Charlotte Region Continues Strong Momentum During Q1
A solid stream of new traded-sector jobs announcements and investments carried the Charlotte Region through early March. In total, 18 companies announced plans for expansion or relocation. Paper manufacturer, Glatfelter, automotive mainstay, General Motors, defense supplier, Optimized Armor and a host of regional expansions accounted for more than 800 new jobs.
Capital investment in Q1 2020 outpaced the same time period one year ago. Traded-sector companies announced $323 million in capital investment, compared to $93.6 million in the same quarter of 2019.
Glatfelter announced the relocation of its Pennsylvania headquarters to Charlotte, adding 50 jobs. CEO, Dante Parrini referenced the regions ability to supply “a larger pool of critical resources and talent for future growth” as key reasons for the investment.
In Cabarrus County, General Motors (GM) announced a new research and development facility for its racing activities, capitalizing on the region’s strengths in racing and its growing prominence as a center for innovation and development.
“We’re thrilled to expand GM’s U.S. footprint by establishing a greater presence in Charlotte, a community that has become a racing and engineering mecca,” said Jim Campbell, Chevrolet U.S. vice president of Performance and Motorsports. “This will allow for improved collaboration as well as access to some of the industry’s best talent.”
Optimized Armor, a provider of armored steel for the defense and other industries, announced plans for their first US operation, in Rock Hill, SC.
“The willingness to support Optimized Armor, Inc. helps ensure a bright future for those that will work with us here and the surrounding community. Optimized Armor, Inc. is looking forward to making Rock Hill, South Carolina our new U.S. home,” said Director, Simon Hurst.
The company plans to create 100 jobs and invest nearly $4 million.
In addition to new investments, several notable expansion announcements from area manufacturers accounted for a significant portion of Q1 job growth, including Carolina Structural Plastics, Scientex Packaging Film, Saertex, and Arhaus Home Furnishings.
Six of the 18 announcements from quarter one are from outside the US, further strengthening the region’s reputation as a global hub. Spain, the United Kingdom, Germany, Denmark, and Japan accounted for the sources of foreign direct investment.
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