More housing is on its way to downtown Chapel Hill.
The Town Council unanimously approved the Shortbread Lofts, a 7-story, apartment complex on West Rosemary Street Monday night, saying it will bring more people downtown and offer more rental opportunities for residents.
The vote was 7-0, Council member Donna Bell was absent and Council member Laurin Easthom excused herself from the vote because her husband's law firm represented the developers.
City administrators and council members came away from a Friday meeting on next year's budget with some good news and a good many questions.
The good news was that the city appears poised to finish the current fiscal year on budget, with no need for the sort of last-minute cost-cutting there has been in recent years past.
Most of the questions pertained to dealing with a 2012-13 budget shortfall projected at $2.6 million, and how to fund the "dedicated revenue stream" for low-cost housing that Mayor Bill Bell called for in his State of the City address last Monday.
"Something's going to give," said City Manager Tom Bonfield. "We haven't determined (what) yet."
The presidential election is still a year away, but the Obama administration is already sending a steady stream of officials to North Carolina, a key battleground state.
This week Neal Wolin, deputy secretary of the Department of the Treasury, was in Raleigh to attend the annual North Carolina Affordable Housing Conference.
Wolin stopped by the News & Observer this afternoon to talk about the administration's economic proposals, including its efforts to assist struggling homeowners.
Wolin defended the administration's record in regards to foreclosure prevention and other attempts to quicken the housing market's recovery.
He said the administration's programs for loan modifications and refinancing, the first-time homebuyer tax credits, and efforts to make loan servicers operate more responsibly have made a difference.
Laminate flooring maker Pergo, hurt by the housing slump and increased competition, recently cut 16 jobs at its Triangle operations.
The layoffs reduced Pergo's workforce in Raleigh and Garner to about 175 people. The company doesn't expect to eliminate any more jobs, said Marc Kmec, Pergo's human resources director.
"We don't take these types of cuts lightly," he said. "We don't cut with a hairtrigger when there are slowdowns. But we're in the same circumstance as any company tied to consumer spending and the housing market."
Kmec declined to comment on financial results or how much Pergo's sales have dropped during the economic downturn.
Ply Gem Holdings, a Cary company that filed plans to go public last year, reported lower sales in the second quarter as demand for the company's building products continued to be hurt by softness in the housing market.
The company's second-quarter sales totaled 294.5, 2.4 percent lower than the same period a year ago; quarterly earnings were $28.5 million, down from $30.3 million from a year ago.
Ply Gem sells vinyl siding and other products for home exteriors. The company's financial performance is closely tied to housing starts, which have remained at low levels since the homebuyer tax credits expired last year.
"Given that market conditions for 2011 are expected to remain challenging, Ply Gem will continue to focus on maintaining a lean overall cost structure while maximizing cash flow and striving to outperform the marketplace in all business units, which will ensure that Ply Gem emerges stronger as the housing market recovers," said Gary Robinette, the company's CEO, in a release.
Today's "The State of Things" on WUNC radio will have some sharp minds discussing the economy and where it's headed.
Scheduled guests include Well Fargo senior economist Mark Vitner, N.C. State labor historian David Zonderman and Latino Community Credit Union executive Erika Bell.
Oh, and they're even considering letting me on, to offer some perspective of the Triangle's economy and business climate. The conversation will explore jobs, housing and other issues.
The broadcast starts at Noon on 91.5 FM, and will be available online here.
To participate, you can call 1.877.962.9862 or email comments to sot@wunc.org.
Bank of America will more than triple its number of assistance centers for homeowners facing foreclosure, bringing the total to 40 in 22 states, Charlotte Observer staff writer Kirsten Valle Pittman reports.
Beginning this month, the Charlotte-based bank plans to open 28 new centers – including one in Raleigh, the first in North Carolina – in some of the places hit hardest by the recession and lingering mortgage troubles.
Seven new sites are opening in California and three in the Detroit area, among other cities. The centers allow customers to work face to face with loan professionals, who counsel homeowners, help them through the loan modification process and, in some cases, make on-site decisions about customers’ mortgages.
The state's economic health stayed flat from October to November, signaling a continued anemic economic recovery in 2011.
That's the prognosis from N.C. State University economist Michael Walden, who compiles and parses leading economic indicators for the state each month.
The North Carolina economic index was 1.2 percent higher in November from a year ago, but it would have to be at 4 percent for the economy to merit a robust diagnosis. The Chinese economy, for example, has been growing at an annual rate of 8 percent to 10 percent for the past decade.
Ply Gem Holdings, a Cary company that sells vinyl siding and other products, reported weaker third-quarter results this morning, hurt by the housing slump.
The company filed plans for an initial public offering of stock in June, but hasn't moved ahead with the proposed IPO.
Ply Gem's fortunes are tied closely to the broader housing market, which has continued to limp along. Total sales for the three months ended Oct. 2 were $269.5 million, down 8 percent from a year earlier.
Luxury homebuilder Toll Brothers has shuffled its management in Raleigh.
The Pennsylvania-based company promoted Tom Anhut, who has run the Raleigh division since 1999, to president of Toll's operations in the Carolinas and Georgia.
Bobby Schooley was promoted to Raleigh division president. Schooley is an N.C. State graduate who joined Toll in 1998 and was previously the local division's vice president under Anhut.
The company is the country's largest luxury homebuilder. Its communities in this market include Triple Crown Estates in Chapel Hill, Green Level Crossing in Cary, The Hills at Southpoint in Durham, Brier Creek Country Club in Raleigh and Hasentree in Wake Forest. It also owns communities in the Charlotte region.
