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Triad Business Journal
Good for Triad: Toyota electrified vehicles approaching 40% of sales
In good news for its $14 billion battery plant under construction near Greensboro, Toyota Motor North America said Tuesday that sales of electrified vehicles surged more than 60% in the first half of the year, and in June represented about 40% of all vehicles sold.<\p> Electrified vehicle sales totaled 247,347 in the company’s second quarter, up 63.1% on a volume and daily selling rate basis compared to the previous year's second quarter. Total sales were up 9.2% to 621,549 vehicles, TMNA said.<\p>
Among small businesses, there's a huge divide on finances
The smallest businesses are the ones most likely to be struggling, as larger small businesses report better conditions.<\p> The latest data from the Federal Reserve’s Small Business Credit Survey — released earlier this year but since followed up with a more detailed breakdown by size and demographics — shows how, even within the realm of small businesses, there is wide variation.<\p>
Industry veteran will lead Triad's sixth largest senior living center
One of the largest continuing care communities in Winston-Salem is getting new leadership.<\p> The board of trustees for Salemtowne has appointed Paul Harrison as the organization’s new president and CEO.<\p>
D.R Horton pays $4.46 million for land to expand Triad subdivision
The nation's largest homebuilder is set to expand its subdivision in an Alamance County town after purchasing dozens of lots from a Triad lot developer. <\p> D.R. Horton purchased 50 lots from Desco GC Invest LLC for a total of $4.46 for a new phase of its Quarry Hills subdivision in Swepsonville. Desco GC Invest, LLC is associated with Eric Dischinger's Desco Investment Co. of Chapel Hill.<\p>
AHWFB acquires pediatrics practice, gaining new foothold in Greensboro
Atrium Health Wake Forest Baptist has gained another foothold in northwest Greensboro.<\p> The Winston-Salem health system has acquired Northwest Pediatrics, the practice announced on its Facebook page on Monday morning.<\p>
New Dash owner pays more than $6M for lots surrounding Truist Stadium
The new owner of the Winston-Salem Dash has purchased about eight acres of property surrounding the team's stadium in downtown Winston-Salem for over $6 million.<\p> An LLC associated with Diamond Baseball Holdings recently purchased the majority of the parking lots at Truist Stadium in downtown Winston-Salem, according to filings with the Forsyth County Register of Deeds. Twin City LandCo LLC purchased two parking lot properties for a combined $6.3 million — comprising of 7.2-acres at 930 W. First Street that it purchased for just under $4.5 million and 1.06 acres located at 929 Ballpark Way that bought for $1.8 million.<\p>
Nine Triad restaurants receive national award for wine lists
Wine Spectator, a national lifestyle magazine, recognized nine Triad restaurants in its 2024 Restaurant Awards, three of which received the second highest honor of “Best of Award of Excellence.”<\p> The awards recognize restaurants with wine lists that “offer interesting selections, are appropriate to their cuisine and appeal to a wide range of wine lovers,” according to Wine Spectator’s website. There are three tiers of awards distributed — Grand Award, Best of Award of Excellence and Award of Excellence.<\p>
Small-business grants you can apply for this month
Small-business owners might be more confident about their future, but they are still worried about inflation.<\p> That’s the big takeaway from the U.S. Chamber of Commerce's Small Business Index, conducted in partnership with MetLife, which hit the highest level of optimism since early 2020, with about 73% of business owners expecting their revenue to grow in the next year. <\p>
Developer buys historic Charlotte estate
A south Charlotte estate with historical significance sold this week to a local developer. <\p> A limited liability company tied to Levine Properties purchased the 6.45-acre property at 6501 Sardis Road, paying $4.05 million, according to Mecklenburg County real estate records. Daniel Levine, president of the Charlotte real estate firm, said in a news release today there are no set plans for the site but that he aims to "preserve the integrity of the home."<\p>
Nonprofit to raise $8M for outdoor art gallery to honor former slave
A Winston-Salem based nonprofit is aiming to raise $8 million to build an outdoor art gallery in honor of an artist who lived and worked in Winston-Salem as a slave and later as a free man.<\p> The Winston-Salem City Council recently approved land for the Peter Oliver Pavilion Gallery, a green space and public art gallery that nonprofit Creative Corridors Coalition hopes to build near the city's downtown.<\p>
