Charlotte-Mecklenburg New and Expanded Business
Businesses are investing in Charlotte and Mecklenburg County. During the first nine months of 2015, 722 firms have poured $712 million into buildings, machines and equipment. That’s the largest year-to-date investment total since 2012. The third quarter also produced evidence of improved consumer confidence. Mecklenburg County consumers spent $1.6 billion on retail in July.
After a slow first half of the year, employment growth also picked up the pace in the third quarter. More than 3,011 new jobs were added between July and September, for a total of 6,406 new jobs added so far this year. The Finance and Insurance sector led the way, adding 1,993 new jobs. Among those new finance jobs will be 316 at the newly relocated Dimensional Fund Advisors headquarters, announced in July, which will also include a $105 million investment in buildings. MetLife continued its expansion, adding 245 new jobs at its recently relocated offices in Ballantyne.
Charlotte continues to be an attractive destination for headquarters operations, as evidenced by specialty chemical company Albemarle Corporation’s August announcement that it would relocate its headquarters and 120 employees to Charlotte.
The Manufacturing sector also strengthened its position in the Charlotte area, investing $142.5 million in the Charlotte area in 2015 to date. The Nutec Group, a Mexican manufacturer of insulation materials, announced plans to hire 61 employees for a 62,500-square-foot plant in Huntersville.
Year-to-date Summary of New and Expanded Business
The 3,011 newly created jobs will add an estimated $269.2 million in annual income and benefits for these employees. Spending by these companies and their employees can be expected to add an additional 3,146 jobs with $208.7 million in annual compensation. In total, these expansions and additions will have a $642.1 million impact on the Mecklenburg County economy. Download the summary here.
This quarterly report is available at the Charlotte Chamber for $10 per copy. For further information please call 704.378.1300 or purchase it here.