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May 2024 Charlotte Blog

May Market Updates: Charlotte On The Rise

Charlotte, North Carolina, is a city on the rise. The latest data from the U.S. Census Bureau confirms what many have already observed: Charlotte’s population is booming, signaling a wave of economic growth and development that is transforming the city into a sought-after destination for businesses, young professionals, and innovators. This surge in growth is not only attracting new residents but also creating a ripple effect across various sectors, from manufacturing and technology to small businesses and clean energy initiatives.

Charlotte’s Population Growth Fuels Real Estate Market

The Charlotte metro area is experiencing substantial population growth, according to recent U.S. Census Bureau estimates. Charlotte itself added over 15,000 residents between July 2022 and 2023, ranking third in the nation for numeric increase among cities with populations exceeding 20,000. Fort Mill, a neighboring town, saw an even more impressive growth rate of 8.8%, securing the 13th spot nationally for percentage increase.

Charlotte North Carolina Skyline

Several other towns within the metro area, including Monroe, Kannapolis, and Indian Trail, also witnessed significant population increases. This widespread growth across the region is indicative of the area’s attractiveness, driven by factors such as a strong job market, desirable lifestyle, and quality schools. The increasing population translates to a heightened demand for housing, which in turn fuels the real estate market and presents lucrative opportunities for investors.

While larger cities across the U.S. are seeing a slowdown in population losses post-pandemic, Charlotte continues to thrive. It maintains its position as the 15th largest city in the nation, second only to Jacksonville, Florida in the Southeast.This consistent growth, combined with the influx of new residents, solidifies Charlotte’s real estate market as a promising investment landscape (Charlotte Business Journal).

John Deere Expansion in Forsyth County: A Boost for Employment and the Local Economy

John Deere, a global leader in agricultural and construction equipment, is further solidifying its presence in North Carolina with a $70 million expansion of its existing campus. The 380,000-square-foot expansion is poised to create approximately 150 new jobs, primarily in the manufacturing and assembly of 6- to 10-ton excavators.

This expansion underscores Deere’s long-standing commitment to the region, which began in 1988 and has since grown to a workforce of 600 employees. The decision to expand in Kernersville reflects the area’s strategic advantages, including a skilled workforce, strong infrastructure, and proximity to key markets.

The investment not only bolsters Deere’s construction and forestry equipment production but also contributes significantly to the local economy. The influx of new jobs is expected to stimulate economic growth, enhance the regional talent pool,and further establish the Charlotte Metro Area as a hub for advanced manufacturing.

In addition to this expansion, Deere is also constructing a nearby facility in partnership with Kreisel Electric, a German company, to manufacture batteries for electric heavy equipment. This move aligns with Deere’s commitment to innovation and sustainable solutions, further solidifying its position as an industry leader.

Charlotte’s $40 Million Small Business Growth Fund: A Catalyst for Economic Development

The Charlotte Small Business Growth Fund, a new $40 million initiative, is set to transform the landscape for small businesses in the city, particularly those facing financial barriers. The fund aims to provide loans ranging from $1,000 to $250,000 to over 2,000 underserved businesses over the next four years.

Small restaurant in Charlotte, NC

The initiative is a collaborative effort between the City of Charlotte, the Charlotte Community Foundation, and several local banks and foundations. It is managed by Scale Link, a Community Development Financial Institution (CDFI) specializing in small business lending. 

This groundbreaking initiative is expected to significantly impact Charlotte’s small business landscape. By providing access to much-needed capital, the fund will foster job creation, economic growth, and community revitalization. It represents a significant step towards creating a more equitable and inclusive business environment in Charlotte (Business North Carolina).

Charlotte aerial view of stadium
North Carolina’s Sports Betting Expansion: A Game-Changer for Charlotte Group is set to significantly expand its presence in Charlotte. The company, which specializes in analyzing and recommending online betting sites, anticipates tripling its local workforce over the next few years.

This expansion comes on the heels of North Carolina’s legalization of online sports gambling, which has quickly gained traction among fans. The company’s strategic move aligns with the growing popularity of online sports betting in North America, with more states legalizing the activity. Group, co-founded by Charlotte native Charles Gillespie, sees Charlotte as a key hub for its North American operations. The company plans to expand its Charlotte office to accommodate up to 80 employees, solidifying its commitment to the city.

The company’s strong financial performance, including a 42% increase in revenue in 2023, further underscores its confidence in the market. While North Carolina is currently the only new state to legalize sports betting this year, the company remains optimistic about its growth prospects, citing strong performance in existing markets.

With the successful launch of online sports betting in North Carolina and the potential for future expansion into online casino gaming, Group is well-positioned to capitalize on the evolving landscape of online gambling in the U.S. This expansion not only benefits the company but also contributes to the economic growth of Charlotte by creating new jobs and attracting talent to the region.