EXCLUSIVE: Cone Health CEO explains recent $40M land purchases
Over the past three months, Cone Health has been on a shopping spree, racking up a bill of nearly $40 million.<\p> Since late March, the independent health system has spent a total of $38.75 million for approximately 68.4 acres across Greensboro – and it doesn’t have immediate development plans for more than half of that land.<\p>
Culp CEO: Restructuring progressing after Q4 marks 'bottom point'
In reporting Culp Inc.’s fourth quarter and fiscal year-end performance, CEO Iv Culp expressed confidence that previously announced restructuring efforts are on track and will return the High Point textile company to profitability.<\p> "As we look ahead to fiscal 2025, we expect industry conditions will remain pressured for some time, but we believe our fiscal 2024 fourth quarter revenue levels represented a bottom point for Culp,” he said. “We believe the strategic actions we are taking will position us for profitable growth opportunities, and we remain committed to delivering sustainable results and enhancing value for our shareholders over the long term.”<\p>
UNCG dean, Winston-Salem companies honored by NC Biotech
Five leaders in the Triad’s life sciences industry – including a well-known UNC-Greensboro dean and a fast-growing Winston-Salem startup – were honored last night with excellence awards from the North Carolina Biotechnology Center.<\p> The awards were given in front of nearly 400 attendees at Triad BioNight, a biannual event that celebrates the growth, opportunity and success of life sciences in the 12-county Triad region.<\p>
Whataburger or What-A-Burger: Does it matter to local diner?
What difference does a hyphen and capital letters make to a hamburger?<\p> A big difference, at least to Texas-based chain Whataburger, which is suing N.C.-based What-A-Burger #13 for having a name too similar to the franchise. <\p>
Winston-Salem distributor continues spree, buys four hardware brands
Cook & Boardman, a Winston-Salem-based distributor that has been on an acquisition spree since 2018, has closed on the purchase of OKEE Industries and its group of four brands that operate in the Northeast.<\p> Cook & Boardman, a specialty distributor of commercial doors, frames, hardware, electronic access equipment and specialty products, announced Friday that it has acquired OKEE Industries Inc. of West Hartford, Connecticut. According to its website, OKEE also includes Builders Hardware Inc. of East Haven, Connecticut; Construction Hardware Inc. of Norristown, Pennsylvania; and Hardware Specialties Inc. of Westfield, Massachusetts.<\p>
Supreme Court decision marks 'seismic shift' on federal rules
Federal agency rules that target businesses and the workplace have been dealt a blow by the latest Supreme Court decision.<\p> The case, Loper Bright Enterprises v. Secretary of Commerce, was specifically focused on fees in a rule by the National Marine Fisheries Service, but ultimately targeted the four-decade framework for federal agency rulemaking known as Chevron — named after a previous Supreme Court case. <\p>
Henry Isaacson, longtime airport chair crucial to PTI's success, dies
Henry Isaacson, the lawyer and longtime champion of Piedmont Triad International Airport who is credited with the idea of turning the airport into the major economic driver in the region that it has become, has died. He was 91.<\p> Isaacson was chairman of the Piedmont Triad Airport Authority board from 1999-2014, when the board made pivotal land acquisitions and infrastructure decisions that led to the the Greensboro airport becoming a burgeoning aerospace cluster that is home to more than 8,000 workers and has an annual economic impact more than $9 billion, nearly 10% of the Triad’s gross domestic product, according to a 2022 state report last year. <\p>
The Triad’s 5 biggest chambers and business advocacy groups
Running a small business has plenty of challenges, but the Triad’s entrepreneurs don't have to face them alone. There are many chambers of commerce and other organizations to help them. These organizations work on economic development, consult with small businesses, schedule networking events and offer programs to help develop leaders.<\p> This week, Triad Business Journal lists the region’s largest business advocacy organizations ranked by revenue from the most recent 990 filing in the last three years.<\p>
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