How Finance and Manufacturing Power the Regional Economy
The Charlotte region is the nation's 22nd largest economy. The region's gross product - the broadest measure of economic activity - totals around $190 billion, according to the most recent estimates from Chmura economics.
Industries have varied effects on the regional economy. The differences in these effects are driven largely by the ability to sell goods or services outside of the Charlotte Region. Two key industries stick out, with the Finance and Insurance sector, and the Manufacturing sector, accounting for more than 28% of the region's economy combined. Nationally, these industries account for only 18.5% of the economy.
It's not surprising that Charlotte, as the 2nd-largest banking center in the United States, has an economically productive finance sector. The manufacturing sector's strength in the region is less well-known.
The following animation shows the relative contribution to the regional economy.
Posted by: Chuck McShane, Senior Vice President, Economic Research @ 2:00:00 pm