DOCSLIB.ORG

Comprehensive Housing Market Analysis for Raleigh

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Comprehensive Housing Market Analysis for Raleigh COMPREHENSIVE HOUSING MARKET ANALYSIS Raleigh, North Carolina U.S. Department of Housing and Urban Development Office of Policy Development and Research As of December 1, 2016 Summary Economy homes (Table 1). The 1,900 homes Housing Market Area The economy of the Raleigh HMA currently under construction and a has significantly improved since 2011 portion of the 16,000 other vacant after the number of nonfarm payrolls units that may reenter the market will declined during 2009 and 2010. Dur- satisfy some of the demand. Person Vance Warren Halifax ing the 12 months ending November Granville 2016, nonfarm payrolls increased by Rental Market Franklin 18,200 jobs, or 3.1 percent, from the Rental housing market conditions in Orange Durham Nash previous 12-month period, to 598,000, the HMA currently are balanced, with and the unemployment rate decreased Edgecombe an overall estimated vacancy rate of Wake Wilson from 4.8 to 4.3 percent. High-skilled 5.5 percent, down from 8.6 percent in Chatham technical and professional employ- April 2010. The apartment market is Lee Johnston ment is the foundation of the local also balanced, with an apartment Greene Harnett Wayne economy. During the 3-year forecast vacancy rate of 4.2 percent in the third period, nonfarm payrolls are expected Lenoir quarter of 2016 (MPF Research). During Cumberland Sampson Duplin to increase by an average of 17,100 jobs, the forecast period, demand is expected The Raleigh Housing Market Area or 2.9 percent, annually. for 9,650 new market-rate rental units (HMA) includes Franklin, Johnston, (Table 1). The 4,000 units currently and Wake Counties in central North Sales Market under construction will satisfy some of Carolina and is coterminous with the The sales housing market in the the forecast demand. Raleigh, NC Metropolitan Statistical HMA is currently balanced, with Table 1. Area (MSA). The HMA and the nearby an overall estimated sales vacancy Housing Demand in the Raleigh HMA During the cities of Durham and Chapel Hill rate of 1.5 percent, down from 2.5 Forecast Period are often referred to as the “Research percent in April 2010. During the Raleigh HMA Triangle” because of the presence of 12 months ending November 2016, large research universities in each city. Sales Rental existing home sales totaled 22,300, up Units Units The city of Raleigh, in Wake County, is 2 percent from the 12 months ending Total demand 29,100 9,650 the state capital and economic base of November 2015, and the average sales Under construction 1,900 4,000 the HMA. price in creased 9 percent to $254,300 Notes: Total demand represents estimated production necessary to achieve a balanced (Core Logic, Inc., with adjustments market at the end of the forecast period. by the analyst). New home sales Units under construction as of December 1, 2016. A portion of the estimated 16,000 Market Details increased 5 percent to 6,900, and the other vacant units in the HMA will likely average price was up 2 percent to satisfy some of the forecast demand. The Economic Conditions ............... 2 forecast period is December 1, 2016, to $326,700. During the next 3 years, December 1, 2019. Population and Households ..... 6 demand is expected for 29,100 new Source: Estimates by analyst Housing Market Trends ............ 7 Data Profile ............................. 12 Economic Conditions 2 he foundation of the economy organizations exemplified in the Tof the Raleigh HMA is a highly Research Triangle Park (RTP), one of educated workforce. The percentage the premier research and development of adults in the HMA with bachelor’s corporate parks in the nation. RTP, degrees or higher is 44.4 percent com- which is in an unincorporated area pared with 30.3 percent in the nation west of the city of Raleigh, is home (2015 American Community Survey), to more than 200 organizations that making the HMA the seventh most- employ a combined 50,000 people. highly educated of the 100 largest Major tenants include International YSIS MSAs in the nation. North Carolina Business Machines (IBM) Corpora- State University (NCSU) is the largest tion, the largest private employer in ANAL university in North Carolina, with an the HMA with 10,000 employees enrollment of 31,000, and has an an- (Table 2). Cisco Systems, Inc., and nual economic impact of $3.3 billion GlaxoSmithKline plc., with approxi- in Wake County (Economic Model- mately 5,500 and 2,600 employees, ing Specialists). NCSU is in Raleigh respectively, also maintain locations and is one of the largest employers in at RTP. Many firms at RTP are in the the HMA; Duke University and the financial activities and information University of North Carolina-Chapel sectors, which directly account for a