MARKET & TRENDS
Ability to Bounce Back CHARLOTTE, NC PROVES A GOOD PLACE TO INVEST DESPITE CURRENT CHALLENGES
by Fred Heigold III
entRange, an industry leader in market data and analytics for
Primary industries in Charlotte include finance, technology, and research fields. Charlotte has experienced rapid growth, in large part due to the banking and finance industry. It is the second- largest banking center in the United States (after New York), and is home to Bank of America, Brighthouse Financial and Truist Financial. According to 2018 ACS data, the variety of industries in the Charlotte MSA provides a median household income of $62,068, ranking the metro 35th in the country. This is higher than the statewide median household income of $53,855 and just under the national median income of $63,688. Metro incomes have enjoyed a 1.4 percent increase from 2017 ($61,156) and showed a 23 percent increase over the 2010 household income of $50,449.
in the country for net population gain.
the single-family rental (SFR) housing industry, found in its recent data report that the Charlotte-Concord-Gastonia NC-SC Metropolitan Statistical Area (Charlotte MSA) is a market which has grown quickly and has the diversity to survive the current economic storm caused by COVID-19 relatively unscathed. POPULATION According to the 2018 Census/ ACS data, the Charlotte MSA is the 23rd largest MSA in the U.S. and the largest metro area in North Carolina with nearly 2.57 million residents. This metro area added nearly 44,000 residents between 2017 and 2018 (a 1.74 percent increase) and ranks 11th
JOBGROWTH According to the Bureau of Labor Statistics (BLS) Job Report (containing data through February 2020), the Charlotte MSA employment market has been accelerating strongly since the last recession. Charlotte ranked #16 in annual job gains with 2.7 percent growth between 2017 and 2018. Charlotte outperformed the state of North Carolina’s 2 percent increase and the national average 1.4 percent gain. In the last five years, the overall increase in non-farm payroll has increased 14.2 percent adding 156,500 jobs (19th in the US), and it accounts for almost 30 percent of all job growth in the state.
The top gains in job categories in the Charlotte MSA from February 2019 to February 2020 are as follows. (Please note these numbers are pre COVID-19 pandemic)
5 YEAR % CHANGE
INDUSTRY GROUP / JOB CATEGORIES
1 YEAR CHANGE
3 YEAR CHANGE
5 YEAR CHANGE
1 YEAR % CHANGE 3 YEAR % CHANGE
Education and Health Services
Professional and Business Services
Leisure and Hospitality
Trade, Transportation, and Utilities
86 | think realty magazine :: june 2020
Made with FlippingBook Online newsletter