Charlotte-Mecklenburg New and Expanded Business

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Charlotte has a reason to smile this quarter because its economy continues to be recognized as one of America’s best places to conduct business. With various business rankings conducted annually, few are as thorough as Thumbtack.com’s recent survey of more than 12,000 entrepreneurs nationwide. After a two-month survey of small business owners, Charlotte proudly emerged as one of the top cities to conduct business.

With a healthy business environment, it makes sense that the unemployment rate for Charlotte continues to trend downward. The latest unemployment data from the Bureau of Labor Statistics reports Charlotte having an unemployment rate of 5.9 percent - a drop by 1.4 percentage points from this time last year. That puts Charlotte’s unemployment rate below Mecklenburg County’s (6.7 percent), North Carolina’s (6.4 percent) and the national average (6.1 percent). Ripe for businesses growth, it’s no wonder that small, large, entrepreneurial and international businesses are trying to utilize Charlotte’s competitive advantage.

Charlotte’s job growth continues to outpace the state and nation. The region has more than recovered its recession losses. Over the past year, the strongest gains have been in professional and business services and logistics – both serving as key drivers of growth. Professional and business services firms added more than 9,000 jobs in the past year while the logistics sector added over 2,000 new jobs. The gains reflect growth in engineering and consulting firms, which are fueled by Charlotte’s large financial services and energy power sectors. However, there are certain aspects of the economy that have not fully recovered – public administration has lost 800 jobs while manufacturing is marginally behind national growth levels during this period.

Notable economic development announcements this quarter include Team Créatif, a French marketing and design firm that will lease 3,000 square feet and hire 40 employees over the next three years in uptown Charlotte. Additionally YG-1 USA, a South Korean manufacturing firm, will invest $13.8 million dollars and add 53 employees with the opening of its technical and manufacturing center in Charlotte. Deciding to relocate its operations and engineering center, the Oregon-based energy company NuScale Power will relocate to Charlotte. Finally, HireRight, Inc. just completed the expansion and remodel of its Charlotte office, which will accommodate up 
to 80 new hires.

 

Second Quarter 2014 Summary of New and Expanded Business

Year

Firms

Jobs

Square Feet (millions)

Investment (millions)

2014

740

5,469

2.4

$362.30

2013

640

6,999

3.0

$370.40

2012

605

4,989

4.1

$802.60

2011

541

5,459

3.5

$364.80

2010

464

6,759

5.4

$528.10

 

 

 

 

 

 

 

 

 

 

 

 

New and Expanded map 2Q2014

 
This quarterly report is available at the Charlotte Chamber for $10 per copy.  For further information please call 704.378.1300.