Hill are in the adjacent Durham- small percentage of the HMA jobs Chapel Hill, NC MSA. Employment but which predominately create at NCSU, which is included in the high- wage jobs that support the local government sector, increased by an economy. Fidelity Investments, a average of 210 employees annually, financial institution, expanded its or 2.6 percent, from 2013 through software development workforce in COMPREHENSIVE HOUSING MARKET 2015, the most recent year of data the RTP by 600 during 2016. These availability. NCSU’s presence in the job gains helped offset declining em- HMA leads indirectly to job growth ployment at GlaxoSmithKline, where through the founding of companies employment at RTP declined from a like SAS Institute Inc., which began high of approximately 5,000 in 2010 as a research project at the university to only 2,600 currently. Raleigh, NC • and currently employs 5,225 people in The HMA entered the 21st century the HMA. The economy of the HMA with sluggish economic growth fol- benefits from the partnership of edu- lowing the collapse of the dot-com cational, corporate, and government bubble; nonfarm payrolls decreased Table 2. Major Employers in the Raleigh HMA by an average of 0.2 percent from 2001 Number of through 2003. However, the local Name of Employer Nonfarm Payroll Sector Employees economy began to grow rapidly as State of North Carolina Government 36,800 the national economy improved, with International Business Machines Corporation Information 10,000 North Carolina State University Government 8,725 nonfarm payroll growth averaging WakeMed Health & Hospitals Education & health services 8,425 4.3 percent from 2004 through 2007. Cisco Systems, Inc. Information 5,500 Economic growth during the period Rex Healthcare Education & health services 5,300 SAS Institute Inc. Information 5,225 supported high levels of in-migration, Duke Energy Transportation & utilities 3,700 which caused further economic Fidelity Investments Financial activities 2,900 growth through increased residential GlaxoSmithKline plc. Education & health services 2,600 Notes: Excludes local school districts and governments. Includes firms located in the construc tion and tax revenues. During Research Triangle Park. the 2004-through-2007 period, the Sources: Raleigh Chamber of Commerce; analyst Economic Conditions Continued 3 mining, logging, and construction sec- the sector accounted for only 7 percent tor grew by 2,400 jobs, or 6.8 percent, of all payrolls in 2008. Declining resi- annually while the local government dential and commercial construction subsector added 2,200 jobs, or 6.4 caused the concentration of job losses percent, annually. In 2008, nonfarm in the sector. Job growth returned in payroll growth slowed to 1.1 percent 2011, with an increase of 9,500 jobs, as the nation entered recession and or 1.9 percent, then accelerated to an residential permitting sharply declined. average increase of 18,000 jobs, or 3.4 percent, from 2012 through 2015. Economic conditions in the HMA YSIS Payroll growth during that period have improved every year since 2011, was broad-based, with all economic after the number of nonfarm payrolls ANAL sectors except the government sector declined by an average of 11,100 jobs, growing at least 1 percent annually. or 2.1 percent, a year during 2009 and 2010. Approximately 43 percent of the During the 12 months ending Novem- job losses in the HMA during 2009 and ber 2016, the number of nonfarm 2010 occurred in the mining, logging, payrolls increased by 18,200 jobs, or 3.1 and construction sector, even though percent, from the previous 12 months, to 598,000. The professional and busi- Table 3. 12-Month Average Nonfarm Payroll Jobs in the Raleigh HMA, by Sector ness services sector, the whole sale and retail trade sector, and the leisure and 12 Months Ending Absolute Percent hospitality sector led growth (Table 3). November November Change Change 2015 2016 The unemployment rate during the 12 Total nonfarm payroll jobs 579,800 598,000 18,200 3.1 months ending November 2016 was Goods-producing sectors 67,000 67,000 0 0.0 4.3 percent, down from 4.8 percent Mining, logging, & construction 33,100 33,400 300 0.9 during the previous 12-month period. COMPREHENSIVE HOUSING MARKET Manufacturing 33,900 33,600 – 300 – 0.9 Service-providing sectors 512,800 531,000 18,200 3.5 The current unemployment rate is less Wholesale & retail trade 91,000 94,500 3,500 3.8 than the average rate of 8.5 percent Transportation & utilities 12,200 12,400 200 1.6 Information 19,600 20,100 500 2.6 annually from 2009 through 2011 but Financial activities 29,400 29,600 200 0.7 remains higher than the previous low, Professional & business services 109,000 115,400 6,400 5.9 which averaged 3.8 percent from 2005 Education & health services 69,100 71,300 2,200 3.2 Leisure & hospitality 64,400 67,800 3,400 5.3 through 2007.
