Year-End 2009 Charlotte/Mecklenburg New and Expanded Business

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Charlotte’s ability to stand strong during the last year was certainly a concern among many; however, the Queen City was the phoenix rising from the ashes. It was only a short 15 months ago that one of Charlotte’s largest banking headquarters was taken over, resulting in a snowball effect of unemployment in all industries. The housing market turned to the red, and the chances of emerging out of such a negative economy seemed slim to none. Despite such distressing factors, the Charlotte region began to turnaround mid-third quarter and ended the year with the most new and expanded job announcements since 2003.

Charlotte gained 1,029 firms, resulting in 15,542 new and expanding jobs. Almost $1.5 billion in investment dollars created more than 11 million square feet of space. As mentioned in previous quarters this year, these numbers were down significantly due to the decrease of commercial spec property. Although these two indicators have declined since 2008, the positive addition of any new investment dollars or square footage in this economy is something to embrace.

There were many exhilarating announcements this year. The financial sector led the way with large employment announcements from GMAC Financial, NACA, Zenta and US Bancorp. The energy sector also was at the forefront with announcements from Toshiba, Siemens, NouvEON and Coalogix. Lastly, Electrolux provided our largest corporate headquarters relocation since Royal Insurance in 1985. These announcements continue to showcase the region’s diverse economy.

After months of increased unemployment, this indicator is now showing improvement. Although the next few months include challenges, Charlotte continues to grow and attract jobs.

**Airport investment figures were not counted in the analysis.

The information above is a summary. The full quarterly report is available at the Chamber for $10.00 per copy or by subscription for $25.00 annually ($35.00 for non-members). For further information please call 704-378-1300.

Prepared by: Tony Crumbley, Erin Watkins and Barbara Walter

To download a spreadsheet of a complete list of companies announced and jobs created in 2009, click here.