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Axios Raleigh Thought Bubble

Surging gas prices didn’t stop North Carolina drivers in May. 

Data from the N.C. Department of Transportation shows there were 11.2 billion miles driven in the state in May, up nearly 7% from the month prior and 5.2% year-over-year. 

Why it matters: North Carolina drivers are hitting the roads even more during a time when gas prices are skyrocketing. 

Gas prices have skyrocketed in 2022. The average price for a gallon of gas in North Carolina was $4.59 on Wednesday, up 59.9% from a year ago, according to AAA.

Yes, but: The state is no anomaly. Nationally, the high gas prices have yet to dent consumption, according to an analysis from the Dallas Fed. 

"U.S. consumers historically only slowly reduce fuel consumption as prices increase. This is primarily because most consumers must drive to work, school, grocery stores and other destinations every day," Dallas Fed economist Garrett Golding wrote in the report. 

Between the lines: Higher gas prices are hurting people with lower incomes. The lowest 25% of earners in the U.S. must spend an average 9% of their wages on filling up compared to 4% a little more than a year ago, Golding wrote. 

The Food Bank of Central & Eastern North Carolina told Axios earlier this year that higher gas and food prices have created more demand for its services, as budgets get stretched. 

Go deeper: 5 top ways to save on high gas prices

High gas prices haven't stopped N.C. drivers from hitting the road

North Carolina drivers aren't avoiding higher gas prices.

Gas prices

Surging gas prices didn’t stop North Carolina drivers in May. <ul><li>Data from the N.C. Department of Transportation shows there were 11.2 billion miles driven in the state in May, up nearly 7% from the month prior and 5.2% year-over-year. </li></ul>

Business

Just a few years ago,  Emanuel Cole wondered how much longer his Cary photography store, The Fotoshoppe, would offer film processing.

But today, all of that has changed, as hobbyists and young people are increasingly taking up the once bygone medium. 

"To be honest, we are probably doing twice as much" film processing as before, Cole told Axios. 

What's happening: The resurgence is causing huge price increases and a higher barrier of entry into the hobby. 

A five-roll pack of Kodak's Portra 400, one of the most popular films, now costs $65.95, up 37.4% over the past year, according to the Amazon price tracker CamelCamelCamel. 

Film cameras, like the Canon A2E and the Nikon N8008, saw their prices shoot up by 80% between 2019 and 2021, according to KEH, a camera reseller. 

Yes, but: Cole says people seem willing to pay the price for the experience of film. 

"People always tell me that they are doing it for the feel" of shooting on film, Cole said. "That it has more of a grain and contrast."

One customer told Cole she recently paid $140 for a five-roll pack. 

What they're saying: "I think people really like [film] because there's more suspense," Lindsey Cash, a wedding photographer based in Raleigh, told Axios. "You take a photo, and then you have to wait to get it developed, whereas we just have so much instant gratification with our phones and digital cameras." 

"I think we all have so much digital clutter these days" that it's nice to be limited to a certain number of photos per roll, she added. 

The rise in film photography is similar to the increasing interest from younger generations in another form of analog media: vinyl records. In 2021, vinyl record sales were at their highest level in three decades. 

And just like vinyl offers a slightly different audial experience, film has visual differences than a high-resolution camera or smartphone. 

"A lot of people just feel like [film] looks better. The colors kind of effortlessly look good," Cash said.

💭 Zach's thought bubble: I took a simple point-and-shoot film camera and a couple rolls of Kodak Gold 200 on my honeymoon. Not every shot was great, but film definitely provided more depth and texture to the photos.

Film photography's resurgence is leading to huge price increases

Young people and hobbyists are increasingly taking up film photography.

AA displayed Canon AE-1 35mm film camera.

A Canon AE-1 35mm film camera. (Photo by Nikolas Joao Kokovlis/SOPA Images/LightRocket via Getty Images)

Inflation

Just a few years ago, Emanuel Cole wondered how much longer his Cary photography store, <a class="gtmContentClick" data-vars-link-text="The Fotoshoppe" data-vars-click-url="https://thefotoshoppenc.com/" data-vars-content-id="47f5a6a2-b793-46ed-a8ef-a9be7e3ab857" data-vars-headline="Film photography&#x27;s resurgence is leading to huge price increases" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://thefotoshoppenc.com/" target="_blank">The Fotoshoppe</a>, would offer film processing.But today, all of that has changed, as hobbyists and young people are increasingly taking up the once bygone medium.

