Regional Report Triangle August 2013

Investment management is growing in North Carolina for many reasons — few of them economic. That’s the conclusion of a study by professors at UNC Chapel Hill’s Kenan-Flagler Business School. In 2012, industry employment in the state totaled 21,047, up 26% since 2005. That’s a 3.3% annual growth rate, compared with 0.5% nationally. One reason: Companies can pay people less than the national average because the cost of living is lower. When asked why they chose North Carolina, most of those responding to a survey portion of the study said they were already living here or came for the quality of life. Only 6% called the state’s tax structure “advantageous,” so the study recommends economic incentives such as temporary tax credits, tax holidays and differential tax rates on investment income to investment-management companies as well as to wealthy retirees who move here.

CARY — DB Global Technology will expand its software-development center here, investing $13.5 million and adding 431 to its local workforce of 250 by the end of 2016. A division of Frankfurt, Germany-based Deutsche Bank, it provides software development and maintenance for its parent company.

CHAPEL HILL — UNC Chapel Hill’s accreditor will not sanction the school for irregularities in its African and Afro-American Studies classes, but Decatur, Ga.-based Southern Association of Colleges and Schools Commission on Colleges will monitor the university over the next year. UNC has pledged to offer replacement classes to alumni and require more work from current students who took the classes, which sometimes required only a final paper and no attendance.

DUNN — Rooms to Go will build a 1.1 million-square-foot warehouse, distribution center and retail showroom here, investing $40 million and creating 220 jobs within three years. The Seffner, Fla.-based furniture retailer, which has about 150 stores in 10 states, cited proximity to Interstate 95 in its decision.