Regional Report Triangle September 2013
High-tech startups lay it on thick in Triangle
Not all startups are created equal. According to Bloomberg.com, high-tech businesses in the U.S. between one and five years old created 16,700 jobs in 2011. Other types lost 513,700. The sector’s value becomes more apparent considering that high-tech is 23% more likely to have a business formation than the private sector as a whole. Unsurprisingly, Raleigh has a higher density of such startups than any other metropolitan statistical area in North Carolina, according to a new study by entrepreneur-advocacy groups Engine and the Ewing Marion Kauffman Foundation. But while its location quotient — an economic measure in which 1 equals the U.S. average — stayed roughly the same between 1990 and 2010, Durham-Chapel Hill has gone from below the U.S. average to nearly the equal of its Triangle neighbor.
— A June 6 email from interim Associate Vice Chancellor Randy Avent to N.C. State University administrators. More than two months later, the school announced it had received a $60.8 million grant, the largest in its history, from the National Security Agency to build a data-analysis lab on its Centennial Campus
in Raleigh. School officials say it will not be part of NSA’s mass-surveillance programs.
Source: The News & Observer, Raleigh
Apex’s rank on Money’s list of the best 50 small towns in the U.S. The magazine noted residential-housing permits were up 60% in the first quarter compared with 2012.
RALEIGH — WakeMed Health & Hospitals will lay off 111 of its 8,500 Triangle employees as the health system anticipates losing $15 million for the fiscal year that ended in September. Most of the cuts will come from shuttering a 15-year-old nursing home in Fuquay-Varina. WakeMed officials say federal and state policy changes will cut hospital revenue by $23 million.
RALEIGH—Highwoods Properties completed a public offering of 4.3 million shares of common stock, raising $150.9 million. The Triangle’s largest commercial landlord will use the proceeds on property acquisitions and new developments as well as general business purposes.
RALEIGH —A bankruptcy-court judge approved the sale of Seaboard Station in Raleigh to William Peace University for $20.8 million. The order allows the school to invest nearly two-thirds of its $33 million endowment to acquire the 90,000-square-foot shopping center. Its previous owner, Raleigh-based Gregory & Parker, filed for bankruptcy in 2012.
SANFORD —Central Carolina Hospital named Ronald Groteluschen chief financial officer. Groteluschen has more than 30 years of financial-management experience, mainly in the health-care industry. Most recently, he was controller of Frye Regional Medical Center in Hickory.