4 minute read
BUSINESS BRIEFS
COMPILED BY CATHERINE KOZAK
Economic Picture Reveals Both Disparities and Common Ground
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In economic snapshots released by the North Carolina Budget and Tax Center in June, Dare and Currituck counties each had housing costs that were unaffordable to nearly half of renters; about 12 percent of residents lack health insurance; and approximately one-quarter of all residents are considered low income, which is defined as an annual income of less than $55,500 for a family of four.
One notable difference between the two counties, the report found, is that there were 2% fewer people working in Currituck County in April 2022 than before the pandemic began in February 2020 – but in Dare, over the same period, there were 6% more people working. In addition to this, the wealthiest 5% of households in Currituck earn an average of 14 times more than the lowest 20%, while in Dare, the top 5% average more than 17 times the income of residents on the other side of the economic spectrum.
NC Ranks Number One for Business in America
For the first time since it began releasing its annual rankings in 2007, CNBC named North Carolina America’s Top State for Business in 2022. According to a July 13 article, CNBC cited the state’s “solid finances” and “pristine” credit rating, as well as its access to capital. North Carolina’s ability to overcome partisan politics in the interest of fostering a good business climate was also named as a reason for the its strong economic and job growth.
Tattoo Art Comes to Kitty Hawk
Following a public hearing, the Kitty Hawk Town Council approved a request to open a tattoo studio in the beach commercial district. The town planning board approved a special use permit to establish a tattoo studio in an existing commercial structure as long as certain conditions are met, which includes establishing a buffer zone between the studio and any church, school, library, public park or other tattoo studio.
Black Flag Tattoo officially opened on July 5, making it the first tattoo studio in Kitty Hawk. Located between mileposts four and five off the U.S. 158 Bypass, its sister studio (also named Black Flag Tattoo) opened five years ago in Frisco. Other tattoo studios in Dare County are located in Manns Harbor and on Colington Road.
New Season, New Home for Theater
The Theatre of Dare’s first full season at its new permanent venue in Kitty Hawk was announced in July 2022, and its 32nd season kick-off will debut on October 7 with the classic murder mystery The Mousetrap. Season tickets for a total of five different shows are available on the community theater’s website, with 2022-2023 packages ranging from $75 to $90.
Smoothing Out a Bumpy Ride
Rehabilitation of the Washington Baum Bridge’s deck and joints began at the end of July. Work on the span over the Roanoke Sound has started from below and will not require lane closures for several months, according to a July 7 North Carolina State Department of Transportation press release.
The $21.3 million project will correct the uneven pavement on the deck, mirroring similar work that was completed earlier on the Wright Memorial Bridge over the Currituck Sound north of Kitty Hawk. The one-mile-long Washington Baum Bridge, commonly called the Pirate’s Cove Bridge, was completed in 1994 and is situated between Nags Head and Manteo. The project, which includes structural concrete repairs, is expected to be completed by the fall 2025.
The party for Outer Banks real estate isn’t over; it’s just calmer. According to the Outer Banks Association of Realtors’ June 2022 MLS Statistical Report, all property sales fell 22% from June 2021, with residential sales down 23%, lot/land sales down 17% and commercial sales down 29% – though the report also noted that the current decline is seasonal, and not associated with any other factors.
Although total inventory is down 3% over June 2021, residential inventory over the same period has climbed 25%. Similarly, residential median sale prices don’t reflect last year’s meteoric rise of 54%, but it’s still a respectable rise of 3% over June 2021, from $529,000 to $545,000. On average, residential properties are also spending considerably less time on the market: 62 days in June 2021 compared to 25 days in June 2022.
Lot/land yearly sales did fall 17% short of last year, from 482 to 398, but that’s after the extraordinary increase in 2021 of 169% over 2020. Lot/land median prices also increased 18% over June 2021, from $102,583 to $120,650.
And although all Outer Banks communities from Corolla to Ocracoke saw increases in median sales prices, the town of Duck saw the largest spike – 39% – from $650,000 in June 2021 to $902,500 in 2022.
Photo courtesy of the Outer Banks Visitors Bureau.
