Charlotte Rental Rates Now Down 1.8% YoY – August 2023 Rent Report

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Charlotte Rental Rates Now Down 1.8% YoY – August 2023 Rent Report
The rental market hit a major milestone this month: nationwide rent growth has fallen below zero for the first time since the early pandemic. Rent growth is normally peaking at this time of year, but right now it is decelerating as sluggish demand collides with a strong incoming supply of new apartments. The national vacancy rate is higher today than at any point during the pandemic (and continues to rise), signaling that rent growth will remain slow for the rest of the year.
For the latest data, see our full August Rent Report here. Some highlights include:
  • Rents in Charlotte increased 0.3% in July, compared to a 0.3% increase nationwide.
  • Year-over-year rent growth in Charlotte now stands at -1.8%, down from +16.9% one year ago. Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 25.3%.
  • Today the median rent in Charlotte is $1,335 for a one-bedroom unit and $1,462 for a two-bedroom unit. And the citywide apartment vacancy rate stands at 8.5%, up 2.8 percentage points from this time last year.

AI Will Lead To a Growth in 35,878 ‘Mompreneurs’ in North Carolina

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AI Will Lead To a Growth in 35,878 ‘Mompreneurs’ in North Carolina

Although concerns about the future impact on jobs persist, it is undeniable that free AI technologies like ChatGPT and Bard have significantly benefited workers, particularly those who work mostly online. Gabriela Covay, Founder & Managing Director of Bright Valley Marketing, believes that “mompreneurs” will experience the most significant benefits, as AI advancements help save their most scarce resource: time. Consequently, she predicts a surge in mothers running their own businesses in the coming years.

“We are witnessing a transformative shift in the world of entrepreneurship, as AI technology becomes a powerful equalizer for working mothers. By streamlining tasks and freeing up valuable time, AI is lowering the barriers for women in business, helping them focus more on growing their enterprises. This newfound efficiency is poised to inspire and empower even more women to start their own businesses, driving a dynamic and diverse business landscape” says Covay.

In North Carolina, 40% of businesses are women-owned, equating to 358,783 companies. Ms. Covay anticipates a 10% increase in women-owned businesses within the next five years. This projection suggests that the number of ‘mompreneurs’ in the Tar Heel State will rise to 394,661 by 2028.

At present, some key methods through which AI saves time for mothers who own businesses are:

1. Act as a business assistant:

a) ChatGPT and Bard can play the role of a sales assistant, helping to create great landing page content for sales pages while also being able to create ad copy, among other things.

b) AI can complete critical tasks more efficiently such as researching blog topics or providing market research, helping to define target personas, and brainstorm ideas for new campaigns, new offerings, as well as draft business plans.

c) ChatGPT and Bard are also great at editing! You can prompt them to edit a sentence or paragraph so it sounds more concise, more compelling, or more unique.

d) Using AI as a social media assistant. “My team and I have never been great at social media. But since ChatGPT, we’ve started creating posts to engage with existing and potential customers, especially on LinkedIn”, says Ms Covay. It is also useful for crafting social media pages, and creating YouTube copy. “However, I do advise always fact checking what AI comes up with — and to always infuse the content with your brand’s unique touch”.

e) Using it as a business advisor. “If I’m faced with a difficult business decision, I sometimes turn to ChatGPT for advice; it helps me weigh the pros and cons about the best path forward given my goal.”

2. Summarize industry articles:

In the field of business, countless articles are published weekly by experts, and it can be challenging to find the time to read them in depth. Previously, concerns about missing crucial information would arise. However, the use of AI tools that condense and highlight the most relevant points for one’s business has now alleviated these worries. Also, many industry experts post regular tips on YouTube. For those business owners with limited time, some ChatGPT plugins can summarize any YouTube video, answer questions about it, and give specific timestamps when asked.

3. Create Excel formulas:

Many business owners rely on Excel (or similar software) to manage their finances, even when working with external accounting firms. AI now provides instant snapshots of essential financial aspects, such as short-term cash flows, and highlights areas requiring immediate attention, all within Excel.