Load more

Recommended publications
  • The Status of Women in the Charlotte Metropolitan Area, North Carolina
    IWPR #R362 January 2013 The Status of Women in the Charlotte Metropolitan Area, North Carolina Women in the Charlotte metropolitan area,i and in North Carolina as a whole, have made much progress during the last few decades. The majority of women work—many in professional jobs—and women are essential to the economic health of their communities. Yet, there are some ways in which women’s status still lags behind men’s, and not all women are prospering equally. This briefing paper provides basic information about the status of women the Charlotte area, focusing on women’s earnings and workforce participation, level of education, poverty, access to child care, and health status. It also provides background demographic information about women in the region. Basic Facts About Women in the Charlotte Area The Charlotte metropolitan statistical area—defined here to include Cabarrus, Gaston, Lincoln, Mecklenburg, Rowan, and Union counties—has a relatively diverse population of women and girls. Thirty-eight percent are from a minority racial or ethnic group, which is a slightly higher share than in the state as a whole (35 percent; Figure 1 and Table 1). The Charlotte area also has a larger share of foreign- born women and girls than in the state overall due to rapid growth in its immigrant population in recent years (Smith and Furuseth 2008). One in ten women and girls in this area is an immigrant, compared with seven percent of women and girls in North Carolina as a whole (Table 1). Figure 1. Distribution of Women and Girls by Race and Ethnicity in the Charlotte Metropolitan Area, All Ages, 2008–2010 3% 0.3% 2% 9% White Black Hispanic 23% Asian Ameican 62% American Indian Other Notes: Racial categories are exclusive: white, not Hispanic; black, not Hispanic; Asian American, not Hispanic; American Indian, not Hispanic; and other, not Hispanic.
    [Show full text]
  • Incidence and Secondary Transmission of SARS-Cov-2 Infections in Schools
    Prepublication Release Incidence and Secondary Transmission of SARS-CoV-2 Infections in Schools Kanecia O. Zimmerman, MD; Ibukunoluwa C. Akinboyo, MD; M. Alan Brookhart, PhD; Angelique E. Boutzoukas, MD; Kathleen McGann, MD; Michael J. Smith, MD, MSCE; Gabriela Maradiaga Panayotti, MD; Sarah C. Armstrong, MD; Helen Bristow, MPH; Donna Parker, MPH; Sabrina Zadrozny, PhD; David J. Weber, MD, MPH; Daniel K. Benjamin, Jr., MD, PhD; for The ABC Science Collaborative DOI: 10.1542/peds.2020-048090 Journal: Pediatrics Article Type: Regular Article Citation: Zimmerman KO, Akinboyo IC, Brookhart A, et al. Incidence and secondary transmission of SARS-CoV-2 infections in schools. Pediatrics. 2021; doi: 10.1542/peds.2020- 048090 This is a prepublication version of an article that has undergone peer review and been accepted for publication but is not the final version of record. This paper may be cited using the DOI and date of access. This paper may contain information that has errors in facts, figures, and statements, and will be corrected in the final published version. The journal is providing an early version of this article to expedite access to this information. The American Academy of Pediatrics, the editors, and authors are not responsible for inaccurate information and data described in this version. Downloaded from©2021 www.aappublications.org/news American Academy by of guest Pediatrics on September 27, 2021 Prepublication Release Incidence and Secondary Transmission of SARS-CoV-2 Infections in Schools Kanecia O. Zimmerman, MD1,2,3; Ibukunoluwa C. Akinboyo, MD1,2; M. Alan Brookhart, PhD4; Angelique E. Boutzoukas, MD1,2; Kathleen McGann, MD2; Michael J.
