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Charlotte Regional Business Alliance

COVID-19 Economic Impact

A joint project of the Charlotte Regional Research Collaborative

Full report
COVID-19 Economic Impact

COVID-19 Dashboard

A lot has changed since mid-March. The public health and economic emergency of the COVID-19 crisis has rippled through so quickly, traditional data sources have lagged conditions on the ground. This dashboard was created to put in one place disparate data sources to give the Charlotte Region as complete an overview of the COVID crisis as possible.

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COVID-19 Economic Impact

Dashboard Highlights

  • The CLT Alliance Economic Impact survey for the April 29 to May 13 showed continued supply chain challenges for industrial-based companies. In addition, the number of respondents reporting less than 30 days of operational capacity decreased across all categories. Office-based companies showed continued optimism in staffing with 67 percent reporting no layoffs in the past 30 days, while 56 percent of Accommodations, Entertainment and Retail companies reported layoffs.
  • More than 88,000 workers in North Carolina and South Carolina filed for unemployment the week ending May 9, bringing the total of unemployment claims since March 14 to more than 1.3 million. That number represents more than 18 percent of North Carolina’s 2019 workforce and more than 21 percent of South Carolina’s. Accommodations, Food Service and Retail industries were hit hardest by layoffs.
  • Despite the downturn, some Charlotte Region companies are still hiring. Jobs listing data shows a 26 percent decline in postings but continued strong demand for registered nurses, delivery drivers and Java developers – representing three industries seeing major changes due to COVID-19 - health care, transportation and tech.
  • Hotel demand was running at about 26% of capacity given the lack of travel and convention demand as people continue to social distance. Average prices were under $70 a room the week of May 2, compared to over $116 per room the week of March 7.
  • Google Mobility data available through May 7 shows people throughout the region are staying away from retail and recreation outlets, transit stations and workplaces, but spending increasing amounts of time at home or in parks.
  • Not everyone is able to work from home, however. Our analysis of vulnerable populations and front-line workers shows that the Charlotte Region has about an average percentage of critical front-line workers, 36 percent. In addition, about 14.3 percent work in occupations that require close contact and are difficult to complete while social distancing.
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COVID-19 Economic Impact

Charlotte Regional Research Collaborative

The Charlotte Regional Research Collaborative, a consortium of researchers and economists from the private, public and non-profit sectors hosted by the Charlotte Regional Business Alliance, partnered to produce and update the dashboard. Updates will be made weekly, and additional data sources could be added.

Charlotte Regional Business Alliance

Charlotte Regional Business Alliance

The Growth Report

A solid stream of new traded-sector jobs announcements and investments carried the Charlotte Region through early March, including several expansion announcements from manufacturers. Paper manufacturer Glatfelter announced the relocation of its Pennsylvania headquarters to Charlotte, adding 50 jobs.

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Chuck McShane, PhD

For More Information

Chuck McShane, PhD

Senior Vice President
Economic Research
704-378-1327