Charlotte (& Salisbury) NC – The Market

GDP:  $125.7 billion in 2015

Status: Largest city in North Carolina and county seat for Mecklenburg County

Population (MSA):  2.4 million       (source 2015 Census estimates)

Forecast Population Growth:   Increasing to 2.74 million by 2030     (source Urban Institute)

Highlights:

  • Home of Bank of America and Wells Fargo, making it the second biggest banking center

  • Third fastest growing city in the US http://www.newhomesource.com/resourcecenter/articles/why-charlotte-is-the-third-fastest-growing-city-in-country

  • Forbes rates it in 2016 as the 16th best place to have a business or career in America

  • A major center for NASCAR: it has the NASCAR Hall of Fame, several of its offices, hosts two of the Sprint races as well as the All Star Race, and 75% of NASCAR teams are based in or near the city

  • Nicknamed Queen City, for being named after Queen Charlotte of England, and the Hornet’s Nest, for being a hotbed of revolutionary activity during the War of Independence

  • Has 33 colleges

Employment: 1.21 million employed in April 2016, up from 1.16 million in April 2015 (Bureau of Labor Statistics)

Employers: The city enjoys a diverse range of employment. Major industries include banking, healthcare, education, aviation, energy, and retail. In 2015, the top ten employers are as follows:

  1. Carolinas Healthcare Systems

  2. Wells Fargo

  3. Charlotte Mecklenburg Schools

  4. WalMart

  5. Bank of America

  6. Novant Health

  7. American Airlines

  8. Delhaize America Inc. (Food retailers)

  9. Harris Teeter Supermarkets

  10. Lowe’s Companies (Hardware chain)

(Source: City of Charlotte,CAFR 2015)

Other major corporations within the city include Coca-Cola (Charlotte has its second largest bottling plant in the United States), NASCAR, and Duke Energy. Twelve of the Forbes 500 companies have headquarters in Charlotte. International companies with headquarters in Charlotte not listed above include SEC network, Continental AG (German automotive), Compass Group (hospitality), and Balfour Beatty (construction).

Being the second biggest financial center in America, Charlotte has headquarters of several major banks. Those not mentioned above include CertusBank, Fifth Third Bank, and LendingTree.

Charlotte also has a thriving motorsports industry due to being one of the main centers for NASCAR. There are several major automobile companies such as MAACO, Meineke Car Car Center, Rusty Wallace Racing, and many more.

Fitting for this document a few major construction firms have made Charlotte a base. They include Crowder Construction Company and National Gypsum.

Charlotte in the news

Corning Optical picks northwest Charlotte site for $38 million headquarters

Corning Optical Communications has picked a site off I-485 in northwest Charlotte for its new $38 million headquarters, a spokesman said this week.

The company announced in December it would move the office to Charlotte from Hickory.

Corning Optical is a division of New York-based Corning Inc. It makes fiber optic cables and other equipment for communications networks.

The new headquarters will be in Riverbend Village, at Brookshire Boulevard and Mount Holly-Huntersville Road. The company has said construction could begin in the second half this year, and the office could open in 2018.

Corning said in December that more than 400 jobs would move from Hickory, where the company has 500 headquarters employees and 1,200 in manufacturing. Corning is keeping its manufacturing plant in Hickory.

The Charlotte headquarters could have up to 650 employees within five years, with an average salary of nearly $91,000, according to the Mecklenburg County Commission.

http://www.charlotteobserver.com/news/business/article85242567.html

Charlotte-area economic developer named top in state

The leader of Monroe-Union County Economic Development has been recognized as North Carolina’s Economic Developer of the Year.

The North Carolina Economic Developers Association awarded Chris Platé, executive director of the local economic development group, for his achievements in 2015. Those include helping to bring 523 jobs to Union County and maintaining the lowest unemployment rate in the Charlotte region for 17 straight years.

The NCEDA listed the following projects that Platé was involved with last year that made him deserving of the honor: O’Neil Digital Solutions, adding 250 jobs and investing $140 million; ATI Specialty Materials, adding 70 jobs and investing $70 million in a new facility in their complex; Scott Safety, investing $29 million; and Glenmark Pharmaceutical, investing $9.5 million.

http://www.bizjournals.com/charlotte/news/2016/06/15/charlotte-area-economic-developer-named-top-in.html

Google Fiber granted 82 fiber hut permits in Charlotte, North Carolina

Google Fiber (NASDAQ: GOOG) is progressing with its FTTH build in Charlotte, North Carolina as the service provider has been granted 82 permits for aerial and underground network facilities.

Linda Durrett, a spokeswoman for the city’s Department of Transportation, confirmed the issuing of the permits to the Charlotte Business Journal.

The majority of the construction Google Fiber has been conducting is being done in the northeastern side of Charlotte but also includes a small pocket on Fairview Road near Providence Road.

According to a map obtained by the Charlotte Business Journal, Google Fiber has gained permits for south of Charlotte. Meanwhile, the service provider is still waiting to get permits around uptown approved.