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Charlotte Regional Business Alliance

The Growth Report

Quarterly Report highlighting the region's economic growth.

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The Growth Report

Despite Downturn, Investments continue

The second quarter of 2020 was one of the toughest on record. Quarter-to-quarter net job loss in the region exceeded 155,000. June brought partial recovery and, despite the downturn, 22 traded-sector companies announced relocation or expansion plans accounting for more than $1.1 billion in capital investment.

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Despite Downturn, Investments continue
The Growth Report

Overview

The second quarter of 2020 was one of the toughest economic quarters in the history of our region and the nation as a whole. Quarter-to-quarter net job loss in the region was over 155,000, with 40 percent of the loss in the leisure and hospitality industry. The finance and insurance sector was the only industry to add net jobs during the second quarter. June brought partial recovery with unemployment rates improving to 8.4% from a May high of 13.2% as the Charlotte Region adjusted to the impacts of the COVID-19 pandemic.

Despite the downturn, 22 traded-sector companies announced relocation or expansion plans accounting for more than $1.1 billion in capital investment.

Two long-expected relocation projects– the Carolina Panthers headquarters move to Rock Hill and Charlotte Pipe and Foundry’s move to Stanly County – accounted for the bulk of the capital investment. Other expansion and relocation announcements came from diverse manufacturing, distribution and office-based sectors. Manufacturing announcements included the relocation of cabinet-maker GoldenHome International to the Grounds at Concord site in Cabarrus County and the expansions of Dymax Corporation in Gaston County, Ames Copper Group in Cleveland county, McClancy Seasoning in Lancaster County. Ross Stores announced the expansion of its York County distribution Center. Office announcements included Tranzact’s addition of 200 insurance agents and Chime Solutions’ addition of 250 jobs at its Charlotte office.

Our Growth Report includes more economic data and industry trends and insights in key regional sectors like manufacturing, technology, health care, financial services and transportation and logistics

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Chuck McShane, PhD

For More Information

Chuck McShane, PhD

Senior Vice President
Economic Research
704-378-1327