Charlotte Economy – Croixstone

Know Charlotte: 2021 Quarter 2 Growth Report

The Charlotte Regional Business Alliance has published its latest Growth Report for 2021 Quarter 2. Although Croixstone Consulting serves clients across the United States, we remain exceptionally invested in the economic growth of the Charlotte Region where our firm is based.

Following are our 5 key takeaways from the latest Growth Report.

COVID Job Losses: The Charlotte Region has 43,700 fewer jobs than pre-pandemic (-3.1%), outperforming the nation (-4.4%).

Job Gains: June 2021 showed the most jobs gained since October 2020 (and more than 2x any previous month in 2021).

Economic Development Projects: 30 economic development projects were announced in Q2, the highest of any quarter since the CLT Alliance created the Growth Report in 2019.

Capital Investments: These 30 projects represent $1.2B in capital investments (the 3rd highest amount in the history of the Growth Report).

Labor Market: The Charlotte Region is experiencing the lowest ratio of job seekers to job openings since at least 2006.

Read the 2021 Quarter 2 Growth Report here.

Charlotte Snapshot: International Business & Foreign Direct Investment

As the world’s athletes gather in Tokyo for the 2020 Summer Olympics, we are placing a #FreshStart spotlight this week on the roles of international business and foreign direct investment across the greater Charlotte region.

Did you know?…

More than 1,000 international companies representing 40 countries call the Charlotte region home.

More than 250,000 foreign-born individuals and families are located across the region.

North and South Carolina are 2 of only 9 US states where employment in international business exceeds 7% of total employment.

Almost 50% of international companies in the Charlotte region are in manufacturing.

The Charlotte region recorded a nearly 16% increase in exports between 2016 and 2019.

Thanks to the Charlotte Regional Business Alliance for providing these statistics. Learn more about international business and foreign direct investment across the Charlotte region here.

The Power of Manufacturing in the Charlotte Region

Did you know that the manufacturing sector ($26 billion) contributes nearly as much to the Charlotte region’s GDP as the finance sector ($28 billion)? The Charlotte Regional Business Alliance has published a new report on the manufacturing sector that includes the following key highlights:

Over the past 5 years, the Charlotte region’s manufacturing sector has grown twice the national average.

The region is experiencing growth in sectors such as automotive parts suppliers, plastics and advanced textiles, machinery manufacturing, and energy manufacturing.

Manufacturing remains the largest sector by employment in 10 of the region’s 15 counties.

In 7 of the region’s 15 counties, manufacturing accounted for 27% or more of net new jobs over the past 5 years.

Learn more.

Good News! Charlotte’s Economic Recovery

With all the challenging economic news of 2020, the Croixstone team was thrilled to read the newly-released Growth Report for Q3 2020 published by the Charlotte Regional Business Alliance. The report spotlights the economic recovery momentum that is taking place across the greater Charlotte – including the addition of 43,000 jobs in Q3.

Read the report to review Q3’s big stories including Centene, Retirement Clearinghouse, FITT USA, GNT, Silgan Containers, Big Sky Fulfillment, Intellisite, Moore Nanotechnology and more.

Fresh Links…Oct 5th

A curated list of business, career and community links.

Your New $50 Day Office: A new South Park hotel is thinking outside the box.

COVID in the QC: September’s economic indicators in Charlotte.

SPAC: Private goes public…is 2020 the year of the “SPAC”?

From Bank Town to Auto Town?

You may know that the U.S. automotive manufacturing industry has shifted to the southeastern USA. But did you know that the Charlotte region is benefiting greatly from this trend? According to research from the Charlotte Regional Business Alliance, more than 63,000 people work in automotive sectors in our region (more than Greenville, SC and more than most of Charlotte’s peer cities). Over the past two years, 20 automotive-related companies have announced plans to locate or expand in the region, adding a total of nearly 1,300 jobs. Learn more here.

July 2018 Workforce Report

LinkedIn publishes a monthly analysis of employment trends in the USA workforce. The report is divided into two sections: a National section that provides insights into hiring, skills gaps, and migration trends across the country, and a City section that provides insights into localized employment trends in 20 of the largest USA metro areas. In its newly-published July report, LinkedIn shared that Charlotte ranked among the top 10 cities in two different categories. Learn more here.

Charlotte is One of Top 25 Future Ready Economies in the USA

Last year, Dell introduced its “Future Ready Economies Model” that identified the top 25 Metropolitan Statistical Areas (MSAs) in the country with attributes that enable people and organizations to access new tools and new ideas that deliver better connections, better outcomes – and a better world.

The Croixstone Consulting team has noted with interest that Dell believes that “future ready” cities understand the need to create a collaborative business environment, supporting not only established firms, with their employees and growing number of independent contributors, but also growth-oriented entrepreneurs (knowing that entrepreneurs drive 50% of GDP and 75% of new jobs).

In partnership with IHS Economics, an industry-leading macroeconomics firm, Dell ranked Charlotte at #15 on the USA’s top 25 list of “future ready” cities.

Learn more here.