Second Quarter 2010 Charlotte/Mecklenburg New and Expanded Business

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The Queen City continues to experience optimistic growth and feedback as the economy recovers. The Charlotte region was named one of the Editor’s Top Location Picks from Business Facilities Magazine.  The strength of this acknowledgement can be seen through the encouraging numbers experienced in second quarter. Within the first six months of 2010, 464 new or expanding firms created 6,759 jobs.

Employment numbers were less than in 2009 but still the second highest since 2000.  An investment of $1.4 billion resulted in almost 5.4 million new or expanding square feet.  This was more than twice the investment dollar amount last year and the third highest in the past decade.  Based on these positive indicators, Charlotte’s economic state is certainly continuing to improve.

Some of the industries that experienced large increases in employment these last six months were manufacturing with 1,556 jobs, professional and technical services with 850 and transportation and warehousing with 654.  This conveys the diversity of industry that Charlotte continues to expand upon.

Announcements of note this quarter include the American Red Cross with 400 new jobs, Citco Fund Services with 258 positions, Pro Pac with 250, and Convergys Corporation with 200.  The largest square footage increase was contributed by Coalogix Regeneration with almost 146,000, and one of the largest investments was made by Babcock & Wilcox totaling $10.4 million.

According to economic forecasts, the Charlotte economy is expected to grow at an annual rate of 3.0 percent in the second half of the year. These solid numbers from the first half of the year confirm predictions for months to come.

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, Andrew Bowen, Christopher Blocker and Barbara Walter