4. Fix bugs in your code:

“Interactive assets are frequently incorporated into our marketing campaigns, and each one is unique, leading to unique challenges, primarily in the form of coding issues. By leveraging AI to identify and resolve these bugs, we save a considerable amount of time, particularly in terms of communication with developers” says Ms Covay.

5. Curate Spotify playlists and YouTube videos:

“Occasionally, office playlists can become monotonous. Spotify addresses this issue by generating engaging AI generated playlists that teams can enjoy, tailored to their collective music tastes”.

But it’s not just work-related AI software which is saving moms’ time. AI plays a useful role in freeing up time outside of work, which in turn means female business owners can dedicate more time to their businesses…

6. Organize meals:

As a busy mother of two small kids, Ms. Covay constantly seeks solutions to simplify her life. Upon discovering Google’s Bard, she began requesting easy-to-prepare, healthy meal ideas tailored to her children’s preferences (and there are many!). Since then, she has relied on Bard for every new meal, streamlining the previously cumbersome meal-planning process, which involved searching for recipes, brainstorming ideas, compiling lists of meal options, and noting necessary ingredients.

What do you think about the new trend?

Major Heat Wave Coming To Charlotte This Weekend – Code Orange Air Alert

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Major Heat Wave Coming To Charlotte This Weekend – Code Orange Air Alert

Residents of the Charlotte area are preparing for a surge in temperatures, the likes of which haven’t been seen so far this year.

Charlotte itself is projected to experience a scorching 97 degrees, potentially making it the hottest day of 2023. This is a significant increase from the average July high of around 90 degrees, as per the National Weather Service records.

Historical data shows that Charlotte is no stranger to extreme heat. The city, which holds a record temperature of 104 degrees Fahrenheit set in 1954 and tied in 2007, has experienced numerous hot summers in the past.

This weekend’s heat index, a measure that reflects how hot it truly feels considering the impact of temperature and humidity, is expected to reach a staggering 101 degrees. This reading, although high, is not the maximum ever recorded in Charlotte’s weather history. In 2007, Charlotte faced a heat index of 110 degrees.

via Weather Underground

To make matters even worse, we are also under a code orange air alert, due to elevated levels of smoke from the Canadian wildfires and higher than usual Ozone levels, according to AirNow.gov.

The elderly, young children, and anyone who suffers from heat sensitivity, respiratory conditions, or heart or lung disease should limit their time outside this weekend.

If you’re planning on spending an extended amount of time outside this week, make sure you wear breathable clothes and consider getting a small fan, personal air conditioner, or evaporative cooling towel.

Stay safe out there!

NC Beaches Are Now Transforming Into The Caribbean With Dreamy Clear Blue and Turquoise Waters

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NC Beaches Are Now Transforming Into The Caribbean With Dreamy Clear Blue and Turquoise Waters

A couple weeks ago we reported on the incredible transformation of the waters along the Grand Strand and Myrtle Beach turning into an enchanting shade of blue. This week, most of the coastline from Nags Head down to Wilmington are experiencing a similarly magical development.

Typically, around this time of year, Atlantic coastal waters are a nasty brown color due to the churned up sediment, phytoplankton, and pollution floating closer to the surface. These microorganisms, along with the sediment, refract light differently, making the water appear “dirty” or brownish. This effect is well documented in a study by NASA’s Ocean Biology Processing Group, which explains how the scattering and absorption of sunlight by suspended particles and phytoplankton can influence the color of the water.

This year, however, the Atlantic Ocean has been surprisingly calm with a lack of tropical storms or hurricanes which usually stir up the waters, and the light offshore winds have further assisted in letting the sediment settle near the ocean floor. This has resulted in the clear, beautiful, blue waters that are currently mesmerizing locals and visitors alike.

