Charlotte attracts both individuals and buisness because of its booming economic and commercial activity. Charlotte’s well know business friendly area and the position of sixth largest urban region in the United States continue to be the drawing card for business reloation and development. This week the following announcement was made through the Charlotte Chamber of Commerce:
Governor Beverly Perdue announced today in a Charlotte press conference that Celgard, LLC, a wholly-owned subsidiary of Polypore International, Inc. (NYSE: PPO), and one of the largest suppliers to the lithium battery industry, will add 289 jobs and invest a total of $91 million in expanded and new infrastructure in Mecklenburg and Cabarrus counties over the next five years. Perdue confirmed that North Carolina’s Economic Investment Committee approved today a One North Carolina Fund Grant and a Job Development Investment Grant to support the Mecklenburg and Cabarrus County projects. In addition, each of the local governments will provide grants for their respective projects.
Charlotte’s expansion portion of the lithium battery separator facility was dependent on Cabarrus County securing a new Celgard manufacturing facility. The expansion of Celgard’s Charlotte plant will create 80 jobs and Cabarrus County’s new manufacturing plant will create 209 jobs. The average wage for the new jobs is $56,960.
The City’s location along the eastern United States is the half way point from New York to Miami and only 3 hours outside of Atlanta. It also is home to the 14th largest airport in the nation and offers over 600 flights in and out daily. A balanced transportation infrastructure includes on on the nations major airport, direct rail and interstate highway access from 3 interstates off businesses multiple freight service options.
With the recent announcement of Electrolux to move his North American headquarters to Charlotte we are placing ourselves as a top city for buisness development and relocation.
It was a tough week on Wall Street but the mortgage rates ended a little lower for the third week of January. While China takes steps to slow its econominc growth and President Obama proposes new restrictions in lending the US is expected to lead to slower econominc growth at home.
FHA announced three major changes to help them build capital and reduce their risk. The first was to tighten it’s belt on credit scores. With FICO scores changing from 500 to 580 on buyers with less than 10% downpayment. Another major change was the increase in upfront premium from 1.75% to 2.25%. They also reduced the maximum seller contribution from 6% to 3%. The change in upfront premium will increase in spring and the other changes will happen over the summer.
With next Wednesday’s Fed Meeting we have to hope for better news.