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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

Regional Economy Regains Momentum

The Charlotte Region’s economic recovery continued in the third quarter of 2020. After historic job losses in the first two quarters of the year, the region added more than 43,000 jobs. Job growth was particularly strong in the leisure and hospitality sectors as restaurant business began to recover. Finance and headquarters growth also remained strong, outpacing national averages.

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Regional Economy Regains Momentum
The Growth Report

Overview

The Charlotte Region’s economic recovery continued in the third quarter of 2020. After historic job losses in the first two quarters of the year, the region added more than 43,000 jobs in Q3. Job growth was particularly strong in the leisure and hospitality sectors as restaurant business began to recover. Finance and headquarters growth also remained strong, outpacing national averages.

A historic win for the Charlotte Region was Centene, ranked No. 42 on the Fortune 500, which announced its regional headquarters in July. The project is the largest jobs announcement in the region since the 1998 merger of Bank of America and Nationsbank. The healthcare company will hire more than 3,200 and invest over $1 billion in Charlotte’s University City campus. Thirteen additional companies made announcements in the Charlotte Region during the third quarter, bringing an additional $200 million in capital investments.

Manufacturing employment increased by about 2% during Q3 but remains down 9% in the region since March, compared to a 4.4% decrease nationwide. The Logistics and Transportation industry has also continued to outpace overall job growth. While airline transportation jobs remain down 25% statewide since the pandemic, warehousing and distribution jobs have increased as the shift to e-commerce shows no sign of slowing.

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