The Town of Emerald Isle just posted this stunning aerial shot of the magical blue waters:

Here are some more shots of the dreamy blue waters of the NC coast:

 

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A post shared by Kathleen Ahl (@kathleen_ahl)

 

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A post shared by kl;) (@karleevlynch)

 

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A post shared by Jessica Fuller (@jessica_fuller_87)

The blue hue is actually the ocean’s natural color, as explained by research from the Scripps Institution of Oceanography. Ocean water appears blue because water molecules absorb colors in the red part of the light spectrum and reflect colors in the blue part of the spectrum. This is due to water’s selective absorption and scattering of sunlight, a phenomenon often referred to as Rayleigh scattering.

Combined with the reflection of sunlight, which can add a bluer tint, the current state of the NC beaches boasting an especially rich blue look. It’s reminiscent of the clear waters found in tropical island destinations, with visibility extending to about 3-5 feet deep.

This breathtaking spectacle serves as a reminder of the natural beauty of our oceans when conditions allow for it.

Enjoy it while it lasts!

The Cheesecake Factory Is About To Open Their Second Charlotte-Area Location

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The Cheesecake Factory Is About To Open Their Second Charlotte-Area Location

The Cheesecake Factory is about to open their second Charlotte-area location in Huntersville’s Birkdale Village.

It’s being built in the 8,579 square feet former Gap location and will hold a grand opening celebration on Tuesday, August 8. They’ve already hired nearly 300 staff members for the new location.

The massive menu will feature The Cheesecake Factory’s signature 250 selections including more than 30 lower-calorie selections and more than 30 varieties of their legendary cheesecakes.

 

CommScope Just Announced Plans To Build New $60 Million Fiber-Optic Facility in Charlotte Region

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CommScope Just Announced Plans To Build New $60 Million Fiber-Optic Facility in Charlotte Region

Global tech leader CommScope has just announced plans to invest over $60 million into a massive fiber-optic cable production facility in the Charlotte region. The investment will create 250 new high-paying jobs and inject over $14.3 million annually into the local community.

Governor Roy Cooper applauded the decision of CommScope, a Fortune 500 company, which has been a trailblazer in communications technology for over 45 years.

“Connecting every household in North Carolina to high-speed internet is going to take a lot of fiber, and with this expansion CommScope is answering the call not only with American jobs, but North Carolina jobs,” said Governor Cooper in a press release. “We appreciate CommScope’s additional investment in Catawba County and their confidence in our workforce to improve the nation’s fiber-optic infrastructure.”

The new investment will upgrade CommScope’s Catawba County facilities and boost the firm’s capacity to produce fiber optic cable.

Supporting the project, the North Carolina Department of Commerce awarded CommScope a Job Development Investment Grant (JDIG), anticipated to expand the state’s economy by over $834 million across its 12-year term. The grant also allocates $211,100 to the state’s Industrial Development Fund – Utility Account to support infrastructure upgrades in rural areas, thus enhancing their appeal for future businesses.

Roamstead Hosting Grand Opening Of Their Flagship ‘Enhanced Campground’ West of Charlotte

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Roamstead Hosting Grand Opening Of Their Flagship ‘Enhanced Campground’ West of Charlotte

Roamstead, a collection of modernized campgrounds, has just opened their new flagship Great Smoky Mountains National Park (GSMNP) location. Referred to as “Roamstead Smoky Mountains,” and located in Cosby, Tennessee, Roamstead’s new flagship location offers an enhanced camping experience in an effort to welcome all adventurers to encounter the magic of the outdoors through genuine hospitality and elevated design.

“The support and excitement for Roamstead has been an absolute blessing, and we couldn’t be happier to finally open our doors to our first guests,” said Roamstead co-founder, Thomas Connolly. “We want to make the great outdoors as welcoming and comfortable as possible, and I am so proud of our team for delivering on this vision by creating a truly beautiful and accessible campground. If you want to get outside without sacrificing the comforts of home, come stay with us!”

Located between GSMNP’s Cosby and Greenbriar entrances, and just 25 minutes from the main Gatlinburg, Tennessee, entrance, accommodations at Roamstead Smoky Mountains include:

  • Cabins — five different floor plans, the largest of which can welcome up to 7 guests
  • RV/camper hookups
  • Yurts
  • Tent sites
  • Lodge rooms

The lodge also includes a pavilion, an outdoor heated pool, a coffee shop and bar, and fire pits that will encourage communal gathering after a day in the great outdoors.

