Charlotte-Mecklenburg New and Expanded Business
Mecklenburg County has seen an increase of more than 11,000 new jobs in the past nine months, which only adds to the reasons why Money Magazine recently ranked Charlotte as the best big city bargain. This sheds a positive light on the Queen City’s economy, showcasing its ability to respond and adjust to challenges amid uncertainty. Charlotte continues to be on track to have a record year for new and expanded business activity.
In the first three quarters of the year, 1,156 firms created 11,105 new jobs, and investment totaled $616.1 million. This investment has led to a surge of construction with more than 3 million square feet reported in the past nine months. The rush in business activity has led to an increasingly tight real estate market as office vacancy rates continue to decrease, dropping to 12.3 percent from 14.9 percent this time last year. In turn, the average asking rate for rents has increased by 3.1 percent over the past 12 months.
This quarter can be defined in one word: headquarters. In July, Sealed Air Corporation announced the relocation of its corporate headquarters from New Jersey, adding an additional 1,262 jobs to Mecklenburg County’s economy. AvidXchange, a true Charlotte success story, announced the addition of 603 jobs to its current 200-employee roster, and Velocity Technology Solutions announced the relocation of its headquarters to Charlotte from New York City.
Professional and technical services continue to lead employment growth, representing 1,018 of the quarter’s 5,636 announced jobs. Retail had a strong quarter as well – 294 firms announced 2,270 jobs and $41.9 million in investment.
Nine-Month Summary of New and Expanded Business
Square Feet (millions)
This quarterly report is available at the Charlotte Chamber for $10 per copy. For further information please call 704.378.1300.