CHARLOTTE A GLOBAL HUB FOR BUSINESS
W HY AR LOTT H Y CH C HAR People keep coming to the Charlotte region. 102 people a day, in fact. Why do they come to Charlotte? They come for jobs in a healthy and growing economy with thriving health care, finance and professional services sectors, and ranked the No. 1 fastestgrowing tech talent market two years running. They come to start and grow businesses in a state with the lowest corporate tax rate on the East Coast and a region with an educated, talented and innovative workforce, regularly ranked in the top three best places to start a business. They come for lower cost of living and affordable real estate in neighborhoods suitable for any lifestyle – from vibrant urban centers to suburban cul-de-sacs to quaint small towns and rural areas. And 226 days of sunshine a year doesn’t hurt either.
Need more proof? Consider these numbers:
53%
U.S. POPULATION
15
7 TH
700
BUSIEST AIRPORT IN THE WORLD: CHARLOTTE DOUGLAS INTERNATIONAL AIRPORT
DAILY
NONSTOP FLIGHTS
173
+
NONSTOP DESTINATIONS INCLUDING 34 INTERNATIONAL DESTINATIONS
WITHIN 650 MILES (2-HOUR FLIGHT OR 12HOUR TRUCK HAUL)
RESEARCH UNIVERSITIES
1,000+
INTERNATIONALLY OWNED COMPANIES HAVE PRESENCE IN THE REGION
300,000 STUDENTS
(WITHIN 200 MILES)
44.2 %
OF MECKLENBURG COUNTY RESIDENTS HAVE A BACHELOR’S DEGREE OR HIGHER
2.5 %
STATE CORPORATE INCOME TAX (LOWEST IN THE U.S.)
4
MAJOR INTERSTATES (40, 77, 85, 485) CONNECT THE REGION WITH OTHER MARKETS
96.2 %
COST OF LIVING AS A PERCENTAGE OF THE NATIONAL AVERAGE (C2ER, 1Q 2018)
FOR UP-TO-DATE INFORMATION AND DATA ON THE CHARLOTTE ECONOMY, CHECK OUT THE
NO. 1 METRO
TE?
NO. 1 CITY FOR
NO. 1 STATE FOR
ECONOMIC
BUSINESS
OPPORTUNITY
(Forbes, 2017)
(American Express OPEN, 2017)
(Yelp, 2017)
NO. 2 CITY CREATING TECH JOBS
NO. 2 HIGHEST GROWTH IN NUMBER OF SMALL BUSINESSES
(Forbes, 2016)
(WalletHub, 2016)
FOR GROWTH IN WOMEN-OWNED FIRMS
NO. 3 BEST METRO FOR STEM JOB GROWTH (Forbes, 2018)
NO. 3 FASTESTGROWING BIG CITY (Alliance analysis of U.S. Census Bureau data, 2018)
NO. 3 REAL ESTATE MARKET TO WATCH (PwC and Urban Land Institute, 2016)
CHARLOTTE REGIONAL ALLIANCE CONTACTS ECONOMIC RECRUITMENT KATHLEEN BYRNE
EILEEN CAI
SVEN GERZER
ANTONY BURTON
AKOFA DOSSOU
CHUCK MCSHANE
KATI HYNES
STEVEN PEARCE
MARVIN PRICE
RESEARCH & DATA
TAB LE OF CON TEN TS 4 – LI VI N G H E RE
18 – A DVA NCED M A NU FACTU RI NG I NDU S TRY
6 – G E T T I N G A RO U N D
20 – TRA NS PORTATI ON A ND LOGI STI CS I NDU STRY
7 – DO I N G BU S I N E S S HE RE
22 – I NTERNATI ONA L BU SI NESS ES
8 – R EG I O N AL P RO F I LE S
24 – CORPORATE HEA DQUA RTERS
10 – ECO N O M I C I N D I C ATO RS
26 – ENERGY I NDU S TRY
12 – FI N AN C I AL S E RV IC E S IND UST RY
28 – LEGA L I SS U ES FOR I NTERNATI ONA L BU S I NESS ES
14 – H E A LT H C A RE I N D UST RY
30 – TA XES A ND I NCENTI V E PROGRA M S
16 – I N FO RM AT I O N T EC HNO LO GY IND UST RY
32 – QUA LI TY OF LI V I NG
ALLIANCE'S INTERACTIVE DASHBOARDS AT CHARLOTTEREGION.COM/ECONOMICINDICATORS.
v
L I V I NG HE RE High quality of life, low cost of living and diversity of living and educational options characterize life in Charlotte. The metropolitan area of 2.5 million people is one of the nation’s most affordable metros. At 96.2 percent of the national average, it costs less to live here than in most major metropolitan areas.
CO ST O F LIV ING INDEX
TA MPA , FL
94.8
RIC HMO ND, VA
96.1
C HA RLOT T E, NC
96.2
RA LEIG H, NC NA SHV ILLE, T N
96.4 96.7
AT LA NTA , GA
99.0
DA LLA S, T X 102.1
HO USING INDEX
77.0
TA MPA, F L
83.4
RA LEIG H , N C
86.7
C HA RLOTTE , N C
88.7
RIC HMON D, VA
91.1 94.4
NA SHV IL L E , TN AT LA NTA , GA
104.9 DA LLA S, TX
TAX RATES IN MECKLENBURG COUNTY MUNICIPALITIES MUNICIPALITY
TOTAL PROPERTY TAX RATE (Per $100 Valuation)*
Charlotte**
$1.3100
Cornelius
$1.0782
Davidson
$1.1732
Huntersville
$1.1282
Matthews
$1.1782
Mint Hill
$1.0932
Pineville
$1.2032
Unincorp. County
$1.0378
OTHER TAXES
PERCENTAGE RATE
N.C. corporate tax
3%
N.C. personal income tax
5.50%
Sales tax (Mecklenburg County)***
7.25%
Source: Mecklenburg County Office of the Tax Collector * Taxes assessed on 100 percent of assessed value and valuations conducted every four to eight years. Business and individual tax rates are same; **Additional municipal services district taxes apply in parts of Center City and University area; ***Includes 4.75% state tax, 2.0% county tax and 0.5% public transit tax.
FOR DETAILED COST OF LIVING INFORMATION, VISIT CHARLOTTEREGION.COM/COSTOFLIVING.
4
485
85
The Charlotte area offers neighborhoods for all lifestyles, tastes and budgets – from high-rise condos in a vibrant center city, to mid-century bungalows and townhomes in close-in neighborhoods, to classic suburban subdivisions and charming small towns.
POPULATION 2017
POPULATION 2010
RESIDENTS WITH BACHELOR’S DEGREES
HUNTERSVILLE
57,875
50,911
54%
$91,740
37
BALLANTYNE
57,646
50,881
53%
$86,987
38
UNIVERSITY
38,932
32,585
51%
$57,714
29
CORNELIUS
24,866
18,785
53%
$81,044
39
MYERS PARK
17,588
15,881
80%
$120,855
39
UPTOWN
15,436
12,489
67%
$72,648
29
DAVIDSON AREA
12,783
10,271
65%
$123,034
38
SOUTHPARK
10,948
10,307
73%
$97,147
40
SOUTH END
8,918
5,023
43%
$50,028
30
PLAZA MIDWOOD
8,656
7,969
44%
$68,593
34
DILWORTH
7,938
6,563
75%
$76,002
33
MADISON PARK
6,317
5,377
53%
$73,445
37
ELIZABETH
4,866
4,053
64%
$68,863
31
NODA
3,258
2,607
45%
$66,194
33
NEIGHBORHOODS
77
485
MEDIAN HOUSEHOLD INCOME
MEDIAN AGE
85
277
485
Source: Neighborhood population, income and median age statistics are based on the Mecklenburg County Neighborhood Quality of Life Explorer produced by the City of Charlotte, Mecklenburg County and the UNC Charlotte Urban Institute. These neighborhoods are combinations of the city’s “Neighborhood Profile Areas.” Other neighborhood definitions might vary.
MINT HILL
77 MATTHEWS PINEVILLE
485
5
G ET TI NG A RO U N D $3 BILLION
Charlotteans have plenty of options for getting around this growing city and region; and we’re making investments in more transportation infrastructure. One in four Mecklenburg County workers – that’s 160,000 people - commute into Mecklenburg County from other counties in the region each day.
IN TRANSPORTATION FUNDING PLEDGED BY BUILD NC BOND ACT TRHOUGH 2027
IREDELL CO. ALEXANDER CO.
26.3
77
S T A T ES V I L L E H RY HII CKO CKOR
TO RALEIGH, WASHINGTON D.C.
S A L I S B UR Y NEWTON
US Census Bureau
MOORESVI LLE
CATAWBA CO. LINCOLN CO.
77
L INCO L NTON 321
SHEL B Y
CLEVELAND CO. 85
CLO VE V ER
85 DAVIDSON
K A NN A P O L I S
MECKLENBURG CO. MOUNT H OLLY
STANLY CO.
CABARRUS CO.