    [Show full text]
  • North Carolina/Virginia Boundary Update
    How did North Carolina get its shape? • NC Boundary Commission recommends that we start work on the NC-VA boundary How did North Carolina get its shape? • North Carolina/Virginia boundary – Charter of 1665 by King Charles “All that province, territory, or tract of land, scituate [situate], lying or being within our dominions of America aforesaid; extending north and eastward, as far as the north end of Currituck River, or inlet, upon a strait [straight] westerly line to Wyonoak Creek, which lies within or about the degrees of thirty-six and thirty minutes, northern latitude; and so west in a direct line as far as the South Seas [Pacific Ocean].” I like the part about North Carolina extending to the Pacific Ocean. Unfortunately, Tennessee eventually becomes a state and gets in the way, but that is another story. How did North Carolina get its shape? • North Carolina/Virginia boundary – Charter of 1665 by King Charles “All that province, territory, or tract of land, scituate [situate], lying or being within our dominions of America aforesaid; extending north and eastward, as far as the north end of Currituck River, or inlet, upon a strait [straight] westerly line to Wyonoak Creek, which lies within or about the degrees of thirty-six and thirty minutes, northern latitude; and so west in a direct line as far as the South Seas [Pacific Ocean].” I like the part about North Carolina extending to the Pacific Ocean. Unfortunately, Tennessee eventually becomes a state and gets in the way, but that is another story. How did North Carolina get its
    [Show full text]
  • Alabama V. North Carolina
    No. 132, Original In the Supreme Court of the United States STATE OF ALABAMA, ET AL., PLAINTIFFS v. STATE OF NORTH CAROLINA ON EXCEPTIONS TO THE PRELIMINARY AND SECOND REPORTS OF THE SPECIAL MASTER BRIEF FOR THE UNITED STATES AS AMICUS CURIAE ELENA KAGAN Solicitor General Counsel of Record JOHN C. CRUDEN Acting Assistant Attorney General EDWIN S. KNEEDLER Deputy Solicitor General TOBY J. HEYTENS Assistant to the Solicitor General CHARLES FINDLAY BARCLAY T. SAMFORD Attorneys Department of Justice Washington, D.C. 20530-0001 (202) 514-2217 QUESTIONS PRESENTED The United States will address the following ques- tions: 1. Whether sovereign immunity principles require the dismissal of the Southeast Low-Level Radioactive Waste Management Commission (Commission) as a plaintiff in this original action brought jointly by the Commission and four States against the State of North Carolina. 2. Whether the Southeast Low-Level Radioactive Waste Management Compact (Compact) authorizes the Com- mission to impose monetary sanctions against North Carolina in response to North Carolina’s alleged breach of its obligations under the Compact. (I) TABLE OF CONTENTS Page Interest of the United States............................ 1 Statement............................................ 2 Summary of Argument................................. 7 Argument: I. The Court should deny North Carolina’s motion to dismiss the Commission based on North Carolina’s sovereign immunity ............................... 9 A. A non-State party may participate in a suit that is properly instituted under this Court’s original jurisdiction so long as it does not bring new claims against a defendant State............ 10 B. The Commission is not seeking to “bring new claims” against North Carolina................. 16 C.
    [Show full text]
  • ALABAMA V. NORTH CAROLINA
    (Slip Opinion) OCTOBER TERM, 2009 1 Syllabus NOTE: Where it is feasible, a syllabus (headnote) will be released, as is being done in connection with this case, at the time the opinion is issued. The syllabus constitutes no part of the opinion of the Court but has been prepared by the Reporter of Decisions for the convenience of the reader. See United States v. Detroit Timber & Lumber Co., 200 U. S. 321, 337. SUPREME COURT OF THE UNITED STATES Syllabus ALABAMA ET AL. v. NORTH CAROLINA ON EXCEPTIONS TO THE PRELIMINARY AND SECOND REPORTS OF THE SPECIAL MASTER No. 132, Orig. Argued January 11, 2010—Decided June 1, 2010 In 1986, Congress granted its consent to the Southeast Interstate Low- Level Radioactive Waste Management Compact (Compact), which was entered into by Alabama, Florida, Georgia, Mississippi, North Carolina, South Carolina, Tennessee, and Virginia. The Compact is administered by a Commission, which was required, inter alia, to “identif[y] a host State for the development of a [new] regional- disposal facility,” and to “seek to ensure that such facility is licensed and ready to operate . no . later than 1991.” Art. 4(E)(6), 99 Stat. 1875. The Commission designated North Carolina as a host State in 1986, thereby obligating North Carolina to take “appropriate steps to ensure that an application for a license to construct and op- erate a [low-level radioactive waste storage facility] is filed with and issued by the appropriate authority.” Art. 5(C), id., at 1877. In 1988, North Carolina asked the Commission for assistance with the costs of licensing and building a facility.
