Business

Business news from Charlotte and the Carolinas. For more business news, listen to Marketplace every weekday at 6:30 p.m. ET.

Homes costing $400,000 are seen under construction earlier this year in Huntersville.
DAVID BORAKS / WFAE

Home prices in Mecklenburg County last month saw their biggest jump in at least a year. The median sales price in July was $350,000, according to the Charlotte Regional Realtor Association. That’s up more than 10% from the same month last year.

WFAE

Charlotte leaders are pushing to create and preserve more affordable housing to make up for a shortage of what city officials say is at least 24,000 units. And as developers approach City Council for rezonings, lately they’ve been including more of this type of housing. 

LORI BEE/FLICKR / CC BY 2.0

Something new is in the works for Ballantyne: affordable housing. Developer Northwood Office says it plans to make that part of a massive project it’s planning near the Ballantyne Hotel.

LORI BEE/FLICKR / CC BY 2.0

Around 175 affordable housing units are being planned for Charlotte’s Ballantyne neighborhood.

Charlotte skyline, UNC Charlotte Center City First Ward Park
DAVID BORAKS / WFAE

Another month brings another big tech announcement for Charlotte. Financial software company AvidXchange says it’s planning to build a second headquarters at the Music Factory just outside uptown and increase its workforce by 1,200.

Bank of America reported a profit of $7.3 billion for the quarter that ended June 30. That was even with the first quarter but up 8% from a year ago, mainly on higher profits in its consumer bank.

Lowe's will take 15 of the 23 stories in the new Design Center Tower, which will break ground in August on Worthington Avenue in Charlotte's South End.
LOWE'S CORP.

Lowe’s has chosen Charlotte for its tech hub. Of course, that announcement was made last month, but the logistics of building that 23-story tower in South End and bringing on 1,600 IT workers will be a story for the next few years. This week we have a better idea of the incentives package the company will receive.

Former Chrysler CEO Lee Iacocca Has Died At Age 94

Jul 2, 2019
Lee Iacocca
AntonStetner / Flickr/https://creativecommons.org/licenses/by/2.0/

DETROIT — Lee Iacocca, the auto executive and master pitchman who put the Mustang in Ford's lineup in the 1960s and became a corporate folk hero when he resurrected Chrysler 20 years later, has died in Bel Air, California. He was 94.

Lowe's will take 15 of the 23 stories in the new Design Center Tower, which will break ground in August on Worthington Avenue in Charlotte's South End.
LOWE'S CORP.

Lowe's has picked a site in Charlotte's South End for a new $153 million global technology center that eventually is expected to have up to 2,000 employees. 

Nick de la Canal / WFAE

CBD oil sales are booming right now, but there's a threat looming for the small mom and pop CBD oil stores in Charlotte. Big retail chains are now looking to get in on the business. That's according to reporting by Tony Mecia of the Charlotte Ledger business newsletter. He joins WFAE's Morning Edition host Marshall Terry for our new segment BizWorthy.

LendingTree will to a new project under development on South Tryon Street in Charlotte's South End.
The Spectrum Companies

The online loan marketplace LendingTree plans to move its headquarters next year from Ballantyne in south Charlotte to the South End. About 500 employees will relocate to a new building being developed by The Spectrum Companies, at South Tryon Street and Carson Boulevard.

Brian Moynihan
Bank of America

Bank of America is raising its starting pay to $20 an hour over a two-year period, starting with a hike next month.

Wells Fargo
Zuri Berry / WFAE

Wells Fargo is selling its Charlotte-based retirement and trust business for $1.2 billion to Principal Financial Group.  

Redevelopment isn't just pushing up housing prices in Charlotte's North End, it's also affecting small businesses that rent space in the corridor.

City North Business Center on North Tryon Street is less than a mile from uptown, in an area of old warehouses and factory buildings. Last fall, it sold for $8.8 million to a Texas developer, who plans to bring new services to the neighborhood, including a brewery, shops and offices for creative businesses.

Dollar Tree Inc. is closing up to 390 Family Dollar stores this year and rebranding about 200 others under the Dollar Tree name.

The company also slashed the value of its struggling Family Dollar chain, booking a $2.73 billion charge in its fiscal fourth quarter. That led to a massive loss in the latest fiscal fourth quarter.

Janet LaBar
Charlotte Regional Business Alliance

The Charlotte Regional Business Alliance has named its first CEO.  Janet LaBar comes to Charlotte from Portland, Oregon, where she leads that area's regional business recruiting organization.  

Lowe's Home Improvement

Lowe's swung to a loss in its fourth quarter, weighed down by sizeable one-time charges and a lethargic housing market.

Bank of America

Bank of America is simplifying branding for its wealth management and private banking operations by retiring two brands it inherited in the late 2000s: Merrill Lynch and US Trust. But it's keeping the Merrill Lynch bull. 

bb&t and suntrust
Wikimedia Commons

Charlotte's reputation as a major banking center is getting a big boost. Southeastern regional banks BB&T of Winston-Salem and SunTrust of Atlanta are merging to create the nation's sixth largest bank. The combined company will have a new name, yet to be announced. And it will be headquartered in Charlotte.

Wells Fargo
Zuri Berry / WFAE

Wells Fargo has agreed to a $575 million settlement with 50 states in a lawsuit alleging unfair and deceptive trade practices.

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