Charlotte Business Growth Snapshot: 7 Industries to Watch Right Now
As Charlotte-based market research consultants, we have the opportunity to work with innovative local, national, and global brands. Great business conditions and relatively low cost of living make Charlotte an attractive place to do business. That’s why over 30 Fortune 500 and Fortune 1000 companies are headquartered here.
Charlotte is one of the top 10 fastest-growing cities in the United States right now. In fact, the whole metro area is booming. It’s certainly an exciting place for a market research firm!
No longer known just for tobacco and textiles, The Queen City’s business landscape is more diverse now. Which industries are driving Charlotte’s economy in 2021? Here’s our quick business review (what can we say, we’re research geeks).
Health Care is #1 in Growth
The health care industry is growing nationwide, due to aging populations and a public health crisis. NC Department of Commerce says health care will be the state’s fastest and highest growing industry. A massive 93,000 new jobs will be added in this sector by 2026, including nurse practitioners, home health aides, physician assistants, and physical therapist assistants.
Charlotte is the 2nd Largest Banking Center in The U.S.
Yes, we’ve been established as a banking center for a while. Bank of America and First Union (now Wells Fargo) have headquartered in Charlotte for what feels like forever, and the industry continues to bring money into our community. Why?
North Carolina has the lowest corporate income tax rate in the United States, for one. And the intersection of tech and banking (fintech) is alive and well in brands like AvidXchange, LendingTree, and more.
More Growth in Aerospace & Transportation
GE Aviation, Honda Aircraft Co., BAE Systems, Honeywell, B/E Aerospace, Spirit Aerosystems…this list of aerospace-specific facilities goes on and on. And in late 2020, Raytheon Technologies Corp announced a new aerospace-parts facility to open in Buncombe County.
Thanks to high-precision metal and plastic components, the aerospace & transportation industries often go hand in hand. Combined with North Carolina’s history in aviation, plus major military bases in the area, you can see why these sectors thrive here.
Construction & Real Estate are Booming
With all these companies flocking to Charlotte through a decade-long growth spurt, it’s no surprise that construction and real estate are strong industries right now. Even throughout the pandemic, Charlotte’s CBD is the 5th busiest in the country for office construction.
Big companies bring lots of new jobs. This means the residential market is also booming in response to major population growth. And economic factors will continue to drive people away from bigger cities towards places like Charlotte, Forbes predicts.
Beverage Manufacturing is Outpacing Food Processing
NC is the 2nd largest state for food & beverage processing. The beverage manufacturing sector has grown 33% in the last five years, as the state becomes a hub for craft breweries. While other areas of manufacturing may decline, the food manufacturing industry continues to gain slightly, with a projected +1,712 jobs added by 2026.
Leading in Automotive Manufacturing & Innovation
North Carolina is home to 40,000 engineers and over 460,000 skilled manufacturing workers. The automotive, trucking, and heavy machinery sector has surged 31% since 2010. And as a Charlotte-based market research firm, we can’t help but be excited about the product research, testing, and development going on over at the North Carolina Center for Automotive Research (NCCAR).
IT Services, Startups, and Software Continue to Surge
Growing at a rate of 2x the national average, North Carolina’s tech sector is on fire. In Charlotte, IT services jobs and startups continue to pop up everywhere. Venture capital funding is up by 146% over the past two years! Digital marketing firms are plentiful. And biotechnology is also expanding, with several international biotech firms officed here.
Whether you’re based in Charlotte or anywhere else, we’d love to hear from you…which industries are dominating your city right now?
Further reading: 4 Top Market Research Trends To Look For In 2021