A L B E M A R LE
62,000+
CHARLOTTE
G A ST ONI A
N.C.
ROWAN CO.
H U N T E R S V I L L E CONCOR D
GASTON CO.
74
MINUTE MEDIAN COMMUTE TIME
40
485
S.C.
MINT HI H I LL
DAILY RIDERS OF CHARLOTTE AREA TRANSIT SYSTEM
TO ATLANTA
YORK CO.
TO PORT OF WILMINGTON
W E D D I N GT O N
MONROE 74
R OCK HI L L
UNION CO.
77
LANCASTER CO. YO RK YORK CHESTER
N.C. S.C.
PA G E L A ND
LANC ASTER
American Public Transportation Association, Q1 2018
W I NG N GA T E
C HE S T E R F I E L D C HE R A W
CHESTERFIELD CO.
CHESTER CO.
TO PORT OF CHARLESTON
MILES OF NEWLY OPENED LIGHT-RAIL LINE
LEGEND LYNX BLUE LINE
FREIGHT CORRIDOR
BLUE LINE EXTENSION
CSX DOUBLE TRACK TO PORT TO WILMINGTON
SEHSR ATL TO D.C.
HIGHWAY CONNECTION
FUTURE RED LINE FUTURE SILVER LINE CITYLYNX GOLD LINE (in progress)
6
20 MILES
TRAFFIC IMPROVEMENT CHARLOTTE DOUGLAS INTERNATIONAL AIRPORT
CHARLOTTE GATEWAY STATION (planned)
DOING BUSINESS HERE Charlotte’s well-known probusiness environment is evident in its ability to move people and products efficiently and conveniently throughout the world. Key assets include favorable geographic location,
amenable climate, and convenience to major U.S. markets, Foreign Trade Zone No. 57, a U.S. Customs and Border Protection office and an inland port. Charlotte’s location within North Carolina,
which Site Selection magazine ranked No. 1 in its Prosperity Cup business competitiveness rankings three years in a row, is also favorable for relocating and expanding businesses.
FORTUNE 500 HEADQUARTERS IN THE CHARLOTTE REGION
Source: Fortune Magazine 2018 Fortune 500 List
#
24
Revenue
$100.3 B
BA N K O F AM E R IC A COMM E RC I AL BAN K S
#
40
Revenue
$68.6 B
#
LOWE ’S RE TAIL: HO ME IMP ROVE ME NT
OFFICE SPACE
115
MM Sq. Ft. Existing
125
Revenue
$23.2 B
151
#
DU KE ENERGY UT ILITI ES
Revenue
$20.3 B
#
NUCO R M ETA LS
298
Revenue
$9.9 B
#
456
SO NIC AUTO MOT IV E RETA I L: AU TOM OTI V E
Revenue
$6.1 B
SE A L E D A IR PACKAGIN G
(Source: Co-Star)
4.2
Average Asking Office Rents
$32.39/sf Suburban $23.77/sf
MM Sq. Ft. Under Construction
Urban
BUSINESS CLIMATE
2.5% CORPORATE TAX RATE as of 2019 – lowest of any state with a corporate income tax
(Source: Tax Foundation)
425 CORPORATE HEADQUARTERS
(Source: Charlotte Regional Business Alliance Research)
80% GROWTH in Professional Services Employment since 2001
(Source: Bureau of Labor Statistics via JobsEQ)
200,000 NEW JOBS added since 2001
#1
C I TY FOR ECONOM I C OP P ORTU N IY (YELP, 2017)
(Source: Bureau of Economic Analysis)
7
R EG IO AL P RO I ON NAL CATAWBA Popula on: 157,974 Largest Industry: Manufacturing Growth since 2010: 2.1% Median Household Income: $44,376 Median Age: 39.6
ALEXANDER Popula on: 37,286 Largest Industry: Manufacturing Growth since 2010: 0.1% Median Household Income: $39,365 Median Age: 40.8
LINCOLN Popula on: 82,403 Largest Industry: Manufacturing Growth since 2010: 5.5% Median Household Income: $49,215 Median Age: 40.4
ALEXANDER IREDELL LL L
CATAWBA
LINCOLN
CLEVELAND Popula on: 97,334 Largest Industry: Manufacturing Growth since 2010: -0.6% Median Household Income: $39,453 Median Age: 40.3
CLEVELAND
GASTON
MECKLENBU
YORK
8
GASTON Popula on: 220,182 Largest Industry: Manufacturing Growth since 2010: 6.8% Median Household Income: $42,429 Median Age: 38.9
CHESTER Populaon: 32,301 Largest Industry: Manufacturing Growth since 2010: -2.5% Median Household Income: $31,914 Median Age: 40.3
YORK Popula on: 266,439 Largest Industry: Retail Trade Growth since 2010: 17.4% Median Household Income: $65,903 Median Age: 39.7
LANCASTER Populaon: 92,550 Largest Industry: Professional Services Growth since 2010: 20.2% Median Household Income: $44,016 Median Age: 39.7
CHESTER
LAN
F IL E S ROWAN Populaon: 140,644 Largest Industry: Health Care Growth since 2010: 1.7% Median Household Income: $43,069 Median Age: 39.1
CABARRUS Popula on: 206,872 Largest Industry: Retail Trade Growth since 2010: 15.9% Median Household Income: $54,720 Median Age: 36.7
IREDELL Populaon: 175,711 Largest Industry: Manufacturing Growth since 2010: 10.0% Median Household Income: $52,306 Median Age: 38.9
MECKLENBURG Popula on: 1,076,837 Largest Industry: Health Care Growth since 2010: 16.6% Median Household Income: $56,854 Median Age: 33.9
ROWAN
STANLY Populaon: 61,482 Largest Industry: Manufacturing Growth since 2010: 1.5% Median Household Income: $40,910 Median Age: 40.5
CABARRUS STANLY
URG
UNION
NCASTER
UNION Populaon: 231,366 Largest Industry: Manufacturing Growth since 2010: 14.5% Median Household Income: $65,903 Median Age: 36.2
CHESTERFIELD
CHESTERFIELD Populaon: 45,948 Largest Industry: Manufacturing Growth since 2010: -1.5% Median Household Income: $32,083 Median Age: 39.3
(Source: Charlotte Regional Business Alliance Research and JobsEQ)
9
ECON OM IC IND OMIC Many factors drive our region's economy. The Charlotte Regional Business Alliance's research team keeps track of them all. Here is a sample of some of the key metrics reflecting the growth of the Charlotte Region over the first two decades of the 21st century.
TOTAL GROSS DOMESTIC PRODUCT ($ in millions) Charlotte MSA (2013 Definition) 2017: $174,029
2001: $81,150
Source: Bureau of Economic Analysis
TOTAL POPULATION Charlotte MSA 2017: 2,525,305 2000: 1,728,616 Source: U.S. Census Bureau and Bureau of Economic Analysis
FOR DETAILED ECONOMIC INSIGHTS, VISIT CHARLOTTEREGION.COM/ECONOMIC-INDICATORS.
10
D I C ATO R S TOTAL EMPLOYMENT Charlotte MSA 2018: 1,267,183 2007: 1,002,304
Source: N.C. Department of Commerce & Charlotte Regional Business Alliance
TOTAL HOUSING PERMITS Charlotte MSA 2010: 5,622
2017: 21,508 Source: U.S. Census Bureau & Charlotte Regional Business Alliance
TOTAL COMPENSATION Charlotte MSA 2001: $42,064,098,000
2017: $82,778,376,000
Source: Bureau of Labor Statistics
11
FINANC IA L S ERV I C E S Charlotte has been at the forefront of finance since the Federal Reserve’s decision to open an office here in 1927. In the 90 years since, the area has transformed from a regional banking center to a global hub of financial activity, home to Bank of America’s global headquarters and Wells Fargo’s east coast center of operations. Nearly 75,000 people work in the finance and insurance sector in the Charlotte area. More than 85 percent of those jobs are in Charlotte and surrounding Mecklenburg County. Accounting for around 9 percent of area jobs but nearly 17 percent of all wages, the financial services sector is the foundation of the region’s economic strength. In addition to resources for established financial firms, entrepreneurs in the financial and payments technology fields find Charlotte an ideal place to innovate and grow. Charlotte is home to more than 40 FinTech firms, from LendingTree to homegrown payments company AvidXchange, to a growing community of startups pushing this historic banking city to look toward the future.
MORE THAN
REGISTERED WITH FINANCIAL I ND U S TRY REG U LATORY AU THORITY.
Source: FINRA
S E LECT F I N TECH COMPA NIES I N CH AR LOTTE AR E A
MAJO R F I N AN C E E M P LOY E RS COMPANY
REGIONAL EMPLOYMENT
LINE OF BUSINESS
COMPANY
REGIONAL EMPLOYMENT
LINE OF BUSINESS
AvidXchange
1,200*
Payments automation
Wells Fargo Company
24,500
Commercial banking
LendingTree
488*
Online lending
Bank of America Corporate
15,000
Commercial banking
Zenmonics Inc
180
Mobile banking platform
TIAA
4,000
Third party administration of insurance & pension funds
Sentry One
100
SQL Server & Microsoft optimization
LPL Financial Services
2,850
Financial investment advice services
Passport Parking, LLC
92
Transportation system and parking payments
BB&T Corp
2,065
Commercial banking
Levvel
90
FinTech strategy consulting
Allstate Insurance Co.
