Charlotte/Mecklenburg New and Expanded Business

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Charlotte continues to experience slower economic growth. Despite positive additions to both the professional and occupational landscapes, year-end numbers were still less than in previous years. A total of 1,089 firms created 8,850 jobs while square footage increased by 6.2 million and investment by almost $700 million. Job creation has not been this low since 1990.

There are still reasons to remain positive. While quantity was lacking, the quality was not. Companies such as Chiquita, and Infinisource were announced in the last quarter, both relocating their headquarters to the Queen City. These companies’ added more than 500 jobs combined. Chiquita’s announcement was the largest corporate relocation since 1984. Charlotte’s workforce diversity, public/private partnerships, availability of quality office space and active international airport, were all key elements in their location decision. These factors remain driving forces in Charlotte’s growth.

In addition, an encouraging trend that manifested in 2011 was investment by higher educational institutions in new or existing facilities. Northeastern University, Davidson College, Queens University and UNC Charlotte all were involved in infrastructure improvement and growth. Despite the economic lull, Charlotte is still dedicated to improving the education of its future labor force.

Other encouraging indicators include the increase of commercial speculative development, significant manufacturing growth in both square footage and investment, and a rise in the number of construction firms. As 2012 begins, we expect to feel the positive impacts from the Democratic National Convention to be held in Charlotte in September. Hosting such an event will further showcase Charlotte’s ability to persevere amidst such a long recession, in-turn, kick-starting a much needed upward growth trend.

Year end 2011 Summary of New and Expanded Business

This quarterly report is available at the Charlotte Chamber for $10.00 per copy.  For further information please call 704.378.1300.  
Prepared by: Tony Crumbley, Erin Watkins and Andrew Bowen