When the U.S. Supreme Court released its decision this morning to overturn Roe v. Wade, millions of people across the country lost their right to have an abortion. For now, however, abortions in North Carolina remain legal. 

Why it matters: The court's decision means the legality of the procedure is now left to individual states. That could mean a wave of abortion bans in states like North Carolina — where Republicans control the state legislature — in the near future. 

Data: Axios research; Cartogram: Sara Wise and Oriana Gonzalez/Axios

North Carolina Democratic Gov. Roy Cooper's veto is now the only thing blocking the General Assembly from passing tighter abortion restrictions in the state.

Cooper has a track record of doing exactly that. In his two terms in office, Cooper has used his veto power on multiple abortion bills passed by Republicans.

Yes, but: Republicans only need to flip a handful of legislative seats — three in the House and two in the Senate — to have enough votes to override Cooper's vetoes. That means after the November election, which is expected to be favorable to Republicans, the legislature could further restrict abortions.

This dynamic means in North Carolina, abortion rights will be a key issue in the election, as Democrats fight to ward off Republican majorities in the state House and in Congress.

What they're saying: Cheri Beasley, the Democratic candidate for U.S. Senate, said the decision would "decimate abortion access."

"As your Senator, I will not hesitate to be the 51st vote to end the filibuster and codify Roe nationwide," Beasley said in a tweet.

Thom Tillis, North Carolina's Republican Senator, celebrated the court's decision.

"This ruling is historic and monumental and affirms my belief that all life is sacred," he said in a statement. "Each state government will now make the determination about the types of laws they wish to have in place."

State of play: In the immediate future, North Carolina could see thousands of people travel here from other southern states that have immediate bans on abortion triggered by the Supreme Court’s decision.

Up to 70,000 additional patients could travel to the state for abortion procedures, The Assembly reported, citing Planned Parenthood estimates.

Bordering and nearby states, such as South Carolina, Tennessee, Georgia, West Virginia and Kentucky are all expected to ban or severely restrict abortions, according to the Guttmacher Institute, a research group and supporter of abortion rights.

Axios reported last month that governments had begun preparing for a potential surge in political violence after the abortion ruling.

Law enforcement agencies have investigated social media threats to attack justices and burn down or storm the Supreme Court.

A June 7 bulletin from the Department of Homeland Security, "Summary of Terrorism Threat to the United States," warns:

"Given a high-profile U.S. Supreme Court case about abortion rights, individuals who advocate both for and against abortion have, on public forums, encouraged violence, including against government, religious, and reproductive healthcare personnel and facilities."

What overturning Roe v. Wade means for North Carolina

Abortion is still legal in North Carolina but its future is up in the air.

Illustration of a caduceus turning into a gavel.

Abortion

When the U.S. Supreme Court released its decision this morning to <a class="gtmContentClick" data-vars-link-text="overturn Roe v. Wade" data-vars-click-url="https://www.axios.com/2022/06/24/roe-wade-decision-abortion" data-vars-content-id="627fccb0-1d8e-4f9b-a34b-bac478045a17" data-vars-headline="What overturning Roe v. Wade means for North Carolina" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2022/06/24/roe-wade-decision-abortion" target="_self">overturn Roe v. Wade</a>, millions of people across the country lost their right to have an abortion. For now, however, abortions in North Carolina remain legal. Why it matters: The court&#x27;s decision means the legality of the procedure is now left to individual states. That could mean a wave of abortion bans in states like North Carolina — where Republicans control the state legislature — in the near future.

News

Raleigh takes silver when it comes to building new homes, per the latest analysis by real estate company Redfin.

What they found: Raleigh had 30.7 single-family building permits per 10,000 people in the first quarter of this year, the second-most per capita among major U.S. metros.

Why it matters: As the number of homes for sale remains near all-time lows and monthly mortgage payments are near their record high, building more homes is one way to ease the affordability crisis.

The homes are especially needed in the booming Triangle region, which was the second fastest-growing large metropolitan area in the U.S. last decade. 