    [Show full text]
  • MVR-4 Online (Rev
    MVR-4 online (Rev. 07/20) North Carolina Division of Motor Vehicles $21.50 Fee There is a 15-day mandatory waiting period after an application for duplicate title is received by the Division of Motor Vehicles before a certificate of title can be issued. Mail to: NCDMV, 3148 Mail Service Center, Raleigh, NC 27697-3148. VEHICLE DESCRIPTION Title No.__________________________________________ Year ________________ Make ______________________ Body Style___________________ Series Model __________________________ Vehicle Identification Number ____________________________________________________________ Fuel Type ____________________ Name of Registered Owner(s) __________________________________________________________________________________________________________ First Name Middle Name Last Name ___________________________________________________________________________________________________________________________________ Residential Address City State Zip Code County Mailing Address _____________________________________________________________________________________________________________________ (IF DIFFERENT FROM ABOVE) Vehicle Location Address _____________________________________________________________________________________________________________ (IF DIFFERENT FROM ABOVE) LIEN RECORD AS SHOWN ON ORIGINAL TITLE First Lien __________________________________________________________________________________________________________________________ Date Lien Holder Address Second Lien ________________________________________________________________________________________________________________________
    [Show full text]
  • Raleigh Greenway
    PARKING TRAIL GRID ID MILEAGE SURFACE FEATURES AND AMENITIES DESCRIPTION PARK FACILITIES For Your Safety And AREAS youtube.com/raleighparksandrec The Safety Of Others • Great Blue Heron habitat Follows Abbotts Creek from the Neuse River Trail to Simms Branch Trail near Abbotts Creek • Connects to Falls River Shopping Center 2, 3, 4, 53, P-8 2.9 Paved the intersection of Durant Road and Cub Trail. The trail is connected by sidewalk • Be alert Trail 54, 83 • Connects to North Wake Landfill District Park, Neuse River Trail, along two sections of Falls River Avenue and along Durant Road. instagram.com/raleighparks • Patrons should be aware of their Simms Branch Trail, and Durant Nature Preserve Discover surroundings on the trail Baileywick Trail H-8 0.6 Paved • Connects to Baileywick Park and Baileywick Elementary School Connects from Strickland Rd to Baileywick Road by passing through Baileywick Park. 73 Our Parks At • Obey signs A natural surface trail located adjacent to Beaver Dam Creek between Wade Beaver Dam maps.raleighnc. pinterest.com/raleighparks H-20 0.8 Unpaved • Connects to Hymettus Woods Park and Windemere Beaver Dam Park Avenue and Devonshire Drive that passes through Windemere Beaver Dam Park. 29 • Wear appropriate safety equipment Trail including helmets, kneepads, elbow pads, The trail is connected by a sidewalk along Dixie Trail. gov/parklocator Birch Ridge A wide sidewalk that connects Poole Road to the Walnut Creek Softball Complex wrist pads, etc Q-26 0.3 Paved • Connects to Walnut Creek Softball Complex Connector (Walnut Creek North Park). — twitter.com/raleighparks • The use of headphones is discouraged— Abbotts Creek Park (Q-8) Centennial • Connects to North Carolina Farmers Market and NC State University headphones impair your ability to hear A multi-purpose path adjacent to Centennial Parkway on the NC State University Anderson Point Park (U-25) Bikeway H-25 2.3 Paved Centennial Campus — your surroundings Centennial Campus.
