August 2024 Charlotte Market Recap: Business Growth and Community Impact
August was another dynamic month for the Charlotte MSA, with the city continuing to solidify its position as a premier hub for business, culture, and community-driven initiatives. From exciting new business ventures to strategic investments in education and infrastructure, Charlotte’s growth trajectory shows no signs of slowing down. This recap dives into the month’s most significant developments, highlighting how they contribute to the city’s vibrant economy and community life.
Major Business and Economic Developments
Charlotte’s Rising Popularity Among Young Professionals
A recent report from the Charlotte Regional Business Alliance highlighted Charlotte as a top destination for 20-somethings entering the workforce. The city’s strong job market, affordable cost of living out of 55 other U.S. metro areas, and vibrant cultural scene are major draws for young professionals, making it a hotspot for talent and innovation. As more college graduates flock to Charlotte, the influx of young talent is expected to drive further economic growth and diversification. RentCafe also recently ranked Charlotte No. 11 for best places for renters to live in 2024.
Six Flags Sees Growth Potential in Charlotte
The recent merger of Six Flags and Cedar Fair has set the stage for significant expansion opportunities in Charlotte. As one of the key markets identified for growth, Charlotte is expected to benefit from increased investments in entertainment and tourism, bolstering the local economy and attracting visitors from across the region. Richard Zimmerman, the president and CEO of the newly merged company, said that the merger improved by 66% over 2023, even with 58 less operating days. In Q2 of 2024, it generated a net income of $34 Million. With its already thriving amusement and recreational sector, the Queen City is poised to become an even more prominent destination for family-friendly entertainment. (CBJ)
Truist Extends PGA Partnership at Quail Hollow
Truist Financial Corp. announced the extension of its partnership with the PGA Tour at Charlotte’s iconic Quail Hollow Club as a new title sponsor and new name: the Truist Championship. This move underscores Charlotte’s importance in the world of professional golf and the continued growth of its sports tourism sector. “I think those of you in Charlotte recognize this concept of building economic mobility was a focal point for Charlotte, and this city is establishing
momentum in that framework, and we want to contribute to continuing that,” Rogers said. “That feeling of community and collaboration efforts are really critical.” The Truist CEO made those comments days after an updated economic mobility study was posted by Harvard University economist, Raj Chetty. The new analysis showed that Charlotte, moved up 12 spots – to No. 38 – and was one of five cities that made the most improvement during the decade during the two studies.
The ongoing collaboration with the PGA Tour is expected to bring more high-profile events to the city, further elevating its status as a premier destination for sports enthusiasts and contributing significantly to the local economy. That said, the seven-year deal estimates being worth over $200 Million, with $25 Million to $27 Million next year in 2025. (CBJ).
Expanding Charlotte’s SOcial Scene and Innovative Ventures
Charlotte’s Social Scene: A New Era of Craft Beverages
The craft beverage industry in Charlotte continues to innovate, with the launch of Lemonati’s new 52,000-square-foot warehouse in the city. This facility will produce a range of hard spiked seltzers, (which can be found in 25 U.S. markets, Puerto Rico, and five countries), contributing to the city’s expanding craft beverage scene. The new warehouse not only adds to Charlotte’s social landscape but also creates new jobs and fosters local entrepreneurship. (Axios Charlotte).
Empowering Young Entrepreneurs at North Carolina Charter Schools
Charlotte is taking strides in nurturing the next generation of entrepreneurs. A North Carolina charter school is pioneering a program that empowers young students to become “kid-preneurs.” This initiative is designed to instill entrepreneurial skills and business acumen in students from an early age, preparing them for future success in the ever-evolving job market. The program reflects Charlotte’s commitment to fostering innovation and supporting educational initiatives that align with the city’s growth ambitions. Currently, the public, tuition free school educates 450+ students across the Charlotte market. (Spectrum Local News).
Infrastructure and Community Initiatives
New Alta Warehousing and Logistics Facility to Open in September
The upcoming launch of a state-of-the-art Alta Warehousing and Logistics facility in Charlotte is set to boost the region’s infrastructure capabilities. Scheduled to open in September, this facility aims to enhance the city’s logistics network, supporting a wide range of industries and creating additional employment opportunities, estimating adding around 12 jobs by the following year.
The strategic location of this facility positions Charlotte as a critical logistics hub in North Carolina, further solidifying its role as a key player in regional and national supply chains. (Salisbury Post). The investment confirms “Charlotte’s strength in its regional market and that the city of Kannapolis is positioned well along I-85 to serve throughout North Carolina markets and beyond,” said Wong. Davidson 85 is one of the major hubs of employment opportunities built in the state of North Carolina for the I-85 corridor that are underway or almost complete, “the others mentioned are the 85 Exchange, Kannapolis Crossing, and Overlook 85, Lakeshore Corporate Park, and Metro 63,” posted on the kannapolisnc.com web page.
CNBC chose this state, for the fifth year, as one of the three best places to conduct business in the U.S. with 2024 earning a second place following the State of Virginia and on top of Texas.
Free Training Programs for Small Business Growth
In a significant move to support local businesses, Mecklenburg County announced the availability of free training programs for small business owners, set to begin in spring 2025. These programs aim to provide entrepreneurs with the tools and knowledge needed to grow their businesses effectively, contributing to the broader economic development of the region. This initiative underscores the county’s commitment to fostering a supportive environment for small businesses and entrepreneurs. (Mecklenburg County News).
Truliant and UNC Charlotte Empower Students with Financial Skills
Truliant Federal Credit Union and UNC Charlotte have launched the “Rainy Days” program, aimed at enhancing financial literacy among students. With over 5,000 graduates each year, UNC Charlotte is equipping young professionals with essential skills in budgeting, credit management, and financial planning through workshops and seminars.
This initiative addresses the fact that nearly 60% of young adults struggle with financial management, potentially impacting their long-term stability. By fostering financial resilience early on, the partnership supports a stronger, more stable workforce in Charlotte, contributing to the region’s economic growth and appeal for investors. (Charlotte Regional Business Aliance).
conclusion: Charlotte’s Momentum Continues
Charlotte’s remarkable growth in August highlights the city’s resilience and adaptability in a rapidly changing economic landscape. The city continues to attract significant investments, new businesses, and a talented workforce, all of which contribute to its status as a premier destination for both living and business. As Charlotte continues to grow, the opportunities for investors, entrepreneurs, and residents alike are bound to expand, reinforcing the city’s position as a leader in the multifamily real estate market.
About Rise48 Equity:
Rise48 Equity is a Multifamily Investment Group with local offices in Phoenix, AZ, Dallas, TX, and Charlotte, NC. “At Rise48 Equity, we provide opportunities for accredited and non-accredited investors to protect and grow their wealth and achieve passive cash-flow. Our team brings expertise to acquire, reposition and return capital to investors upon reaching our business plan. Through our research and strategically formed partnerships, we acquire commercial multifamily apartment properties, strategically add value to the properties, and create passive income for our investors through cash-flow and profits from sale.”
Since 2019, Rise48 Equity has completed over $2.27 Billion+ in total transactions, and currently has $1.83 Billion+ assets under management located in Phoenix, Dallas, and Charlotte. All of the company’s assets under management are managed by Rise48 Equity’s vertically integrated property management company, Rise48 Communities.