A lot of the housing construction is happening in Raleigh's surging suburbs, where land is cheaper. Wake County towns like Apex, Wendell and Zebulon saw big growth during the pandemic, Axios Raleigh reported. 

Zoom out: Single-family and multifamily building permits are up from pre-pandemic in most U.S. metros, Redfin found.

Of note: Redfin defines "single-family" as buildings with one to four housing units and "multifamily" as buildings with five or more housing units.

Yes, but: "There still aren't enough homes to meet the pace of household creation, and we need to be more prepared when demand inevitably picks back up," said Redfin chief economist Daryl Fairweather.

What's next: The momentum in building might be slowing, however. New home construction dropped 14.4% in May compared to April according to data released last week.  

The slide was more than economists had expected, as interest rates have soared over the past few months, making home buying more expensive, Reuters reported. 

The bottom line: Ramping up new home construction will help move the market toward balance, if only a little. However, rising interest rates could slow down construction. 

Raleigh is second in homebuilding as housing costs skyrocket

Raleigh has seen a boom in new construction. But demand still outpaces supply.

Illustration of a plywood house that is also an upward arrow. 

Housing

Raleigh takes silver when it comes to building new homes, per the latest <a class="gtmContentClick" data-vars-link-text="analysis" data-vars-click-url="https://www.redfin.com/news/metros-building-new-construction-Q1-2022/" data-vars-content-id="88998bc1-0e6d-44d1-b560-5cabdb25c2d6" data-vars-headline="Raleigh is second in homebuilding as housing costs skyrocket" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.redfin.com/news/metros-building-new-construction-Q1-2022/" target="_blank">analysis</a> by real estate company Redfin.What they found: Raleigh had 30.7 single-family building permits per 10,000 people in the first quarter of this year, the second-most per capita among major U.S. metros.

Construction in downtown Raleigh has accelerated this year, and looks poised to continue for the foreseeable future, as developers from across the country target North Carolina's capital city.

Why it matters: The projects will reshape Raleigh's skyline and expand the once staid downtown in all directions, adding thousands of apartments, more office space and hotel rooms. 

Here are just a few of the prominent projects transforming downtown: 

Data: Axios research; Map: Jared Whalen/Axios

What's happening: Located at 400 Hillsborough St., progress on 400H is already well underway, setting it up to be the next tower to join Raleigh's growing skyline.

The 20-story building is expected to be completed in fall 2023. 

By the numbers: The tower will include: 242 apartments, 150,000 square feet of office space and 16,000 square feet of retail space. 

Why it matters: Along with Raleigh Crossing and the Bloc83 development, 400H is yet another high-rise addition to Hillsborough Street, creating a hub of office space away from Fayetteville Street.

An artist's rendering of 400H in downtown Raleigh. 

A rendering of the 400H tower. Photo: Courtesy of HM Partners. 

What's happening: Downtown South, an ambitious project from Raleigh's Kane Realty, is set to stretch the definition of what downtown Raleigh is, adding multiple towers near the intersection of Interstate 40 and South Saunders Street. 

The project is valued at more than $2 billion, includes 140 acres of land and might one day house a new sports stadium. 

Details: The plans call for a 21-story apartment building and a 27-story office tower. 

Why it matters: The project has created concerns around gentrification in the surrounding neighborhoods, but is set to create a major landmark to downtown’s southern gateway. 

A rendering of one of the first two towers set to be built in Downtown South. 

A rendering of one of the first two towers set for Downtown South. Photo: Courtesy of Kane Realty. 

What's next: Construction is expected to begin on both towers early next year, Kane said. 

Plans for the next phase of towers will be revealed in the coming months, the company added. 

What's happening: Not one, but two towers could be added around the historic Creamery building in the Glenwood South neighborhood. 

Details: Plans submitted by New York-based Turnbridge for the 400 Glenwood Ave. property call for a 32-story building — which would become Raleigh's third tallest tower — and a 20-story building. 

The 32-story structure would include 261 apartments, while the other will include 250,000 square feet of office space. 

It will be the largest project to be built in Raleigh's nightlife hub Glenwood South.

Construction is expected to begin later this year.  

What's happening: Work started in April on the Warehouse District's next high-rise: the Raleigh Union Station Bus facility, or as everyone has come to call it, RUS Bus.

Why it matters: The RUS Bus tower, at 200 S. West St., will become a key cog in the city's improved transportation infrastructure. 