2,000*
Insurance agencies & brokerages
Payzer
41
Mobile and online payments; instant financing
MetLife, Inc.
1,500
Direct property & casualty insurance carriers
Sunlight Financial
40
Mobile lending for solar installations
The Vanguard Group, Inc.
1,300
Investment services
DealCloud, Inc.
40
Private equity deal management
Ally Financial
1,300
Consumer financing
Impact Financial Systems
30
Business process automation
PrecisionLender
20
Pricing management
Sources: Charlotte Regional Business Alliance Data, Industry databases, Business Wise. *in August 2017, Allstate announced that it will add 2,250 jobs over the next 3-5 years.
2x T H E
12
1 0 , 0 0 0 LICENSED
BROKERS AND INVESTMENTS ADVISORS
N AT I O N A L AV E R A G E O F F I N A N C I A L A N A LY S T S
Source: JobsEQ
Sources: Charlotte Regional Business Alliance research, Industry databases, Business Wise. *In December 2018, AvidXchange announced it would add 1,229 additional jobs and expand its headquarters; LendingTree announced an additional 436 jobs.
BY THE NUMBERS
75 FINANCE & INSURANCE WORKERS IN THE CHARLOTTE AREA
Nearly
2.3
2
nd
TRILLION
LARGEST BANKING CENTER IN THE UNITED STATES
IN TOTAL ASSETS HELD BY CHARLOTTE BANKS
1,700 jobs added by AvidXchange and LendingTree in two
major announcements.
LARGEST 15 OCCUPATIONS IN FINANCE AND INSURANCE SECTOR
(NAICS code 52)
PROJECTED ANNUAL GROWTH RATE BY 2028
2018 MSA EMPLOYMENT
AVERAGE WAGES
CURRENT ONLINE JOB ADS
Accountants & Auditors
12,671
$78,300
700
2.00%
Business Operations Specialists; All Other
8,965
$76,000
549
1.90%
NE AR LY
Management Analysts
7,919
$102,000
1,370
2.30%
BUSINESS AND
Loan Officers
5,319
$74,900
108
1.90%
FINANCE-RELATED
Human Resources Specialists
4,932
$70,400
749
1.70%
DEGREES AWARDED
Financial Analysts
4,115
$92,500
377
2.00%
EACH YEAR AT
Personal Financial Advisors
3,220
$106,400
68
2.40%
48 AR E A
Compliance Officers
1,767
$67,400
52
1.80%
HIGHER-EDUCATION
Credit Analysts
1,517
$89,600
39
1.80%
Financial Examiners
1,415
$90,600
41
2.10%
Insurance Underwriters
945
$87,200
72
0.70%
Compensation, Benefits, and Job Analysis Specialties
797
$67,700
41
1.90%
Appraisers and Assessors of Real Estate
661
$73,000
15
2.30%
Credit Counselors
234
$57,700
2
2.20%
Budget Analysts
180
$74,500
16
1.70%
OCCUPATION
Source: Jobs EQ and U.S. Bureau of Labor Statistics, Q1 2018
3,000
I NS TI TU T IO N S. Source: IPEDS and institutions
13
HEALTH C A R E From primary care facilities and comprehensive hospitals, to health care research and technology, and a growing medical equipment and pharmaceutical industry, a broad range of health care companies are crucial to the Charlotte region’s economy. Health care accounts for 1 in 10 jobs in the Charlotte region. That’s a robust workforce of more than 142,000 workers with diverse skill sets, education levels and backgrounds. From home health care workers to hospital support professionals to physicians and life sciences researchers, much of the area’s health care talent is recruited from the 48 higher education institutions in the area. With the flagship institutions of two nationally ranked hospital systems in Atrium Health and Novant Health, a growing health care technology and medical equipment supplies manufacturing industry, and a world-class research institution in the North Carolina Research Campus, Charlotte’s health care industry is poised to continue growing.
THE HEALTH CARE SECTOR HAS A
$ 13.4 B I L L I O N T O TA L I M PAC T O N T H E
CHARLOTTE REGION’S ECONOMY.
Source: JobsEQ, Chmura Economics
96,041
A N AD D ITIO NAL JOBS AR E I ND I R EC TLY S U P P ORTE D BY E XP E N D ITURES OF HEALTH CAR E COM PANI E S AND WOR KE R S . Source: JobsEQ, Chmura Economics
TOP 10 HEALTH CARE EMPLOYERS T O P 1 0 H E A LT H C A R E S U B - I N D U S T R I E S COMPANY Atrium Health
14
REGIONAL EMPLOYMENT
COUNTY
INDUSTRY
2018 MSA EMPLOYMENT
AVG. ANNUAL WAGES
PROJECTED ANNUAL GROWTH RATE BY 2028
(formerly Carolinas HealthCare System)
35,700
Regional
General Medical Hospitals
39,431
$63,952
1.10%
Novant Health
12,468
Regional
Offices of Physicians
24,277
$96,005
2.70%
Caromont Health Inc.
3,980
Gaston
Home Health Care Services
9,855
$30,396
4.60%
Iredell Health System
1,600
Iredell
Nursing Care Facilities
8,947
$32,429
1.00%
Piedmont Medical Center
1,600
York
Retirement & Assisted Living Facilities
7,825
$24,615
3.60%
Premier Inc.
1,200
Regional
Offices of Dentists
7,534
$58,319
2.50%
Orthocarolina
1,100
Mecklenburg
Outpatient Care Centers
4,026
$52,967
3.40%
Disability, Mental Health & Substance Abuse Facilities
3,403
$27,985
2.50%
Other Ambulatory Health Care Services
2,193
$44,706
3.60%
General Health Practitioners
1,944
$48,238
3.50%
White Oak Manor
938
Regional
Springs Memorial Hospital
875
Lancaster
Brookdale Senior Living
835
Regional
Sources: Charlotte Regional Business Alliance, Industry databases, Business Wise
Source: JobsEQ, Q1 2018
BY THE NUMBERS
1
142
4,800
LARGEST SECTOR BY EMPLOYMENT
HEALTH CARE AND LIFE SCIENCE WORKERS IN CHARLOTTE
HEALTH CARE ESTABLISHMENTS IN THE CHARLOTTE MSA
1:1,150 ratio of primary physicians to people (Source: Robert Wood Johnson Foundation)
L A R G E S T 1 5 H E A LT H C A R E O C C U P AT I O N S PROJECTED ANNUAL GROWTH RATE BY 2028
2018 MSA EMPLOYMENT
AVERAGE WAGES
CURRENT ONLINE JOB ADS
Registered Nurses
22,568
$61,007
1,929
2.00%
Nursing Assistants
10,613
$19,500
736
1.80%
Home Health Aides
6,049
$19,500
135
4.50%
Medical Assistants
4,706
$33,300
284
3.30%
Licensed Practical & Licensed Vocational Nurses
4,310
$42,600
309
1.80%
Pharmacy Technicians
3,042
$30,900
550
1.70%
Physicians & Surgeons
2,902
$229,100
135
2.10%
C E RTI F I CAT E S &
Dental Assistants
2,323
$42,100
44
2.50%
DEGREES AWARDED
Pharmacists
2,042
$117,000
45
1.10%
ANNUALLY.
Dental Hygienists
1,701
$70,700
23
2.50%
Emergency Medical Technicians & Paramedics
1,633
$36,600
70
1.90%
Medical Records and Health Information Technicians
1,530
$36,900
267
2.10%
Radiologic Technologists
1,497
$55,400
125
1.80%
Physical Therapists
1,263
$81,900
70
2.80%
Nurse Practitioners
1,060
$98,700
130
3.80%
OCCUPATION
NE AR LY
5,000
HE ALTH CA R E O R L I F E S C I E N CE R E L ATE D
Source: IPEDS and institutions
Source: JobsEQ, Q1 2018
15
INFORMATION TECHNOLOGY With strong presence of renowned technology companies, IT is an established industry in the Charlotte region. But Charlotte’s diverse technology talent drives innovation in many industries. The financial technology, or FinTech, sector provides an example. With nearly 10 percent of Charlotte’s technology talent working in financial services, FinTech has emerged as a burgeoning industry with more than 40 firms in the Charlotte area. Tech companies serving the health care and manufacturing industries make up a large portion of Charlotte’s tech
community as well. Many of the city’s most successful entrepreneurs began their careers at large companies in the financial services, health care and energy sectors, and took their expertise from these industries to develop techbased solutions to solve problems in their field. With a diversified workforce, a wide variety of science, technology, engineering and math (STEM) education programs, and a range of accelerator and incubator programs, Charlotte is poised to grow as a hub for technology and innovation.