Roamstead Smoky Mountains also has an activity yard, playground, and will offer movie nights to keep the younger adventurers entertained. Roamstead guests will be able to enjoy food and beverage options, including breakfast and dinner items, as well as a selection of regional beers. Similar amenities will be available at all future sites.

Given its proximity to Great Smoky Mountains National Park, Roamstead has partnered with Friends of the Smokies, the philanthropic partner of GSMNP, dedicating a portion of the proceeds from every stay to strengthen the organization’s efforts in preserving and protecting the park.

“We are excited that our new neighbor is both welcoming visitors to a fabulous camping experience and also giving back to support the care of Great Smoky Mountains National Park through their generous donations,” said Friends of the Smokies president and chief executive officer, Dana Soehn.

To learn more about Roamstead and book reservations, you can visit roamstead.com.

Biden Eying North Carolina As Potentially The Most Important State In The 2024 Presidential Race

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Biden Eying North Carolina As Potentially The Most Important State In The 2024 Presidential Race

President Biden is now looking at North Carolina as potentially the most important state in the nation to win in the upcoming 2024 presidential election.

While a Democrat hasn’t won North Carolina since Barack Obama in 2008, Biden’s team is now seeing a path to victory due to changing political factors in our state, such as increasing abortion bans, the most expensive governor’s race in history, and steady population growth in urban and suburban areas.

Party leaders are also urging the Biden campaign and DNC to invest heavily in the Tar Heel, arguing that without the state, Republicans lack a clear path to the presidency. They claim that political trends have shifted in Biden’s favor since 2020.

It remains to be seen how serious the national Democrats’ commitment to North Carolina will be, with decisions about significant financial and resource allocation expected next year. The Biden campaign, in an early strategy memo, indicated its plan to dump historical amounts of money into both grassroots and mass media efforts in our state.

“We fully expect North Carolina to be competitive, and plan to run an aggressive and winning campaign that builds on our significant investments throughout the state,” said Biden campaign spokesperson Kevin Munoz in an interview with NPR.

In the short term, the DNC will be pushing to mobilize voters by increasing their contribution to the NC Democratic Party by $12,500 a month, a 25% increase from 2020 and a 66% increase from 2016.

The Biden team is hoping the upcoming gubernatorial election may counterbalance some of their financial expenses across the state, which is anticipated to host the costliest governor’s race in its history. Democrats are crossing their fingers for a Trump-Mark Robinson combo. Robinson, NC’s Republican deputy governor, is a staunch advocate for a complete prohibition on abortion and a vocal critic of same-sex marriage.

“A Donald Trump-Mark Robinson ticket is something Democrats look forward to here. Both of those guys have an ability to repel swing voters like nothing else,” said Democratic political consultant Morgan Jackson in an interview with Politico.

The extent of financial investment by national Democrats in the state could hinge on Biden’s competitor. While a Biden-Trump rematch is likely, according to Jordan Shaw, former campaign manager for Sen. Thom Tillis, it’s still early. Heavy Democrat investment would be logical if Trump is the candidate, but Shaw doesn’t foresee a Biden victory in the state if other GOP contenders like Tim Scott or Nikki Haley emerge on top of Trump.

What do you think about the 2024 presidential race? 

Do you think North Carolina will become a vital swing state in the upcoming election? 

Rare 2.5 M Earthquake Just Struck Charleston, SC

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Rare 2.5 M Earthquake Just Struck Charleston, SC

A rare 2.5 magnitude earthquake just struck the lowcountry of South Carolina just outside the heart of Charleston.

According to the USGS, the quake had a depth 6.1 km and an exact location of 32.941°N 80.145°W.

Earthquakes have been increasing in frequency around the Charlotte region over the past few years. Last year, we experienced the largest earthquake in over 100 years when a 5.1 magnitude quake hit Sparta, NC, and since then, dozens of aftershocks have continued to rattle our state.

