This week we celebrate National Manufacturing Day. It is a time to recognize the important role that manufacturing plays in our regional economy. In the Charlotte Region, manufacturing is the largest industry in 10 of our 15 counties, employing about 150 thousand people.
In addition, manufacturing contributes about $27 billion to the regional economy, behind only financial services and real estate industries. The Charlotte Region was built in part by the legacy textile and furniture industries, but it has developed clusters more recently in advanced manufacturing industries like automotive, advanced materials, and machinery. Recent business recruitment activity also points to a strong future in emerging regional industries like food and beverage manufacturing and life sciences. Half of the largest 10 recent manufacturing announcements are in these industries.
And while much of life came to halt in March of 2020, manufacturing companies have continued to make announcements in the region over the past three years. More than 9,500 jobs and $4.9 billion in capital investment have been announced by manufacturing companies since 2020. In fact, industry leaders will tell you, Charlotte is a “pioneer city of the future of manufacturing in the U.S.”
It may be easier to conceptualize how the 9,500 jobs will bolster our regional economy, but capital investment is also crucial by providing a foundation for our local tax base. Local governments in the Carolinas receive more than 70% of their tax revenue from property taxes, and manufacturing projects tend to have high capital investment totals. So, not only do manufacturing companies create valuable jobs for members of our community, but also they support the many services provided by local governments like education, first responders, and roads.
While some of us may feel far from manufacturing on a day-to-day basis, National Manufacturing Day is a great reminder of the important role the industry plays in our regional economy and how it supports our local communities.