Charlotte: A Top Destination for Young Professionals

A recent ranking highlights the top Charlotte-area locales for young professionals, with center city neighborhoods taking the lead. Fourth Ward, Dilworth, and Uptown secured the top three spots, respectively, due to their vibrant nightlife, proximity to amenities, and ample job opportunities. These neighborhoods offer a mix of historic charm and modern living, with tree-lined streets, trendy restaurants, and luxury high-rises.

aerial view of uptown Charlotte, NC

The ranking encompasses 185 locations across the Charlotte area, with 35 achieving an impressive A+ grade.Notably, Charlotte dominates North Carolina’s rankings, claiming the top 32 positions. This underscores the city’s overall appeal to young professionals, who are drawn to its thriving job market, cultural scene, and relatively affordable lifestyle compared to other major metropolitan areas.

While center city neighborhoods shine, the ranking also includes other Charlotte gems like Elizabeth, First Ward, and Cherry, each boasting an A+ grade for young professionals. These diverse options cater to various preferences, ensuring that Charlotte offers something for everyone seeking a vibrant and fulfilling urban lifestyle (Charlotte Business Journal).

Charlotte, NC small business store fronts
Charlotte: A Rising Star for Entrepreneurs

Charlotte has been recognized as a prime location for starting a business, ranking third among the largest U.S. cities in a new report by WalletHub. The city’s strong performance in the business environment category, including factors like industry variety and low corporate taxes, contributed to its high ranking.

The report also highlights Charlotte’s thriving business landscape, characterized by a high growth rate in small businesses and strong employment growth, making it an attractive environment for entrepreneurs.

Other North Carolina cities like Durham, Raleigh, Winston-Salem, and Greensboro also made the list, demonstrating the state’s overall appeal for business startups. This recognition further strengthens Charlotte’s position as a hub for innovation and entrepreneurship, attracting businesses and contributing to the city’s economic vitality.

Clean Energy Investments Fuel Job Growth and Economic Development in North Carolina

The Department of Energy has unveiled a $1.93 billion investment in clean energy projects across the U.S., including a significant boost for North Carolina. Siemens, a global leader in energy technology, will receive over $18 million in tax credits to expand its transformer manufacturing facility in Charlotte. This expansion is projected to create nearly 500 new jobs and significantly enhance the domestic supply chain for critical power grid components.

North Carolina, already a leader in the clean energy sector with over 67,000 jobs and $42 billion in capital invested since 2020, is poised to further capitalize on this growing industry. The investment stimulates economic growth and creates well-paying jobs in communities previously reliant on fossil fuels. With an increased focus on workforce training programs, the state is ensuring that its residents are equipped with the skills needed to thrive in the clean energy sector (WRAL News).

The Skyline of Charlotte is reflecting on the Water in Marshall Park
Battery Parts Manufacturer Boosts Lincoln County’s Economy

Green New Energy Materials (GNEM), a China-based manufacturer of key lithium-ion battery components, is establishing its first U.S. manufacturing operation in Lincoln County, North Carolina. This $140 million investment will create 545 new jobs, with an average salary exceeding the county average.

GNEM’s expansion aligns with the state’s growing focus on electronic battery and vehicle manufacturing, joining other major players like Toyota and VinFast. The facility will supply customers across North America, including Tesla,Volkswagen, and Ford, contributing to the burgeoning clean energy supply chain.

The project is supported by a Job Development Investment Grant from the state, projected to grow the state’s economy by $1.15 billion over 12 years. The grant incentivizes job creation and investment, with state payments contingent upon meeting performance targets.

This development not only creates hundreds of well-paying jobs but also reinforces North Carolina’s commitment to clean energy and advanced manufacturing. It is a significant step towards establishing a robust domestic supply chain for critical battery components, further solidifying the state’s position in the clean energy economy (Business North Carolina).

American Airlines to Achieve Record-Breaking Summer at Charlotte Douglas International Airport

American Airlines is gearing up for its busiest summer ever at Charlotte Douglas International Airport, with a 12% increase in capacity compared to last summer. This growth is attributed to additional flights and the use of larger aircrafts.

The airline has been diligently preparing for this surge in travel by hiring hundreds of new employees in recent months, ensuring a fully staffed team to manage the increased operations. American already employs about 15,000 people in Charlotte.

American Airlines plane flying in the sky

With an estimated 8 million passengers expected to travel through the Charlotte hub between May 17 and Sept. 3, American Airlines is confident in its ability to surpass pre 2020 travel levels. This optimism is bolstered by recent airport trends, with Charlotte Douglas projecting a record-breaking 60 million passengers this year.

Charlotte’s ongoing growth and development, fueled by its strong economic fundamentals and commitment to innovation, paint a vibrant picture of a city with a bright future. The city’s diverse offerings, including its thriving business environment, cultural attractions, and commitment to sustainability, make it an appealing destination for individuals and companies alike. As Charlotte continues to evolve and expand, its future is undoubtedly one of continued growth, prosperity, and a leading role in the economic landscape of the Southeast.

Since 2019, Rise48 Equity has completed over $2.21 Billion+ in total transactions, and currently has $1.78 Billion+ of Assets Under Management located in Phoenix and Dallas. All of the company’s assets under management are managed by Rise48 Equity’s vertically integrated property management company, Rise48 Communities.