According to USGS.gov, “Moderately damaging earthquakes strike the inland Carolinas every few decades, and smaller earthquakes are felt about once each year or two.”

Did you feel last night’s quake? 

UNC Charlotte Wins NSF Award to Fund ‘Clean Carolinas’

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UNC Charlotte Wins NSF Award to Fund ‘Clean Carolinas’

UNC Charlotte is selected as an inaugural recipient of up to $1 million from the U.S. National Science Foundation’s Regional Innovation Engines, or NSF Engines, program. UNC Charlotte is leading one of only 40 unique teams nationwide to receive an NSF Engines Development Award, which help partners collaborate to create economic, societal and technological opportunities for their regions.

The initiative, titled “Clean Carolinas,” is designed to support the economy and growth of the Carolinas through clean energy technology, including innovations in offshore wind, solar, clean hydrogen and marine energy. It will focus on the technologies’ energy delivery, storage and integration with the grid.

By leveraging the research and development expertise of UNC Charlotte and its partner groups in North and South Carolina, the initiative will meet the challenges of achieving a net-carbon-neutral electric grid by 2050 and sustaining it for much longer. The initiative’s activities will lay a pathway for clean energy innovation leadership in the Carolinas through a focus on technology acceleration, research and development on disruptive technologies and workforce development. The collaborative team will also target diversity, equity, inclusiveness and accessibility to identify community priorities for energy economic development and support upward economic mobility through skills development and well-paying jobs.

Mazzola.jpg“The Charlotte metropolitan area is the glue that ties together a two-state region teeming with renewable energy resources, especially offshore wind,” said Michael Mazzola, executive director, UNC Charlotte Energy Production and Infrastructure Center and lead principal investigator for the award. “The innovation flowing from North and South Carolina industry and research enterprises, such as our world-class universities, will allow ‘made in the Carolinas’ to support increased social mobility and generate more direct financial investment into our region of service.”

The NSF Engines program is a transformational investment for the nation, ensuring the U.S. remains in the vanguard of competitiveness for decades to come.

“These NSF Engines Development Awards lay the foundation for emerging hubs of innovation and potential future NSF Engines,” said NSF Director Sethuraman Panchanathan. “These awardees are part of the fabric of NSF’s vision to create opportunities everywhere and enable innovation anywhere. They will build robust regional partnerships rooted in scientific and technological innovation in every part of our nation. Through these planning awards, NSF is seeding the future for in-place innovation in communities and to grow their regional economies through research and partnerships. This will unleash ideas, talent, pathways and resources to create vibrant innovation ecosystems all across our nation.”

By partnering with the North Carolina Department of Commerce and the South Carolina Research Authority, UNC Charlotte will include community priorities from the region’s individual households as well as the diverse businesses across the two states. Education and skills training, in addition to research and innovation, will be key, as the initiative includes collaborators from partner institutions, including East Carolina University, N.C. State University, Clemson University, Fayetteville State University, Elizabeth City State University and E4 Carolinas consortium. Clean Carolinas will leverage and complement collaborator NC A&T State University, which in August 2022 was awarded a $23.7 million grant to develop and implement a clean-jobs education and training program called STEPs4GROWTH from the U.S. Department of Commerce Good Jobs Challenge.

The awardees span a broad range of states and regions, reaching geographic areas that have not fully benefited from the technology boom of the past decades. These NSF Engines Development Awards will help organizations create connections and develop their local innovation ecosystems within two years to prepare strong proposals for becoming future NSF Engines, which will each have the opportunity to receive up to $160 million.

Launched by NSF’s new Directorate for Technology, Innovation and Partnerships and authorized by the “CHIPS and Science Act of 2022,” the NSF Engines program uniquely harnesses the nation’s science and technology research and development enterprise and regional-level resources. NSF Engines aspire to catalyze robust partnerships to positively impact regional economies, accelerate technology development, address societal challenges, advance national competitiveness and create local, high-wage jobs.

View a map of the NSF Engines Development Awards. More information can be found on the NSF Engines program website.

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