Photo by David Jaffe
T O P 1 0 T E C H E M P L O Y E R S I T S U B - I N D U S T R Y C O N C E N T R AT I O N S COMPANY
REGIONAL EMPLOYMENT
COUNTY
Red Ventures
3,250
Lancaster
AvidXchange
1,200*
Mecklenburg
Microsoft Corp
1,100
Mecklenburg
Optum Inc.
1,100
Cabarrus
Accenture
1,000
Mecklenburg
Synchrony Financial
975
Mecklenburg
LendingTree
488*
Mecklenburg
McKesson Technology Solutions
250
Mecklenburg
Flexential
250
Mecklenburg
Aktion Associates, Inc.
160
Mecklenburg
Velocitor Solutions LLC
150
Mecklenburg
Source: Charlotte Regional Business Alliance, Industry databases, Business Wise; *AvidXchange announced the addition of 1,229 new jobs and LendingTree announced the expansion & addition of 436 new jobs in December 2018.
16
PROJECTED ANNUAL GROWTH BY 2028
MSA EMPLOYMENT
AVG. ANNUAL WAGES
Computer Systems Design Services
8,920
$88,782
2.8%
Data Processing, Hosting, and Related Services
8,245
$100,433
2.2%
Custom Computer Programming Services
6,258
$92,368
2.7%
Software Publishers
3,997
$120,607
2.7%
Other Computer Related Services
654
$89,559
2.7%
Internet Publishing and Broadcasting and Web Search Portals
635
$66,776
4.2%
Computer Facilities Management Services
260
$85,228
2.6%
INDUSTRY
Source: JobsEQ, Q1 2018
DOWN LOA D A CO MP L E TE L I S T O F COWO RK I N G S PAC E S A N D B US INE S S I NC U BATO RS I N TH E C H A RLOTTE A RE A AT C H A R LOT T E R EG I O N .COM
BY THE NUMBERS
1
37
58
FASTEST GROWING TECH TALENT POOL TWO YEARS IN A ROW
ANUAL GROWTH IN SOFTWARE PUBLISHER EMPLOYMENT
TECH TALENT WORKERS
Source: CBRE
3X the national average employment in data processing and
related services.
T O P C O R E T E C H TA L E N T O C C U P AT I O N S PROJECTED ANNUAL GROWTH BY 2028
2018 MSA EMPLOYMENT
AVERAGE WAGES
CURRENT ONLINE JOB ADS
Computer Systems Analysts
8,378
$92,900
364
1.7%
Software Developers, Applications
7,717
$100,400
1,774
3.4%
Computer User Support Specialists
6,405
$54,700
1,766
1.9%
Computer and Information Systems Managers
4,253
$143,100
312
2.0%
Software Developers, Systems Software
3,684
$111,000
9
2.0%
R E L ATE D D EG R E E S
Network and Computer Systems Administrators
3,569
$82,200
928
1.4%
AND C E RT IF ICAT E S
Computer Programmers
2,761
$91,700
55
0.0%
AWAR D E D
Information Security Analysts
1,914
$104,100
478
3.5%
ANNUAL LY.
Computer Network Support Specialists
1,878
$56,300
1
1.6%
Computer Network Architects
1,624
$112,300
35
1.4%
Web Developers
1,589
$74,200
491
2.0%
Computer Occupations, All Other
1,218
$74,200
2,232
1.9%
Database Administrators
1,148
$92,800
336
1.9%
160
$116,400
95
3.1%
46,298
$91,900
8,876
2.1%
OCCUPATION
Computer and Information Research Scientists
TOTAL CORE TECH TALENT
Source: JobsEQ, Q1 2018
M OR E TH A N
1,700 CO R E TEC HNO LO GY-
Source: IPEDS and institutions, JobsEQ
A DVA NC ED MANUFACTURING More than 108,000 people work in manufacturing in the Charlotte region. Manufacturing in the area has become diversified through the years. The Charlotte area has thousands of firms specializing in sophisticated intelligent manufacturing, with precision metrology, optoelectronic and biomedical technology developing alongside such traditional manufacturing as primary and fabricated metals, machinery, chemicals, plastics, electronics, transportation equipment and food and beverages. Manufacturing executives also find Charlotte’s combination of talent and access to a major airport a winning formula for locating headquarters and other offices.
Manufacturers come to Charlotte to tap into the skilled and productive workforce. Charlotte is home to Central Piedmont Community College, the state’s largest community college, and the University of North Carolina at Charlotte, one of the largest universities in the 16-campus UNC system. Both offer worker-training programs, including programs that can be customized to meet employers’ needs. CPCC has multiple campus locations around Mecklenburg County and also offers companies on-site training programs. An 88,000-square-foot Advanced Technology Center, including space for advanced manufacturing training, opened in 2018 on CPCC’s Central Campus.
AT 2.2% , NORTH CAROLINA’S PRIVATE-SECTOR UNION MEMBERSHIP RATE IS ONE OF THE LOWEST IN THE NATION. Source: Unionstats.com TOP 10 MANUFACTURING EMPLOYERS
COMPANY
18
REGIONAL EMPLOYMENT
COUNTY
S E L E C T M A N U FA C T U R I N G H E A D Q U A R T E R S
INDUSTRY
REGIONAL EMPLOYMENT
SUB-INDUSTRY
Ingersoll Rand
1,915
Machinery Manufacturing
Sealed Air
1,400
Plastics and Rubber Products Manufacturing
Coca-Cola Bottling Company
1,350
Beverage and Tobacco Product Manufacturing
Electrolux
900
Fabricated Metal Manufacturing
York
Corning
700
Electrical Equipment, Appliance, and Component Manufacturing
Lincoln
Domtar
590
Paper Product Manufacturing
ASMO North Carolina
400
Electrical Equipment, Appliance, and Component Manufacturing
Daimler Trucks
5,000+
Gaston
Tyson Foods
1,800
Union
Siemens Energy
1,725
Mecklenburg
ATI Specialty Materials
1,400
Union
Schaeffler Group
1,200
RSI Home Products
1,000
GKN Driveline
925
Catawba
Wix Filtration Products
900
Gaston
Curtiss-Wright
400
Transportation Equipment Manufacturing
Dole Fresh Vegetables
850
Gaston
Husqvarna
300
Machinery Manufacturing
Advance Pierre Foods
850
Catawba
Source: Charlotte Regional Business Alliance Data, Business Wise
Source: Charlotte Regional Business Alliance Data, Business Wise
BY THE NUMBERS
17
2.2
3
MANUFACTURING JOBS ADDED SINCE 2010 IN THE CHARLOTTE MSA
PRIVATE-SECTOR UNIONIZATION RATE
(Source: Bureau of Labor Statistics via JobsEQ)
(Source: Unionstats.com)
THE NATIONAL AVERAGE EMPLOYMENT IN ENGINE, TURBINE AND POWER TRANSMISSION MANUFACTURING
3,500 manufacturers in the Charlotte region. (Source: Alliance Manufacturing Directory)
LARGEST 15 MANUFACTURING OCCUPATIONS AVG. ANNUAL GROWTH
2018 MSA EMPLOYMENT
AVERAGE WAGES
CURRENT ONLINE JOB ADS
Miscellaneous Assemblers and Fabricators
13,801
$32,900
168
2.6%
Miscellaneous Production Workers
7,522
$31,400
570
2.6%
First-Line Supervisors of Production and Operating Workers
5,366
$61,700
459
1.9%
Inspectors, Testers, Sorters, Samplers, and Weighers
4,729
$37,800
156
2.4%
M ANU FACT U R IN G
Packaging and Filling Machine Operators and Tenders
3,769
$31,600
10
3.5%
ACCOU N T S FO R
Machinists
3,623
$42,900
110
1.4%
AB OU T
Welding, Soldering, and Brazing Workers
3,560
$44,000
66
2.1%
OF THE N .C.
Machine Tool Cutting Setters, Operators, Metal and Plastic
3,474
$36,200
94
1.5%
WOR K FO RCE ,
Textile Machine Setters, Operators
3,034
$24,800
60
-1.1%
BUT
Butchers and Other Meat, Poultry, and Fish Processing Workers
2,602
$26,700
72
4.6%
TH AN
Crushing, Grinding, Polishing, Mixing, and Blending Workers
1,939
$33,100
50
3.3%
OF ECO N O M IC
Printing Workers
1,901
$36,500
78
1.7%
OU TP U T.Â
Molders, Molding Machine Setters, Operators, Metal and Plastic
1,842
$33,900
67
1.8%
Electrical, Electronics, and Electromechanical Assemblers
1,702
$33,000
59
1.7%
OCCUPATION
SINCE 2013
Source: JobsEQ, Q1 2018
10 %
MO RE
20%
Source: National Association of Manufacturers
LOGIS LO GIS T ICS & DIS T RIB U T I ON Location, infrastructure and talent. These three elements combine to make Charlotte ideal for distribution and logistics operations. Located at a strategic point on the East Coast between major ports and inland cities, the Charlotte region provides easy access to the bulk of the United States’ population.
