Mecklenburg County Economy Quarterly


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Largest jobs announcement in nearly 2 decades propels Mecklenburg in third quarter

The first nine months of 2017 have brought continued economic growth to Charlotte and Mecklenburg County. So far this year, 785 companies have announced the addition of 10,820 jobs and $730 million in capital investment; that’s more than a 66 percent increase over the 6,517 jobs announced during the first three quarters of 2016.

Most notable in the third quarter of 2017 was insurer Allstate’s announcement that it would add 2,250 technology and other jobs to its already considerable presence in Charlotte. The August announcement was the largest single jobs announcement in Mecklenburg County since 1998, when Bank of America added 3,500 jobs in Charlotte on the heels of the merger that brought the bank’s global headquarters to Charlotte. Other financial services companies showed growth as well, with U.S. Bank quietly growing its presence by 290 in the Charlotte market from 400 to 690. J.P. Morgan announced its first private bank office in North Carolina in SouthPark.

Fintech company Passport Inc., which recently unveiled a mobile payment system for the Charlotte Area Transit System’s LYNX light rail, announced its move into larger offices at the top of First Citizens Bank Plaza, as well as the addition of at least 15 jobs.

Mecklenburg County’s strength as a manufacturing base also continued to grow. Bearings manufacturer NN, Inc. announced it would add 175 jobs and invest $10 million in the area, moving its global headquarters from Johnson City, Tenn. to Charlotte. Spanish plastics manufacturer Daumar announced it would add 40 jobs in Huntersville, while chemicals manufacturer Albemarle Corporation, which moved its headquarters to Charlotte in 2015 announced an additional 30 jobs in Mecklenburg County as well as 170 jobs at a new facility in Cleveland County.

National financial data was mixed, with unemployment remaining near historic lows at 4.2 percent, the same as in Mecklenburg County. Nationally, the total number of jobs fell by 33,000, mostly due to temporary market disruption caused by Hurricane Irma. Consumer confidence declined slightly in September, while retail sales in Mecklenburg County remained on par with the same period last year, leveling off at $1.7 billion in August.

The 10,820 announced jobs in Mecklenburg County so far in 2017 so far is nearly as many jobs as the 10,990 jobs announced in all of 2016.

 

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