The Briefcase The Briefcase

Unemployment claims on downward trend

New state unemployment insurance claims in North Carolina fell by 2.9% last week to 3,490 for the week that ended May 20, the U.S. Labor Department reported Thursday.

New claims were down from a revised 3,594 for the week that ended May 13.

By comparison, the COVID-19 pandemic low has been 1,848 claims for the week that ended Jan. 1, 2022.

The state was 15th in the nation in the number of unemployment filings, up one spot from last week.

With no COVID-19 pandemic UI programs available for North Carolinians since Sept. 4, 2021, the claim totals represent new regular state unemployment-benefit claims.

Labor listed 18,243 North Carolinians drawing regular state benefits as of May 13, compared with a revised 18,505 the previous week.

Richard Craver

Elkin selected for rural economic project

Elkin is among 13 rural North Carolina communities selected to participate in the N.C. Commerce Department's program to increase their capacity to plan, implement and manage economic development programs and opportunities.

The Rural Community Capacity program, an initiative involving Appalachian State University's Walker College of Business, will welcome its second cohort of participants this week.

The RC2 program, part of Commerce's broader Rural Transformation Grant program, provides educational programming, technical assistance, and focused guidance to local government staff in rural and distressed communities.

Each jurisdiction can identify up to two representatives to participate in program activities, which include on-campus and virtual classes, community level engagement, and targeted training programs. RC2 campus curriculum will include four core courses that are required by Commerce and additional targeted courses that are designed by the ASU faculty.

The other participants are Benson, Bessemer City, Clinton, Long View, Nash County, Pembroke, Robbinsville, Robeson County, Roseboro, Rutherford County, Sandyfield and Washington.

More information about the Rural Transformation Grant Fund and the Rural Community Capacity initiative is available at commerce.nc.gov/transform.

Richard Craver

Lumos expanding fiber-optic network

Lumos, formerly known as NorthState, said Wednesday it is establishing its fiber-optic network into Harnett and Johnston counties in its latest North Carolina expansion. Engineering work will start in mid-2023.

Lumos has committed to spending at least $50 million in its initial investment in the counties that will cover the Harnett communities of Angier, Buies Creek, Coats, Dunn and Erwin, and the Johnston communities of Benson, Clayton, Four Oaks, Selma and Smithfield.

In August, NorthState announced its merger with Virginia-based Lumos Network, taking the Lumos corporate and brand names. Brian Stading was hired as its chief executive at that time.

Lumos provides business and residential telecommunications services to portions of the Triad, including Kernersville.

On Aug. 9, Lumos announced plans to offer its fastest fiber internet services in much of Bethania, Lewisville, Pfafftown and northern Winston-Salem that is expected to reach more than 23,000 homes and businesses in those communities. Lumos has said it expects to begin construction by mid-year 2023.

Richard Craver

Triad Business Bank promotes Cobb

Triad Business Bank said Wednesday it has promoted Richard Cobb to chief financial officer, a top-five executive-management position.

Cobb joined the bank in 2019 as chief accounting officer. He previously worked at Southern Bank & Trust and NewBridge Bancorp.

The bank has a branch in Winston-Salem, Greensboro and High Point.

Total assets were at $484.9 million on Dec. 31, compared with $445.1 million on Dec. 31 and $392.2 million on March 31, 2022.

Richard Craver