BOSTON BOSTON BUFFALO BUFFALO MILWAUKEE MILWAUKEE
DETROIT DETROIT
CHICAGO CHICAGO
NEW YORK YORK
PHILADELPHIA PHILADELPHIA
PITTSBURGH PITTSBURGH
CLEVELAND CLEVELAND COLUMBUS COLUMBUS
INDIANAPOLIS INDIANAPOLIS
KANSAS KANSAS CITY CITY
WASHINGTON, D.C.
CINCINNATI CINCINNATI
ST. ST. LOUIS LOUIS
Transportation assets include Charlotte Douglas International Airport, four interstate highways, an inland terminal operated by the North Carolina Ports Authority, Norfolk Southern’s state-of-the-art intermodal facility and CSX’s newly launched express freight services to the Port of Wilmington.
C H AR LOTTE LOT T TT 100
160
200
322
ATLANTA ATLANTA
300
483
It’s no wonder that more than 60,000 people in the Charlotte region work directly in the Transportation and Logistics industry, and nearly 100,000 more work in Transportation and Logistics-related occupations.
400
644
500
805 TAMPA TAMPA
600 miles
966km
MIAMI MIAMI
THE LOGISTICS CONSULTING SERVICE INDUSTRY IN THE CHARLOTTE REGION IS PROJECTED TO GROW BY
1 0 L A R G E S T L O G I S T I C S E M P L OY E R S COMPANY
LINE OF BUSINESS
11,000
Scheduled Passenger Air Transportation
Cardinal Logistics Holdings, LLC
3,040
General Freight Trucking, Long Distance, Truckload
Horizon Lines Holding Corp.
1,598
Freight Transportation Arrangement
892
Freight Transportation Arrangement
800
Couriers and Express Delivery Services
607
Couriers and Express Delivery Services
600
Other Support Activities for Air Transportation
Cargo Transporters Inc
500
General Freight Long Distance, Truckload
APM Terminals North America, Inc.
475
Marine Cargo Handling
Charlotte Douglas Airport
400
Airport Operations
American Airlines Inc
Xpo Logistics, LLC FedEx Ground FedEx Freight Corp National Aviation Services LLC
20
REGIONAL EMPLOYMENT
Source: Charlotte Regional Business Alliance Data, Industry databases, Business Wise
3% ANNUALLY THROUGH 2022 .
(Source: JobsEQ)
TOP 10 DI S TR I B U TI ON C ENT ERS COMPANY
REGIONAL EMPLOYMENT
INDUSTRY SERVED
Amazon
2,200*
Online Retail
Target Corp/ Distribution Center
1,500
Retail Stores
Universal Distribution Group LLC
950
Auto Parts
Wesco Distribution Inc.
900
Electronics
United States Postal Services
800
Postal Services
Stanley Black & Decker
680
Tool Manufacturer
The Walking Co./ Distribution
500
Retail Stores
Distribution & Marketing Services, Inc
500
Manufacturers
Advance Auto Parts/Distribution Ctr
460
Auto Parts
Sunbelt Furniture Xpress, Inc.
240
Furniture
Source: Charlotte Regional Business Alliance Data, Industry databases, Business Wise; *In July 2018, Amazon announced the addition of 1,500 jobs at a new, hightech distribution center in Northwest Charlotte
BY THE NUMBERS
50
4
200
HIGHER THAN NATIONAL AVERAGE EMPLOYMENT IN TRANSPORTATION
LIFT CAPACITY AT THE CHARLOTTE INTERMODAL FACILITY
MAJOR INTERSTATE HIGHWAYS
53% of the U.S. population lives within 650 miles of Charlotte: That's 2 hours by plane; 12 hours by truck.
CHARLOTTE REGIONAL INTERMODAL FACILITY AT CLT
NORFOLK SOUTHERN CRESCENT RAIL CORRIDOR
IREDELL CO.
• 200-acre facility
ALEXANDER CO.
• Capable of 200,000 lifts per year • Connects to intermodal facilities at Port of Charleston
• $2.5 billion infrastructure project
77
• Connects New Orleans and New York City, passing through CLT
STATESVILL E HICKORY
40
S A L I S B URY NEWTON
MOORESVILLE
CATAWBA CO.
WILSON AIR CENTER
LINCOLN CO.
• Executive terminal
77
LINCOLNTON
• 250,000 square feet of heated hanger space
85 D A V I D SON
ROWAN CO.
CHARLOTTE INLAND TERMINAL
K A N N A P OL I S
• 16 acres
HUNTER SV I LLE C ON C ORD
GASTON CO. SHELB Y
CLEVELAND CO.
CABARRUS CO.
• Stacking space for 391 containers
A L B E M A R LE
• Connects to Port of Wilmington, NC via CSX Double Stack route
CHARLOTTE
S.C. 485
YORK CO.
WEDDINGTO N
M ON R OE
WI NGA T E
ROCK HILL
CSX DOUBLE-STACK LINE
ANSON CO. UNION CO.
77
• 44 million passengers served each year • M ore than 150,000 tons of cargo shipped annually
STANLY CO.
MINT HILL
N.C. C L O V ER ER
• More than 700 daily flights to more than 170 destinations
MOUNT HOLLY
G ASTONIA 85
CHARLOTTE DOUGLAS INTERNATIONAL AIRPORT
MECKLENBURG CO.
S.C.
LANCASTER CO. YORK CHESTER
LANC ASTER
• Access to Port of Wilmington • Queen City Express Service
N.C. N.C.
P A GELA ND
CHESTER F I ELD CHER A W
CHESTERFIELD CO.
CHESTER CO.
FOREIGN TRADE ZONE 57
LEGEND CHARLOTTE INLAND TERMINAL
RAILROAD NETWORK
INTERMODAL FACILITIES
PUBLIC USE AIRPORTS
CLT INTERNATIONAL AIRPORT
21
I N TE RN AT I O N A L B US I NE S S Charlotte has experienced impressive growth in international business. The presence of internationally owned businesses in the area dates back to 1925 when Sandoz Corporation moved to Charlotte. Currently, there are 1,041 firms in the region, representing 45 different countries and employing more than 66,000 people.
people from around the globe. Charlotte offers exceptional air service, a foreign trade zone, transparent government and business practices and numerous nonprofit organizations that focus on international business, foreign policy and global culture. Charlotte is home to honorary consuls of Austria, Canada, France, Germany, Great Britain, Guatemala, Hungary, Ireland, Italy, Mexico, Moldova, Nicaragua and Switzerland.
Charlotte offers a nurturing climate for regional, national and international companies of all sizes. The area’s high quality of life, reasonable cost of living, worldclass arts, major league sports and educational and advancement opportunities attract talented
A steady influx of new residents moving to Charlotte each year keeps the city’s business
and social structure fresh and vibrant. Charlotte welcomes new leaders and encourages them to help shape its future. This is an easy city for making fresh starts and leaving a mark on a company or the community. Our business community is actively engaged in steering public policy, and many of Charlotte’s top leaders come directly from the corporate sector, making Charlotte one of the most business-focused cities in the United States.
I N T E R N AT I O N A L B U S I N E S S E S BY PA R E N T CO U N T RY COUNTRY OF PARENT COMPANY
REGIONAL EMPLOYMENT
COMPANIES
LOCATIONS
Germany
215
241
17,020
United Kingdom
121
163
6,585
Canada
100
119
5,384
THE CHARLOTTE
Japan
81
89
6,268
MSA INCREASED
France
58
67
4,304
Switzerland
57
67
3,395
Italy
51
52
2,242
The Netherlands
49
59
3,767
China
48
44
1,569
Sweden
38
49
3,161
Ireland
21
28
3,728
Australia
18
22
793
India
18
16
173
Belgium
15
15
365
Other
151
162
7,431
1,041
1,193
66,185
EXPORTS FROM
MORE THAN
238.4 % SINCE 20 09. Source: International Trade Administration
GRAND TOTAL
Sources: Charlotte Alliance Data
22
F O R A F U L L L I S T O F I N T E R N AT I O N A L B U S I N E S S E S , V I S I T
BY THE NUMBERS
13 INTERNATIONAL CONSULATES
245 FOREIGN-BORN RESIDENTS (Source: U.S. Census American Community Survey)
1,041
34 INTERNATIONAL NON-STOP FLIGHT DESTINATIONS (Source: Charlotte Douglas International Airport)
International businesses (Source: Charlotte Regional Business Alliance International Business Directory)
IN T E RNATI ON O N A L F I R M S I N TH E C H ARLOTTE R EG ION
10 OR FEWER COMPANIES 11 TO 25 COMPANIES 26 TO 50 COMPANIES 51 TO 100 COMPANIES MORE THAN 100 COMPANIES
C H A R L O T T E R E G I O N . C O M / I N T E R N AT I O N A L B U S I N E S S .
23
THE CHARLOTTE AREA HAS 2 X THE N AT I O N A L AV E R A G E O F P E O P L E WORKING IN HEADQUARTERS O P E R AT I O N S .
