Second Quarter, 2010, The Linneman Letter: A Robust Job Recovery is Underway

Through August, 2008, we were in a typical recession concentrated in housing, autos and a financial sector that financed the overexpansion of these sectors. Then the government caused a complete panic-induced collapse, which resulted in the loss of at least 6.2 million jobs. The needless job losses are underscored by the fact that only 4.6 million (about 55%) of the total 8.4 million lost jobs since year-end 2007 were in manufacturing (including autos), construction or finance.

Historically, you need about six quarters of prolonged profit growth before companies hire aggressively. A robust job recovery is under way, with profitable employers finally replacing employees who died, retired, took extended maternity leave or went back to school. Unfortunately, many small firms were needlessly destroyed as the government artificially channeled scarce capital to large, politically connected firms. As we have said repeatedly, “too big to fail” is code for “too small to succeed.”

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Boy Scouts Silver Eagle Sponsorship Recognition Given to NAI Carolantic Realty

Jimmy Barnes, SIOR, President of NAI Carolantic is pleased to accept the Silver Eagle Sponsorship recognition for NAI Carolantic Realty’s contribution to the Occoneechee Council’s Friends of Scouting Breakfast held March 10th in Raleigh. The Occoneechee Council serves twelve counties and supports over 14,000 youth in Boy Scouts. This year’s Friends of Scouting Breakfast was also chaired by Barnes. Presenting the award to Barnes and NAI Carolantic is Doyle Parrish, current Occoneechee Council President, and John Akerman, Director of the Boy Scouts. Barnes gave a special thanks to the Vice Chairs who served on the breakfast committee. They included: Ron Barbee, Dan Bryson, Jack Clayton, Steve Crouse, Fred Day, Bill Dixon, Rod Frankel, Richard Gannotta, Rick Guirlinger, Ritch Haar, Kathy Higgins, Jeff Legg, Neil Morris, Doyle Parris, J.R. Shearin, William Smith, Michael Story, Steve Stroud, Frank Tart, Rex Thomas and John Webster. This year’s keynote speaker was Nido Qubein, President of High Point University. Dr. Qubein shared his life story with the 350 business leaders in attendance. Greg Fishel, Chief Meteorologist with Capitol Broadcasting Company was the Master of Ceremonies.

Steve Stroud Named as Triangle Legacy Leader

NAI Carolantic Chairman, Steve Stroud, SIOR, was presented with a Legacy Leader Award by Triangle Business Journal and Boom! Magazine today at the inaugural award luncheon held at the North Ridge Country Club in Raleigh. Over 450 business leaders were in attendance to honor the fifteen individuals, over age 50, who have made an impact on their community. As stated in TBJ, “They were there when the Triangle was built into what it is today. Indeed, they did much of the heavy lifting and, truth be known, many are continuing that work to this day.” Charlene Grunwaldt, publisher of Triangle Business Journal noted, “This award goes far beyond recognition of their service to this community. This award reiterates the message to our future leaders that they have some big shoes to fill as they continue the work started by these legacy leaders.”

Following the event, Mr. Stroud was asked how he sees the Triangle changing in the next decade and he replied, “As this area continues to attract the best and brightest people, pressure will be brought to bear on critical elements such as water, sewer, and infrastructure. It will be extremely important for our region to work together to solve these problems and leave the Triangle a better place than we found it.” Read More >

NAI Carolantic Realty Chairman, Steve Stroud Awarded Top Land Sales Transaction of the Decade

At the 2010 Triangle Business Journal Space Awards, held on January 29th at the North Hills Country Club, Steve Stroud was awarded the top land sales transaction of the decade for the assemblage of property for the 5401 North project. Commercial Properties Realty Trust of Baton Rouge, LA purchased a total of 413 acres in northeast Raleigh in two separate transactions which combined totaled $39 million. It was the most money paid for an assemblage of property in the past ten years. A proposed $750 mixed-use development called 5401 North is planned at the intersection of I-540 and NC 401.

Celebrating over 38 years of commercial real estate leadership in the Triangle and across North Carolina

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