Located next to Union Station, RUS Bus will include a new regional bus station, 400 apartments, a hotel and retail space — all within one of the city's most walkable neighborhoods, the Warehouse District. 

Of note: The project is a partnership between Washington, D.C.-based Hoffman & Associates and GoTriangle, which provides bus service in Wake, Durham and Orange counties. 

Around 10% of the apartments on the site will be leased at affordable rates for households making 80% of the area’s median income, the Triangle Business Journal previously reported. 

If all goes to plan, the first phases of the project, including the bus facility, could open by mid-2025, according to a news release. 

An artist's rendering of RusBus in downtown Raleigh. 

An artist's rendering of the RUS Bus tower in the Warehouse District. Photo: Courtesy of Hoffman & Associates. 

What's happening: Much like the Creamery, the Salisbury Square development is set to add two towers to the southern section of downtown Raleigh. 

Details: The project sits on land that Dominion Realty purchased from the N.C. Association of Educators. It's adjacent to the Duke Energy Center, a part of town that has historically seen little development. 

The buildings will together add more than 600 apartments to downtown.

The first tower will also become the headquarters for Dogwood State Bank, Dominion said earlier this year. 

A drawing of the two towers that will make up Salisbury Square in downtown Raleigh. 

Salisbury Square in downtown Raleigh will include two 20-story towers. Photo: Courtesy of DRP. 

What's happening: Out with the old and in with the new. Raleigh's iconic, circular Holiday Inn is set to be torn down and replaced by the luxury hotel brand Kimpton. 

Details: Located at 320 Hillsborough St., the Kimpton Hotel is setting a late 2025 opening date for its Raleigh hotel. 

The project will be 20 stories tall and include: 179 hotel rooms, 350 apartments and space for a restaurant. 

A rendering of a Kimpton Hotel set for downtown Raleigh. 

A rendering of the future Kimpton Hotel in downtown Raleigh. Photo: Courtesy of RB|PR.

The real estate projects set to transform Raleigh's skyline

The projects that are set to transform the city's skyline.

An under-construction office tower in downtown Raleigh. 

The under-construction 400H tower in downtown Raleigh. Photo: Zachery Eanes/Axios. 

Construction

Construction in downtown Raleigh has accelerated this year, and looks poised to continue for the foreseeable future, as <a class="gtmContentClick" data-vars-link-text="developers from across the country target" data-vars-click-url="https://link.axios.com/click/28162919.10909/aHR0cHM6Ly9jb21tZXJjaWFsb2JzZXJ2ZXIuY29tLzIwMjIvMDYvcmFsZWlnaC1kZXZlbG9wbWVudC10cmlhbmdsZS1kdXJoYW0vP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zbG9jYWxfcmFsZWlnaCZzdHJlYW09dG9w/5d8bef5ddabb3400443df688Bfeeee66e" data-vars-content-id="d60de45c-0cbb-418e-8fbd-898fa6208e9e" data-vars-headline="The real estate projects set to transform Raleigh&#x27;s skyline" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://link.axios.com/click/28162919.10909/aHR0cHM6Ly9jb21tZXJjaWFsb2JzZXJ2ZXIuY29tLzIwMjIvMDYvcmFsZWlnaC1kZXZlbG9wbWVudC10cmlhbmdsZS1kdXJoYW0vP3V0bV9zb3VyY2U9bmV3c2xldHRlciZ1dG1fbWVkaXVtPWVtYWlsJnV0bV9jYW1wYWlnbj1uZXdzbGV0dGVyX2F4aW9zbG9jYWxfcmFsZWlnaCZzdHJlYW09dG9w/5d8bef5ddabb3400443df688Bfeeee66e" target="_blank">developers from across the country target</a> North Carolina&#x27;s capital city.Why it matters: The projects will reshape Raleigh&#x27;s skyline and expand the once staid downtown in all directions, adding thousands of apartments, more office space and hotel rooms.

Zachery Eanes

Featured stories

What overturning Roe v. Wade means for North Carolina

The real estate projects set to transform Raleigh's skyline

High gas prices haven't stopped N.C. drivers from hitting the road

Raleigh is second in homebuilding as housing costs skyrocket

Film photography's resurgence is leading to huge price increases