    [Show full text]
  • North and South Carolina Coasts
    Marine Pollution Bulletin Vol. 41, Nos. 1±6, pp. 56±75, 2000 Ó 2000 Elsevier Science Ltd. All rights reserved Printed in Great Britain PII: S0025-326X(00)00102-8 0025-326X/00 $ - see front matter North and South Carolina Coasts MICHAEL A. MALLIN *, JOANN M. BURKHOLDERà, LAWRENCE B. CAHOON§ and MARTIN H. POSEY Center for Marine Science, University of North Carolina at Wilmington, 5001 Masonboro Loop Road, Wilmington, NC 28409, USA àDepartment of Botany, North Carolina State University, Raleigh, NC 27695-7612, USA §Department of Biological Sciences, University of North Carolina at Wilmington, Wilmington, NC 28403, USA This coastal region of North and South Carolina is a sediments with toxic substances, especially of metals and gently sloping plain, containing large riverine estuaries, PCBs at suciently high levels to depress growth of sounds, lagoons, and salt marshes. The most striking some benthic macroinvertebrates. Numerous ®sh kills feature is the large, enclosed sound known as the have been caused by toxic P®esteria outbreaks, and ®sh Albemarle±Pamlico Estuarine System, covering approx- kills and habitat loss have been caused by episodic imately 7530 km2. The coast also has numerous tidal hypoxia and anoxia in rivers and estuaries. Oyster beds creek estuaries ranging from 1 to 10 km in length. This currently are in decline because of overharvesting, high coast has a rapidly growing population and greatly siltation and suspended particulate loads, disease, hyp- increasing point and non-point sources of pollution. oxia, and coastal development. Fisheries monitoring Agriculture is important to the region, swine rearing which began in the late 1970s shows greatest recorded notably increasing fourfold during the 1990s.
    [Show full text]
  • Springing the Delaware Tax Trap Under North Carolina Law to Obtain an Income Tax Basis Step-Up By
    Springing the Delaware Tax Trap Under North Carolina Law to Obtain an Income Tax Basis Step-Up By: Graham D. Holding, Jr. and Paul M. Hattenhauer The significant increase in the federal estate tax exclusion amount, $11,400,000 for 2019, has caused estate planners to look at techniques to have assets in an irrevocable trust included in the taxable estate of the beneficiary in order to provide a basis step-up for appreciated assets under I.R.C. Section 1014. Inclusion of the assets in the beneficiary’s gross estate may be desirable to obtain the income tax savings of the basis step-up when, for example, a spouse-beneficiary holds a nongeneral power of appointment over a traditional bypass trust, or a beneficiary has a nongeneral power of appointment over a trust exempt from the federal generation-skipping transfer tax, and the spouse or beneficiary has sufficient remaining federal estate tax exemption left to prevent a portion or all of the assets of the trust from being subject to estate tax. There are four ways to cause trust assets to be included in the beneficiary’s taxable estate: (i) the Delaware Tax Trap, (ii) the use of an independent trustee’s power of distribution, (iii) a contingent general power of appointment, and (iv) a trust protector or independent trustee’s power to create a general power of appointment. Lester Law and Howard M. Zaritsky, “Basis After the 2017 Tax Act – Important Before, Crucial Now,” 1-84 (Fundamental Program Focus Series, Univ. of Miami Heckerling Institute on Estate Planning) (2019)).