CO R PO RAT E HEA DQUA RT E RS
Source: U.S. Bureau of Labor Statistics via JobsEQ
High-quality talent, low cost of living and easy access to markets makes Charlotte the ideal location for your headquarters operation. With the world’s seventh busiest airport, the nation’s second-largest banking center and as the number-one destination for relocating millennials, Charlotte has become one of the fastest-growing cities in the country.
World-class cultural amenities – from NFL and NBA sports to Broadway shows to outdoor amenities – complete an ideal environment to live, work and play.
It’s no wonder that more than 425 companies from diverse industries – finance, technology, energy and manufacturing, among others - have made Charlotte their global or North American home. Another 250-plus house their regional headquarters here, including Wells Fargo’s east coast headquarters and largest employment base with more than 24,000 employees. A growing professional services and administrative support sector of more than 14,000 companies – including law firms, consultants, accountants - offer headquarters operations all the necessary support services.
H E A D Q U A R T E R S O P E R AT I O N S
W I T H M O R E T H A N 1 , 0 0 0 R E G I O N A L E M P LOY E E S
CITY
REGIONAL EMPLOYEES
Atrium Health (formerly Carolinas HealthCare System)
Charlotte
35,700
Health Care
Wells Fargo*
Charlotte
24,500
Financial Services
Bank of America
Charlotte
15,000
Financial Services
COMPANY
SECTOR
4,30 0 BUSINESS-
Duke Energy
Charlotte
7,900
Utilities
Red Ventures LP
Fort Mill
3,250
Technology
Ingersoll Rand
Davidson
1,915
Manufacturing
Lash Group
Fort Mill
1,900
Health Care
Food Lion LLC
Salisbury
1,500
Retail Trade
Family Dollar Stores Inc
Matthews
1,400
Retail Trade
Sealed Air
Charlotte
1,400
Manufacturing
Schaeffler Group
Fort Mill
1,400
Manufacturing
THE CHARLOTTE
Coca-Cola Bottling Co Consolidated
Charlotte
1,350
Manufacturing
REGION EVERY
Belk Inc
Charlotte
1,300
Retail Trade
Snyder's-Lance
Charlotte
1,300
Manufacturing
YEAR , INCLUDING
Premier Inc
Fort Mill
1,200
Health Care
Compass Group North America
Charlotte
1,200
Retail Trade
AvidXchange
Charlotte
1,200
FinTech
Movement Mortgage
Fort Mill
1,000
Finance
OrthoCarolina
Charlotte
1,000
Health Care
*Wells Fargo’s east coast headquarters and largest employment base is located in Charlotte; Official National Headquarters is located in San Francisco.
24
MORE THAN
Sources: Charlotte Regional Business Alliance Research, Business Wise
REL ATED CERTIFICATES AND DEGREES ARE AWARDED IN
50 0+ MBAS Source: National Center for Education Statistics via JobsEQ, 2018
CHARLOTTE’S PROFESSIONAL SERVICES SECTOR HAS GROWN BY MORE THAN
80%
SINCE 2001.
Source: Bureau of Labor Statistics via JobsEQ
BY THE NUMBERS
45
425 CORPORATE HEADQUARTERS ACROSS ALL INDUSTRIES
16
OF MECKLENBURG COUNTY ADULTS HAVE A BACHELOR'S DEGREE OR HIGHER
FORTUNE 1000 HEADQUARTERS
2.5% - one of the lowest flat corporate tax rates in the nation, as
of 2019, helps N.C. regularly rank high in business friendliness. RECENT MAJOR HEADQUARTERS RELOCATIONS
MSA HEADQUARTERS TALENT POOL, CHARLOTTE MSA 2017 AVERAGE ANNUAL PROJECTED GROWTH RATE ANNUAL GROWTH SINCE 2013 BY 2028
2018 MSA EMPLOYMENT
AVERAGE ANNUAL WAGES
LOCATION QUOTIENT*
Technology Occupations
46,298
$91,900
1.21
5.5%
2.1%
Management Occupations
33,590
$147,800
1.08
3.7%
1.8%
Operations Occupations
25,941
$83,200
1.14
3.9%
2.0%
Sales and Marketing Occupations
22,190
$75,200
1.21
3.8%
2.0%
Accounting and Analysis Occupations
16,786
$78,300
1.22
4.1%
1.9%
Legal Occupations
8,325
$111,000
0.78
1.6%
1.7%
TALENT POOLS
(Source: Bureau of Labor Statistics, JobsEQ; *Location Quotients are a measure of concentration of an occupation. LQs higher than 1.0 mean an area has a higher concentration of these occupations than the national average. Scores lower than 1.0 means the area's concentration is below average.)
MORE THAN
250
FORTUNE 500 COMPANIES HAVE SOME PRESENCE IN THE CHARLOTTE AREA Source: Charlotte Chamber
25
E NE N E RGY
ENGINE AND POWER EQUIPMENT ACCOUNT FOR
$730 MILLION
OF THE CHARLOTTE
A R E A’ S E X P O R T S A N N U A L LY A N D S U P P O R T M O R E THAN
4,000
J O B S . S I E M E N S ’ M A N U FA C T U R I N G
P L A N T I N S O U T H W E S T C H A R LOT T E E M P LOYS M O R E THAN
Source: Brookings Institute
The energy sector plays a major role in Charlotte’s economy. More than 300 energy-focused companies employ more than 35,000 people in the Charlotte area, from nuclear multinationals to major utilities to turbine manufacturers to service providers and suppliers focused on the energy sector. In fact, four of the region’s 16 Fortune 1000 headquarters – Duke Energy, Albemarle Corporation, Curtiss-Wright and SPX Flow – are directly involved in the energy sector or its supply chain. Research institutes such as UNC Charlotte’s Energy Production and Infrastructure Center (EPIC), EPRI and industry groups such as E4Carolinas and CLT Joules round out a thriving energy ecosystem attracting relocating companies from throughout the world and supporting homegrown highgrowth energy startups.
T O P E N E R GY I N D U S T R I E S
TOP E N E RGY COMPANIES
REGIONAL EMPLOYMENT
PROJECTED ANNUAL GROWTH THROUGH 2022
COMPANY
TOTAL REGIONAL EMPLOYEES
SPECIALTY
Engineering Services
7,383
5.0%
Duke Energy Corp
7,959
Electric Utility
Nonresidential Electrical Contractors and Other Wiring Installation Contractors
5,105
4.0%
Ingersoll Rand
1,915
Thermal Manufacturer
Residential Electrical Contractors and Other Wiring Installation Contractors
Siemens Energy
1,725
Turbine Manufacturer
3,654
5.6%
ATI Specialty Metals
1,400
Metal Alloy Production
Other Scientific and Technical Consulting Services
2,526
25.2%
United Technologies Corporation
870
Aerospace Systems
Nuclear Electric Power Generation
2,079
0.6%
Electrolux
860
Appliance R & D
Water and Sewer Line and Related Construction
2,119
9.1%
Piedmont Natural Gas
687
Natural Gas Utility
INDUSRY
Turbine and Turbine Generator Set Units Manufacturing
1,627
0.6%
PPG Industries, Inc.
650
Specialty Materials Supplier
Electric Power Distribution
1,053
5.2%
ABB
575
Electronics Manufacturer
Power and Communication Line and Related Structures Construction
1,000
2.8%
Celgard, LLC
545
Battery Manufacturer
Current-Carrying Wiring Device Manufacturing
734
0.7%
Primary Battery Manufacturing
474
1.6%
All Other Miscellaneous Electrical Equipment Manufacturing
397
4.3%
Other Lighting Equipment Manufacturing
89
0.6%
35,228
4.6%
Total energy employees
WECTEC LLC
530
Nuclear Staffing
Resolute Forest Products, Inc.
500
Cogeneration Facility
Parker Hannifin Corporation
460
Equipment Manufacturer
(Source: Charlotte Regional Business Alliance Research)
(Source: JobsEQ and Bureau of Labor Statistics 2018)
26
1,700.
