Fintech growth powers strong third quarter
Tech and finance continue to grow together in the Charlotte Region. Three financial services companies announced they would add 1,400 jobs over the next five years, and most of those will be in tech or tech- related. Digital mortgage platform Better.com plans to hire 1,000 in Charlotte, on the heels of a new direct-to-consumer mortgage partnership with Ally, which employs more than 1,300 in the Charlotte Region. Mitsubishi UFJ Financial Group announced the addition of 300 new jobs, and research and software firm Moody’s announced it would add 100. Other financial announcements include JPMorgan Chase’s retail expansion and the opening of U.S. Bank’s first retail branch in Charlotte. JPMorgan Chase is the United States’ largest bank by total assets and US Bank is the nation’s seventh largest.
The Charlotte Region’s manufacturing growth remained strong, despite the Institute of Supply Management’s Manufacturing Index showing a slowdown in manufacturing productivity during the quarter. Employment in manufacturing grew 2.3 percent year over year, aided by strong foreign direct investment and exports growth. Newly released data from the International Trade Administration showed the value of the Charlotte Region’s goods exports increased by 7.3 percent annually in 2018. Growth across all categories of exports was strong, particularly machinery manufacturing, which saw a 15 percent increase to $3.6 billion and chemical manufacturing, which increased 9 percent to $2.3 billion. Announcements from Innospec Performance Chemicals, adding 25 jobs in Rowan County, and Cataler, investing $14.8 million in its Lincoln County catalytic converter production facility, bolster both sectors in the Charlotte Region. In Lancaster County, Adornus Cabinetry announced plans to add 210 jobs. In Cabarrus County, Carvana announced plans to add 413 jobs at a new inspection center at The Grounds at Concord mega-site.
In Mecklenburg County, Columbus McKinnon, which manufactures motion-control systems for cranes, announced plans to open its global Research and Development Center, one example of the merger of technological and engineering talent possible in the Charlotte Region.
Chuck McShane, Ph.D., Vice President of Business Analytics and Data
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