    [Show full text]
  • North Carolina's Connection to the Southern Watersheds of Virginia
    Albemarle-Pamlico National Estuary Partnership (APNEP) North Carolina’s Connection to the Southern Watersheds of Virginia Stacey Webb Feken Policy and Engagement Manager City of Virginia Beach Sea Level Rise Summer Symposium Series September 19, 2018 V B G O V . C O M / B U I L D I N G A S H A R E D V I S I O N All of Virginia Is *Not* in the Chesapeake Bay Watershed virginiaplaces.org Celebrate Estuaries Week, September 15-22 www.estuaries.org Albemarle-Pamlico Estuarine System: Nation’s 2nd Largest Estuary Chesapeake Bay Albemarle Sound Pamlico Sound Cape Hatteras Cape Lookout Albemarle-Pamlico Estuarine System • Complex estuarine system • Network of 8 major sounds –Back, Bogue, Core, Croatan, Currituck, Roanoke, Albemarle, Pamlico • Drained by 6 major river basins • Semi-enclosed lagoonal system • Approximately 3,000 square miles of open water. Estuaries: Where Rivers Meet the Sea Over 28,000 square miles of land drain to the sounds through more than 10,000 miles of rivers and streams. 6 River Basins: Chowan, Pasquotank, Roanoke, Tar- Pamlico, Neuse, White Oak (Carteret County) 3 major basins originate in Virginia Why is the Albemarle-Pamlico estuarine system important? Estuaries: “Nurseries of the Sea” • Among the most productive ecosystems in the world. • Home to unique plant and animal communities that have adapted to brackish water. • Many animals rely on estuaries for food, habitat, places to breed, and migration stopovers. Ecosystem Services of Estuaries Economic Valuation of the Albemarle-Pamlico Watershed (RTI, 2016) Wetlands act as natural filters of pollutants Protection from floods and storms Reduce shoreline erosion Over $3.7 billion from fishing, hunting, wildlife viewing Annual value of $640 million for visits to national seashores, wildlife refuges, and state parks.
    [Show full text]
  • Troublesome Boundaries: Royal Proclamations, Indian Treaties, Lawsuits, Political Deals, and Other Errors Defining Our Strange State Lines Robert D
    TROUBLESOME BOUNDARIES: Royal Proclamations, Indian Treaties, Lawsuits, Political Deals, and Other Errors Defining Our Strange State Lines Robert D. Temple AN ENGLISH KING DREW THE FIRST ONES with the Spanish continued into the 1740s. On the western almost four hundred years ago. Surveyors are still boundary, the French were making rapid inroads, firmly reviewing them today. For centuries, the origins of South entrenching themselves in the lower Mississippi valley. Carolina’s state boundaries have presented a complicated Geographic and geopolitical realities ended the fantasy of puzzle. During the early colonial period, Carolina’s land Pacific seaports, but by 1719, the end of the proprietary boundaries came to reflect the struggle for control of period, Carolina included—albeit within rather ill- North America, eventually shaping the state’s corner of defined and disputed limits—all the land south of Virginia, the new nation into what we recognize today. north of Spanish Florida, and east of French Louisiana. In 1629, King Charles I gave his political ally Sir Robert Heath a huge tract of real estate in the new world. The gift The North–South Split included all lands between the thirty-first and thirty-sixth The physical and cultural distances between the settlers north latitudes, extending from the Atlantic to the Pacific, on the Ashley River and the Albemarle Sound destined with the Bahamas as a bonus. By rough estimates, this Carolina to become two separate provinces. Though tract incorporated a staggering half-million square miles, Charleston was named Carolina’s capital in 1670, the area approximately eighteen times the size of present-day to the north of Cape Fear gradually developed its own South Carolina.
    [Show full text]
  • “Kaesting” Doubt on the State Fiduciary Income Tax System by J
    Trusts “Kaesting” Doubt on the State Fiduciary Income Tax System by J. Zachary Haupt Morris, Nichols, Arsht & Tunnell LLP he U.S. Supreme Court will soon render a decision for each of the settlor’s three children and their respective that could have a significant impact on the manner descendants. The trusts, including the trust for the benefit Tin which some states tax income accumulated in of Kimberly Kaestner and her descendants (the “Trust”), nongrantor trusts. The case pending before the U.S. remained governed by New York law. Supreme Court, North Carolina Dep’t of Revenue v. The Kimberley Rice Kaestner 1992 Family Trust (No. 18- During the years at issue, the trustee of the Trust was 457), involves a North Carolina statute that assesses a a resident of Connecticut and the Trust’s assets were tax upon the undistributed income of a nonresident trust maintained by a custodian in Massachusetts. The Trust’s based upon the residence of trust beneficiaries within the books and records were maintained in New York and state. The North Carolina Supreme Court found the statute the Trust’s accountings were prepared in New York. to be unconstitutional as applied to a particular trust and, Consequently, the Trust’s only connection to North in a somewhat surprising development, the U.S. Supreme Carolina was the residence of the Trust’s beneficiaries. Court granted certiorari and will hear the North Carolina Department of Revenue’s case. State legislatures and Under the terms of the Trust’s governing instrument, wealth management professionals anxiously await the U.S.
    [Show full text]