The Growth Report
Manufacturing, Professional Services Investments Lead Strong Second Quarter
Mecklenburg County businesses announced the addition of more than 3,000 jobs in the second quarter of 2018, announcing more than $325 million in capital investments.
Water systems technology company, Xylem, announced it would add 119 workers in Charlotte as part of a joint expansion in Charlotte and Raleigh-Durham. Kurz Transfer Products announced the construction of an $18 million manufacturing facility in Huntersville, adding 90 jobs. Yokohama Tire also announced a research and development facility in Cornelius, which will include 56 jobs.
Professional services and technology companies also showed strong growth with online mapping firm ESRI announcing 40 new jobs and a second Charlotte location. SentryOne continued work on its new headquarters in lower SouthEnd, adding 15 jobs.
Overall economic indicators showed continued growth for the Charlotte area. Unemployment in the Charlotte MSA fell to 3.4 percent in May 2018, lower than the national average. Home sales across the board were strong with price growth the strongest in the suburbs. Mecklenburg County home prices rose by 6 percent year-over-year while prices in the rest of the metropolitan area increased by 12 percent.
The supercharged economy began to affect inflation rates this year, with prices in the Southeast up 2 percent through the first half of the year compared to 1.3 percent in the first half of 2017.
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