Charlotte/Mecklenburg has announced an increase of more than 11,500 new jobs in the past nine months amidst the worst recession in recent history. This only adds to the reasons why FORTUNE Small Business magazine ranked Charlotte as the seventh best place to launch a business. This feat sheds a positive light on the Queen City's economy, showcasing its ability to persevere through what has been a very difficult year for many. Comparing March 2009, the most currently available Mecklenburg County Employment numbers with the same month in 2007, there has been a net loss of 16,122 jobs. These announced positions in the first nine months of this year will go a long way in replacing the aforementioned job losses.

In the first nine months of this year, 781 firms created 11,527 new jobs. Investment totaled more than $784 million giving way to 9.3 million square feet. The number of firms, square footage and investment dollars were significantly down once again this quarter. As previously noted in earlier reports this year, there has been a considerable decrease in commercial spec building due to the unavailability of funding and reduced demand. These issues are still at the forefront of commercial development and have attributed largely to the decline of square footage and investment dollars for 2009. It is hopeful that recent strong announcements of business relocation and job creation will positively affect these numbers in the near future.

Once again the finance and insurance industry experienced the strongest growth this quarter with 44 new or expanding firms and 1,705 jobs. Additional sectors that produced well were professional and technical services, retail, and accommodation and food services. Significant announcements this quarter include Zenta with the addition of 600 jobs and Metrolina Greenhouse with $50 million in investment. The Charlotte Douglas Airport invested $20 million with the expansion of the east terminal and 6.7 million for an additional parking deck. Although third quarter numbers indicate positive successes to come for the Queen City, it will be interesting to see what the end of such a trying economic year brings.

This quarterly report is produced by the Chamber's research department and is available for free to Chamber members or $10.00 per copy for others. For more information please call 704-378-1300.

Prepared by: Tony Crumbley, Erin Watkins, Barbara Walter