Posted by lindsay on March 30, 2014
All signs point to recovery in North Carolina, with particular emphasis on strong job and income growth in Charlotte. Forecasts for last year (2013) were correct as they predicted the city would take another step forward in the housing market.
American economist Mike Walden said this accelerated growth would lead to a gain of around 56,000 new jobs last year, up from 40,000 in 2012; a figure that is double the state’s average. Also, fortunate for those working in Charlotte, it seems an estimated 2.1% rise in wages can be expected. Local economic growth was proposed to be approximately 2.5% in 2013, with business and professional services leading the way, at an improvement rate of 6.2%. Energy and financial-service industries are said to be they key players.
Apartment construction was strong throughout last year and is expected to remain strong throughout 2014 and the on-going transportation infrastructure will also continue to help drive the city’s economy. Further, the improving housing market will be the other major contributor to Charlotte’s forecasted success. “We have increased values and sales,” Walden said. “The recession started in housing, so that has to be a major part of the recovery.”