Charlotte's Strong December Performance
Charlotte ended 2024 on a high note, showcasing its dynamic growth across healthcare, technology, manufacturing, and financial sectors. With impactful developments such as investments in workforce innovation, recognition for private sector achievements, and strategic industrial expansions, the Queen City remains a focal point of economic progress in the Southeast. This month’s highlights reveal the strength of Charlotte’s diverse industries, its ability to attract top-tier talent, and the community’s ongoing commitment to innovation and development.
Charlotte’s Expanding workforce and economic power
Charlotte continues to attract talent and businesses, ranking among the top U.S. metros for workforce growth. In Q3 2024, the Charlotte region experienced a 3.5% increase in labor force participation, according to Charlotte Regional Business Alliance. LCI-Lineberger, a heavy civil contractor, announced their expansion plans in September, and already employs over 100 people. Additionally, 30 announced projects in the Charlotte region have resulted in 1,827 new announced jobs and more than $663 million in capital investments. With over 1.2 million workers, this expanding workforce supports sectors like healthcare, finance, and tech, further solidifying the region’s appeal to employers.
The Pearl Innovation District: Driving Tech and Healthcare
The Pearl, Charlotte’s innovation district, celebrated a major milestone in December with Wexford Science & Technology partnering with Atrium Health to expand research facilities. Since Wexford is leading the development of Charlotte’s first four-year medical school and innovation district, they are following suit of their previous experience of completing 16 other innovation districts across the U.S. by partnering with universities, academic medical centers, and research institutions. This $1.5 Billion innovation investment will include state-of-the-art labs that foster collaboration between healthcare and tech industries. Such initiatives enhance Charlotte’s reputation as a hub for innovation. “It’s important to create opportunities for companies to scale and grow in place. Whether it’s a startup or an early-stage company that takes a small footprint and grow into a full-fledged presence all within the same place at The Pearl,” said Travis Sheridan, Wexford senior vice president and chief community officer. (Charlotte Business Journal).
Novant Health's Regional Impact
Novant Health announced its $18.2 billion economic contribution across North Carolina, supporting over 90,000 jobs. The health system’s investments in infrastructure and workforce development continue to play a crucial role in strengthening the local economy, particularly in healthcare. In 2023, they also invested over $1.6 billion and $225 million across North Carolina in community benefits and financial assistance. (Triad Business Journal). In Charlotte’s metro area specifically, Novant’s 2023 net operating revenues of $3.5 billion created an impactful indirect output impact of $1.7 billion and around $1.9 billion in induced output impact. In the Charlotte metro, 33,300 jobs across various industries were also created through their system.
Recognition of Business Excellence
Charlotte’s private sector gained significant recognition in December with the release of the Fast 50 rankings by the Charlotte Business Journal. These rankings highlighted the fastest-growing private companies in the region, showcasing Charlotte’s dynamic entrepreneurial landscape. Some businesses highlighted were Bravo Team, a veteran-owned company providing engineering, design, and fabrication services. Their headquarters is located in Cornelius, with a 210.12% growth rate and 45 current employees.
Another notable business mentioned was Next Level Technician, a staffing and recruiting company that serves employers in the low-voltage and IT industries. It’s located in Fort Mill, has 190 employees, and a growth rate of 94.75%. Sectors such as finance, tech, and manufacturing led the way, reflecting the city’s diverse economic base.
Philanthropy and Community Investments: The Duke Endowment's Centennial Contributions
Celebrating 100 years, The Duke Endowment increased its grantmaking efforts in 2024, with over $200 million allocated to initiatives in education, healthcare, and social services. These strategic investments contribute to community well-being and support a stable environment for growth in education, healthcare, and community well-being. Such initiatives ensure that Charlotte’s growth benefits all residents. Over the next 15 years, they said they have plans to distribute $5 billion, which is about $1 billion more than its initially projected philanthropy plans. (BusinessNC).
Manufacturing and Incentives in Gaston County
December saw Gaston County approve incentives for new manufacturing projects, which are set to create around 346 new jobs with an average annual wage of $51,157 and attract high-value investments. This development underscores Charlotte’s growing prominence as a manufacturing hub and its ability to draw industrial growth. (Charlotte Business Journal).
Tech Sector Resilience and Office Market Growth
The tech industry in Charlotte continues to thrive, with office rent growth signaling strong demand. CBRE reported a 6% year-over-year increase in tech-related job openings, affirming the city’s draw for startups and established tech firms. Rising office rents reflect the city’s robust commercial real estate market. Charlotte as a city ranks No. 7 out of the 30 markets for high-tech job growth over 2022 and 2023. “We’re a lot smaller than other peer cities,” John Christenbury, CBRE’s Charlotte broker, told CBJ. “We have the most potential and runway to see growth in percentage compared to a city like Austin. I’m not surprised by what I’ve seen in the Charlotte market.” Christenbury also said Charlotte’s appeal to tech companies is focused on AI innovation; with $89.8 million in tech VC funding over nine deals and $5.8 million invested at AI companies.
Financial Sector Growth: Carter Bank’s Strategic Expansion
Carter Bank & Trust recently acquired five branches from First Reliance Bank, including locations in Mooresville, adding over $56 million in deposits to its portfolio. This deal anticipates closing in the first few months of 2025, and this move highlights Charlotte’s importance as a financial hub and a gateway to scaling operations in one of the nation’s fastest-growing markets. (CityBiz).
As Charlotte’s population and economy expand, the demand for robust banking solutions continues to rise. Carter Bank’s network plans to encompass 66 branches split between Virginia and North Carolina. This acquisition positions Carter Bank to capitalize on the region’s growth while contributing to the financial services sector. It’s a clear signal of the market’s attractiveness for strategic investments in the banking industry. (CBJ).
Workforce and Employment Trends
The Charlotte Region’s Q3 Growth Report emphasized workforce expansion as a critical driver of the local economy. In the third quarter this year, the region had $23 million across capital investments. The region witnessed consistent job growth in tech, healthcare, and manufacturing sectors. Notably, the technology industry reported a rise in office rental rates, demonstrating the high demand for commercial space amidst sector expansion.
Novant Health’s ongoing economic impact in Winston-Salem adds another dimension to regional healthcare leadership. The company continues to create high-paying jobs and invest in the region, enhancing its standing as a healthcare innovation hub. (Charlotte Regional Business Alliance).
Innovations and Regional Development
Charlotte is rapidly emerging as a leader in life sciences, with Wexford Science + Technology spearheading projects like The Pearl, a lab and research hub in collaboration with Atrium Health. This innovation district is poised to attract top talent and fuel advancements in the healthcare and biotech sectors.
In addition, manufacturing took center stage with Gaston County’s approval of incentives aimed at creating hundreds of new jobs in the sector. This move underscores the region’s commitment to fostering a diverse and resilient economy. (CBJ).
Conclusion: Why Charlotte is a Market to Watch
With consistent workforce growth, industry-leading innovations, and major investments across sectors, Charlotte continues to solidify its status as a top-tier market for development and opportunity. The city’s blend of innovation, infrastructure, and community support ensures a vibrant future for investors and residents alike.
As 2024 draws to a close, Charlotte continues to shine as a hub of economic and workforce expansion. December saw significant developments across various sectors, reaffirming the city’s reputation as a top market for growth and innovation.
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 the sale.”
Since 2019, Rise48 Equity has completed over $2.3 Billion+ in total transactions and currently has $1.9 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.
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