THE CAROLINAS MAKE UP THE LARGEST SOLAR ENERGY ECONOMY IN THE E A S T E R N U N I T E D S TAT E S , W I T H M O R E T H A N
2 G I G AWAT T S
OF SOLAR-
G E N E R AT I N G C A PA C I T Y. M O R E T H A N 4 0 0 C O M PA N I E S I N T H E S O L A R VA L U E C H A I N I N T H E T W O S TAT E S E M P L O Y M O R E T H A N 7 , 0 0 0 P E O P L E . (Source: E4 Carolinas, N.C. Sustainable Energy Association, S.C. Clean Energy Business Alliance)
BY THE NUMBERS
98.6
450
200
3,100
MILLION NUCLEAR MEGAWATTS GENERATED IN NORTH AND SOUTH CAROLINA
PRODUCTIVITY GENERATED PER ENERGY MANUFACTURING WORKER IN CHARLOTTE
PEOPLE EMPLOYEED IN THE ENERGY INDUSTRY IN NORTH AND SOUTH CAROLINA
POWER PLANTS WITHIN 12HOUR TRUCKING DISTANCE
THOUSAND
LARGEST 15 OCCUPATIONS IN LOGISTICS & DISTRIBUTION SECTOR
(Sources include: US Energy Information Administration and Bureau of Labor Statistics via JobsEQ 2018)
ANNUAL GROWTH THROUGH 2022
REGIONAL EMPLOYMENT
AVERAGE WAGE
Electricians
5,298
43,500
0.96
120
1.6%
Machinists
3,623
42,900
1.13
110
0.9%
Welders, Cutters, Solderers, and Brazers
3,222
45,100
1.00
63
1.3%
Industrial Machinery Mechanics
3,136
50,000
1.12
84
1.3%
Civil Engineers
2,493
86,300
1.02
123
2.0%
Mechanical Engineers
2,359
83,000
1.01
163
1.6%
Industrial Engineers
2,082
81,500
1.00
87
1.7%
THE CHARLOTTE
Telecommunications Equipment Installers and Repairers, Except Line Installers
2,060
53,000
1.11
129
0.1%
REGION AWARD
Electrical Engineers
1,355
112,900
0.87
134
1.7%
MORE THAN
Helpers-Electricians
1,044
29,400
1.67
25
1.7%
Electrical and Electronic Engineering Technicians
629
55,700
0.56
11
1.2%
2,500 ENERGY-
Electrical Power-Line Installers and Repairers
579
52,700
0.58
32
2.0%
RELEVANT
Nuclear Engineers
377
101,400
2.52
12
1.1%
CERTIFICATES AND
Nuclear Power Reactor Operators
240
90,300
4.08
2
-0.1%
Nuclear Technicians
202
70,500
3.28
2
1.0%
OCCUPATION
LOCATION CURRENT QUOTIENT* ONLINE JOBS
Source: JobsEQ and Bureau of Labor Statistics 2018; *Location Quotient is the concentration of an industry compared to the national average. Industries with location quotients above 1.0 have greater than the national average concentration.
EDUCATIONAL INSTITUTIONS IN
DEGREES EACH YEAR . Source: National Center for Education Statistics via JobsEQ
35,000
MORE THAN PEOPLE ARE DIRECTLY EMPLOYED IN THE ENERGY SECTOR IN THE CHARLOTTE AREA AND NEARLY 60,000 WORK IN ENERGYRELATED OCCUPATIONS (Source: BLS and JobsEQ, 2018)
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L EGAL I S S U E S FO R I NT E RN ATIONAL B U S I NE S SE S Foreign companies must consider various legal issues for doing business in North Carolina. The issues may vary from company to company and will often depend on the company’s size as well as its industry sector.
DOI N G B U S I NES S IN N O RT H C A ROLINA A company must decide which structure for its business will be the most appropriate for its operation in North Carolina (or the United States in general). There are several entities that can be chosen by an investor with the most common being subchapter C corporations and limited liability companies. Each type has its own advantages and disadvantages. The following summaries provide a bit more information on each.
COR PO R AT I O NS Corporations offer a significant advantage by providing limited liability to the shareholders. North Carolina corporations are often set up as a wholly owned subsidiary of the foreign parent company or is directly owned by the private owners of the foreign company. In addition, joint ventures and other mixed ownership scenarios are also possible. The formation of a corporation in the United States is governed by state law and not by federal law. Foreign investors should consider the tax implications relating to the formation and operation of a North Carolina corporation. The North Carolina Corporation will be subject to federal and state income taxes. The maximum federal corporate income tax rate is 21 percent while the maximum North Carolina corporate income tax rate is 3 percent in 2018, falling to 2.5 percent in 2019. The main disadvantage of a corporate form of doing business in the United States is the double taxation of income. Any taxable net income of the corporation will be taxed at the federal and state corporate income tax rates. Also, when the after-tax profits of the corporation are distributed to its shareholders, the shareholders are also taxed at the federal and state rates on these distributions. The tax paid by the shareholders will vary depending on their location. If the shareholder resides in the United States, the distributions will generally be taxed at a flat 30 percent rate. This rate may be reduced is the U.S. has a tax treaty with the foreign investor’s home country. FOR MORE I NFO R M AT I O N O N START I N G A B USINESS I N CHAR LOT T E, VI SI T CHARLOTTEREGION.COM/INCENTIVES.
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LIM ITE D LIA BILITY CO M PANIE S (LLC) An LLC in essence is a hybrid of a corporation and a partnership. It can provide its owners with the limited liability enjoyed by the shareholders of a corporation with the additional advantage of a single level of federal and state taxation in the United States. Members only pay tax on the taxable income of the LLC and “double taxation” in the United States is avoided. The disadvantage of an LLC is that the foreign member of an LLC must pay tax on its income from the LLC and must file U.S. tax returns. There are ways to structure a U.S. investment so that the foreign investor’s main operating company is not exposed to U.S. taxation through an LLC. Much of this structuring involves tax considerations in the foreign investor’s home country. In deciding between doing business in the United States through an LLC or a corporation, the tax laws of the foreign investor’s home country should also be considered so the structure with the maximum overall benefit for the investors can be established.
OTHE R E NTITIE S Other forms of business entities available to a foreign investor include general partnerships and limited partnerships. Foreign investors generally do not choose a general partnership because each partner’s potential liability is unlimited. A limited partnership may be selected in certain circumstances. A limited partnership has two classes of partners. The general partner(s) generally manages the day-to-day operations of the partnership and has unlimited liability for all debts and obligations of the limited partnership. Limited partners are similar to shareholders in a corporation in that they have limited liability and their losses are limited to the value of their investment in the limited partnership. Hybrid entities are an entity that is taxed in one country as a corporation but in another country as a partnership. This structure could create significant tax advantages. Depending on the tax system in the foreign country of the members, the LLC may be taxed in the foreign country as a partnership. Whether the advantage of this hybrid tax treatment is available will depend on the respective income tax treaty between the United States and the foreign country. Investors should consult with their tax advisors to determine the applicable tax laws of their respective countries.
I MMIG RATIO N & VI SAS U.S. immigration laws are very complex and can cause problems and delays for those who fail to plan ahead. U.S. immigration laws distinguish between two types of persons: nonimmigrants (persons coming to the United States for a limited temporary period of time for business or pleasure) and immigrants (persons intending to remain in the United States permanently). Petitions or applications for immigration benefits are submitted either directly to a U.S. embassy or consulate abroad or to U.S. Citizenship and Immigration Services. Most foreign employees work in the United States pursuant to a short-term, nonimmigrant visa. There are six commonly used nonimmigrant visas: the B-1, L-1, E, H-1B, O-1 and TN (or NAFTA) visas. Lawful Permanent Residency (also known as the Green Card) may be obtained in a number of ways, principally through employment or a family relationship. The permanent residency process can take several years, so foreign nationals and employers should consider long-term plans as soon as possible.
B-1 BUSINESS VISITOR VISAS
H-1B VISAS
The B-1 business visitor visa enables a business traveler to visit the United States for a short period of time (normally six months or less) with extensions possible in some cases. He or she may not work for a U.S. company or be paid in the U.S.
H-1B Visas are available to individuals coming to the United States to be employed in specialty occupations. Specialty occupations include those that require the services of a professional with a university degree (or equivalent), such as scientists, engineers, computer systems analysts, etc. H-1B visas may be issued for an initial threeyear period and may be extended for an additional three years, for a maximum consecutive period of six years. There is an annual cap on the number of new H-1B visas that are granted each fiscal year and the cap has been reached every year since 2004.
VISA WAIVER PROGRAM Similar to the B-1 visa, citizens of most European nations, Japan and certain other countries may take advantage of the Visa Waiver Program to enter the United States for a period of 90 days, provided they are not paid in the U.S. and meet certain other requirements including having a machine readable passport.
L-1 INTRA-COMPANY TRANSFEREE VISAS Available for managers, executives and individuals with “specialized knowledge” of the company’s business or products who have worked abroad for at least one year within the preceding three years with a related company.
E VISAS Provided for by a treaty between the United States and many foreign countries, the E visa authorizes the employment of executives, managers or individuals who hold “essential skills” by U.S. companies. An E-1 visa application requires proof that “substantial trade” is being carried between the U.S. and the treaty country. An E-2 visa application requires a showing that a “substantial investment” has been made by an overseas company or by foreign nationals in the United States.
O-1 VISAS O-1 Visas are available to aliens of extraordinary ability, including exceptional ability in business. To obtain O-1 classification, he or she must establish that he or she has achieved national or international acclaim. An O-1 petition may be approved for an initial period of three years, and extensions may be granted in one-year increments.
TN OR NAFTA VISA Permits citizens of Canada or Mexico to work in the United States in certain specialty occupations, such as lawyers, accountants or engineers. Canadian TN applicants may be granted a three-year admission, and Mexican TN applicants may be granted a one-year visa, but should be admitted to work for three years. The visas may be extended indefinitely so long as the foreign national has nonimmigrant intent.
