EDUCATION INSTITUTIONS SHARE THE STAGE FOR THE FIRST TIME AT INAUGURAL CHAMBER EVENT The discussion at the State of Education event on September 4th focused on the institutions’ ability to develop and attract talent and align workforce needs. A common theme throughout the roundtable was how the institutions work with each other and local employers to create a bigger impact together. Collaborations include dualenrollment degrees, work-based learning programs, shared learning facilities, and degree tracks developed in partnership with local employers.

When asked in what ways they would like to see the business community and educational institutions work together, the leaders emphasized entrepreneurial coaching and programming, mentorship, and internship opportunities.

Special thanks to our State of Education Supporting Sponsor, Bank of America.

Above: Dr. Charles Petitt, President of Piedmont International University, Dr. Elwood Robinson, Chancellor of Winston-Salem State University, Dr. Janet Spriggs, President of Forsyth Tech, Dr. Sandra Doran, Interim President of Salem Academy and College, Brian Cole, Interim Chancellor of UNC School of the Arts, and Dr. Nathan Hatch, President of Wake Forest University. Micah Brown Photography.

LEARN & EARN APPRENTICESHIP PROGRAM FALL SEMESTER IS UNDERWAY FOR FORSYTH TECH STUDENTS GAINING ONTHE-JOB EXPERIENCE LEAP apprentice Colin Tompkins works at Siemens Energy while earning his associate’s degree at Forsyth Tech. Other participating employers include Progress Rail, Triumph, and the Corning Winston-Salem Cable Plant.

CELEBRATING YOUNG LEADERS The Winston Salem Chamber’s Winston Under 40 program celebrated the accomplishments of twenty local young leaders during the 2019 Leadership Awards ceremony and reception at the WinstonSalem Dash on October 3rd.

This annual event honors outstanding young leaders who are making an impact on the community through their work and volunteer service. To learn more about this year’s honorees, click this page.

The Winston Under 40 program is supported by sponsors Cook Medical, Allegacy Federal Credit Union, and Wake Forest Baptist Health.

WINSTON UNDER 40 LEADERSHIP AWARD RECIPIENTS 2019 NEIL A. ALLERTON ABREA ARMSTRONG ASHLEY L. BANKS COREY BUGNO JOSHUA CANZONA ASHLEY CARROLL HOOKER VIVAN PEREZ CHANDLER ALEX COLLINS MCNEIL CRONIN NICK GONZALEZ

KATIE HALL JOSEPH HAMBY TIESHA HINTON RASHAD Q. LITTLE SARAH LUPTON JAMIE MAIER DESIREE PARTIN DANIELLE ROSE JOHN I. SANDERS TALITHA VICKERS

Winston Under 40 Leadership Awards October 3, 2019

PAGE 7

Q3 ECONOMIC SNAPSHOT Unemployment remains steady in WinstonSalem and Forsyth County, where it has been around 4 percent all year. This quarter, we found a nearly three percent year-over-year employment growth which is the secondhighest rate of the largest NC metro areas, following Asheville’s rate of 4.3%.

IT jobs are growing in the Winston-Salem metro area. Data provided by the NC Tech Association has found a more than 15 percent increase in IT jobs year-overyear from September 2018 to last month.

Winston-Salem hired for 489 additional positions over the year.

4.2%

2.9%

+15.1%

489

UNEMPLOYMENT RATE

YEAR-OVER-YEAR EMPLOYMENT GROWTH

YEAR-OVER-YEAR GROWTH IN IT JOBS

IT JOBS ADDED IN WINSTON-SALEM/ FORSYTH CO.

Sources: NC Department of Commerce, Labor & Economic Analysis,

Source: NC Tech Association, September 2019

2019 OPENINGS CANDIDATES PERAugustJOB

WINSTON-SALEM MSA CANDIDATES PER JOB OPENINGS

CANDIDATES PER JOB OPENING WINSTON-SALEM MSA WINSTON-SALEM MSA, OCTOBER 2019

CANDIDATES

8,134

CANDIDATES

8,134

1.67

JOB OPENINGS

13,609

JOB OPENINGS

13,609 0

3000

6000

9000

12000

CANDIDATES PER JOB OPENING 15000

Source: NC Works

0

SOURCE: NC WORKS

3000

6000

9000

12000

15000

PAGE 8 SOURCE: NC WORKS

CEO LETTER

ECONOMIC ACCOLADES

From the growing strength of our entrepreneurial ecosystem to the rise in overall job growth that’s outpacing the norm, Winston-Salem/Forsyth County has been making strong economic gains recently. Along with that consistent growth, we are continuing to see new accolades that raise Winston-Salem’s profile on the national stage as a growing hub of entrepreneurialism and innovation.

We’ve covered a variety of these accolades in previous Quarterly Reports and within this edition. The most recent comes from Zenbusiness.com which just ranked Winston-Salem as the #4 best city to start a small business in the nation.

As we look forward, maintaining and cultivating this success is critical. By doing so, we can be sure to continue to attract talent and economic investment while growing our workforce. We recognize that achieving these goals relies on collaboration and setting a path forward with a plan for success.

Working together, our community can navigate that path forward by building on our strong foundation and taking it to new heights.

Mark Owens President & CEO

Core Values Together, WE LEAD. We are committed to convening a diverse group of people with vision and an unwavering passion to create a better future.

WE INNOVATE. We think big and understand risk-taking is essential for progress.

WE PURSUE EXCELLENCE. We embrace the idea of continuous improvement and are never satisfied with the status quo.

WE UPHOLD INTEGRITY. We are accountable to our team, members, and community and work to maintain our legacy of bettering all.

THANK YOU TO OUR INVESTORS BB&T NOVANT HEALTH REYNOLDS AMERICAN WELLS FARGO BLUECROSS AND BLUESHIELD OF NORTH CAROLINA COOK MEDICAL FORSYTH COUNTY HANESBRANDS INC. KELLY OFFICE SOLUTIONS ONPAR TECHNOLOGIES TWIN CITY QUARTER WAKE FOREST BAPTIST MEDICAL CENTER WINSTON-SALEM/FORSYTH COUNTY SCHOOLS WOMBLE BOND DICKINSON (US) LLP

Page 12