The Charlotte Region is off to a strong start in 2022 with the largest number of announced jobs in three years. Q1 saw nearly 4,700 announced jobs and almost $2.2 billion in announced capital investment.
More than 85% of the projected jobs and capital investment originated from four announcements: Macy’s, Eli Lilly, Bestco, and Sherwin-Williams. The largest jobs announcement came from Rowan County with Macy’s new distribution center.
Reflecting a growing interest from the logistics and distribution industry in the region, Macy’s announcement will represent a $584 million investment and about 2,800 jobs.
The most significant capital investment announced this quarter was Eli Lilly in Cabarrus County. Eli Lilly’s manufacturing campus will represent a $1 billion capital investment and nearly 600 jobs. Eli Lilly’s presence highlights the Charlotte Region’s competitiveness when it comes to the life sciences industry.
Two additional announcements were Sherwin-Williams and Bestco in Iredell County. Sherwin-Williams had a $324 million capital investment, representing about 180 jobs. Bestco Holdings saw a $177 million capital investment, representing nearly 400 jobs.
In addition to these announcements, the region realized a net average growth of nearly 15,000 jobs, an increase of 1.05% in Q1-2022. This is similar to the growth rate of the nation (1.18%) and exceeded the previous quarter’s growth (0.75%). As a result of this quarter’s job growth, employment levels in the region have now exceeded pre-pandemic levels.
Future growth is likely to be constrained by factors related to impacts from rising prices in energy and food and supply constraints. Drivers of our regional performance are financial services and leisure and hospitality.
To gain more insight about the drivers of our regional performance, read predictions about future growth, and explore industry-specific trends, click here for the full Q1-2022 Growth Report.