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TAXE S CORPORATE INCOME TAX
PERSONAL INCOME TAX
2 . 5 % 5 .499%
SALES AND USE TAX
7.25%
FLAT RATE
FALLING TO 2.5% IN 2019
STATEWIDE SALES TAX IS 4.75% MECKLENBURG COUNTY LEVIES AN ADDITIONAL 2.5%
PROPERTY TAX
$ 1 .31 00
P ER $ 1 0 0 O F AS S E S S E D VALU E I N C HARLOTTE Note: Rate is for Charlotte and each city within the county levies its own rate.
OTHER TA X ES FR ANC HI SE TA X
SI NGLE SALE S FACTO R TAX
PAY RO LL TAX E S
All corporations operating in the state are levied a franchise tax at the rate of $1.50 per $1,000 of the largest of three alternative bases: 1. The amount of the capital stock, surplus and undivided profits apportionable to the state. 2. Fifty-five percent of appraised value of property in the state subject to local taxation. 3. The book value of real and tangible personal property in the state less any debt outstanding that was created to acquire or improve real property in the state. Book value may be computed by use of the same depreciation methods as are permitted for federal income tax purposes.
These are levied by the county and city government on a variety of businesses. These fees vary with the type of business and volume of sales. Though not a tax, most states require an insurance fee be paid on a portion of taxable wages. This fee varies with each business based on its history of unemployment claims. North Carolina requires a fee of 1.2 percent of the first $19,700 in wages paid per employee for new firms operating within the state. Existing firms are charged a rate from 0-6.84 percent of the first $19,700 in taxable wages; the average rate is 1.2 percent.
Employers are required to withhold several types of payroll taxes. The Social Security tax imposed on employers and employees is called the FICA tax, which is based on wages. Wages in excess of an annually adjusted FICA cap are excluded from the definition of FICA wages. The tax is generally imposed at the same rate on both the employee and employer.
The minimum franchise tax is $35. Franchise tax and income tax are reported on the same return.
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There is also a hospital insurance tax of 1.45 percent of Medicare wages imposed at the same rate on both the employer and the employee. Medicare does not have a cap and applies to almost all wages.
FOR DETAILED PROPERTY TAX INFORMATION, VISIT CHARLOTTEREGION.COM/PROPERTYTAX.
MAJOR INCENTIVE PROGRAMS J OB DE VE LOP ME NT INVESTMENT G R A N T P RO G RA M (JDIG) The JDIG program serves as a deal closing incentive for large job creation projects considering a location in North Carolina as well as other states. This program will rebate a negotiated portion of a company’s withholding taxes generated by the new project over a set number of years, with a maximum period of 12 years. Projects that create a minimum of 250 new jobs and pay a minimum average annual wage of $60,000 may potentially qualify for the JDIG program. The JDIG program also requires that the local government in the community where the project intends to locate also participate with a local grant representing an appropriate amount based on the specifications of the project.
O NE N ORT H C AROLI NA FUND G R A N T P RO G RA M (ONE NC) The One NC program also serves as a deal closing incentive for large job creation projects considering a location in North Carolina as well as other states but may not otherwise qualify for a JDIG. This program will offer a specific grant amount per new job created by the project. This program also requires a matching amount grant from the local government where the project is proposed to locate. The state will match the funds $1:$1 with the local funds. This program also requires the new jobs to pay a minimum average annual salary of $60,000.
C US TO MIZE D WORK FORCE T RA I NIN G AS S IS TANCE North Carolina was one of the first states to develop a customized workforce training program through its community college system, dating back to 1958. Today, its program is still regarded as one of the top in the nation in meeting the needs of new and expanding companies. Administered in Mecklenburg County by Central Piedmont Community College (CPCC), the program is available to both new and expanding companies that are creating new jobs, making an appreciable capital investment or may be deploying new technology in their facility. Eligible businesses include manufacturing, distribution centers, air courier services, customer support centers, national headquarters and technology intensive operations in the IT and life sciences areas. CPCC personnel will develop a customized training program based on the individual needs of the company. Most, if not all, of the costs of the training are covered by state funding. CPCC also offers very affordable training and education programs for existing employees to enhance their workforce skills.
E M P LOY M E NT R EC RU I TM E NT AND S C R E E NI NG Finding the best talent for a new or expanding operation is one of, if not the most important tasks for a company. In Mecklenburg County, Charlotte Works provides their services at no cost to the company. Charlotte Works is a state funded organization. Charlotte Works will develop a list of job openings and requirements for each position with the client company. Charlotte Works then matches applicants with job positions and refers selected individuals to the company. Charlotte Works accesses numerous statewide databases of applicants as well as many Web-based portals to identify the candidates. Charlotte Works screens the applicants based on the specific needs of the company. Charlotte Works can provide on-site space for interviews and employee orientation sessions. Charlotte Works also has on-the-job training grants available and can assist companies in determining their eligibility for those funds.
LOC AL B U S I NE S S I NVE S TM E NT GR ANT P ROGR AM ( B I P ) The BIP is designed to encourage job creation and capital investment in Mecklenburg County and several of the municipalities within the county. Qualifying projects that meet job creation, capital investment and average wage requirements may receive a cash grant over a specific number of years. The program also requires that the project be competitive and that the grant is a determining factor in the company choosing to locate in Mecklenburg County versus other locations outside the county. Projects that locate within the BIP zone that invest a minimum of $3 million and create a minimum of 20 new fulltime jobs paying an average wage of $48,297 of higher may be considered for the program. The grant term is three years and the grant amount will equal 90 percent of the net new property taxes generated by the project. Existing businesses in Mecklenburg County are eligible for an additional two year term. Large impact projects that have a minimum capital investment of $30 million and will create 150 new fulltime jobs paying an average wage of $60,372 or higher may qualify for a large impact grant. The grant term is five years and the grant amount will be 90 percent for projects located inside the investment grant zone or 50 percent for projects located outside the zone. Major headquarters projects will be considered on a case-by-case basis for a grant. These projects would be defined as a corporate, regional or divisional headquarters of a Fortune 1000 company with an average annual wage exceeding 200 percent of the regional average wage. Currently that figure is $96,595. Currently in Mecklenburg County, the municipalities of Charlotte, Cornelius, Davidson, Huntersville and Matthews have adopted incentive grant policies.
U TI L I TY R ATE D I S COU NTS The utility companies that service Mecklenburg County may offer discounts to new and expanding companies that add significant service to the utility’s system. Charlotte Chamber economic development project managers will work with client companies and representatives of the utility companies to determine the applicability of these programs.
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QUAL I T Y O F LIVIN G EN T ERTA I N MEN T & B REW ERI ES Charlotteans love to socialize and celebrate; as a result, the community calendar is full of events. Community events range from holiday parades to huge outdoor street festivals and cultural celebrations. Visit charlottecultureguide.com to explore hundreds of local cultural events. Charlotte has emerged as a Top 10 “New Beer City,” according to Forbes magazine. More than 60 breweries and distilleries in the Charlotte area offer craft brews and liquors. Photo by Sycamore Brewing
A RTS & C U LT U R E With several theater venues, art and history museums and more than 100 symphony performances annually, Charlotte’s cultural community is alive and thriving. Residents and visitors can discover Charlotte’s rich history and heritage by exploring museums, historic sites and cultural centers. Children have an array of cultural avenues in which to participate, including choir and theater as well as hands-on children’s museums. The Arts and Science Council supports the arts through grant making, youth cultural field trips and other programs. For more information, visit artsandscience.org.
Photo by David Jaffe
FOR UP-TO-DATE INFORMATION AND DATA ON THE CHARLOTTE ECONOMY, CHECK OUT OUR CHARLOTTEREGION.COM/MECKLENBURGECONOMYQUARTERLY.
O UT D O O RS & A DV EN T URE With more than 210 parks, Mecklenburg County provides excellent access to tennis courts, swimming pools, golf courses, fitness trails, mountain biking, fishing and much more. The U.S. National Whitewater Center in Southwest Charlotte hosts Olympic hopefuls as they train for kayak and canoe slalom events. The Center also offers hiking and biking trails, ziplining, ropes courses and paddle boarding for visitors.
Photo by U.S. National Whitewater Center
SPO RTS & E VE N T S Charlotte is home to...
•
NASCAR
•
NFL’s Carolina Panthers
•
AHL's Charlotte Checkers
•
NBA’s Charlotte Hornets
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MLL's Charlotte Hounds
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AAA baseball's Charlotte
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USL PRO soccer team,
Knights
Charlotte Independence
Charlotte also hosts several special sporting events such as the annual Wells Fargo PGA Tournament and hosted the 99th PGA Championship in 2017. The city will also host the NBA All-Star Game in 2019. International soccer teams A.C. Milan, Bayern Munich, Borussia Dortmund, Chelsea, Inter Milan, Liverpool and Paris Saint Germain, have played summer friendlies in Charlotte during the International Champions Cup.
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