September 2024 Charlotte Market Recap: Business Growth, Tech Innovation, and Community Impact
September marked another period of impressive growth and development for Charlotte. The city continued its rise as a dynamic hub for business, innovation, and community engagement. From major financial expansions to groundbreaking advancements in technology and renewable energy, Charlotte’s momentum shows no signs of slowing. Here’s a look at the month’s most significant highlights.
Major Business and Economic Developments
JPMorgan Chase Expands in Mooresville
JPMorgan Chase made headlines with the opening of a new branch in Mooresville, part of its ongoing expansion in the Charlotte area and its 22nd location in North Carolina. This move underscores the city’s growing appeal to major financial institutions, reinforcing its status as a key banking hub. The new branch aims to provide a full range of financial services, contributing to the region’s economic vitality and offering local residents greater access to banking resources. With Charlotte already housing several major banks, this addition signals the city’s expanding influence in the financial sector. (Charlotte Business Journal).
Huntington National Bank's Continued Expansion in Charlotte
Huntington National Bank announced its ongoing expansion plans in North Carolina, with a significant focus on Charlotte. Having moved its headquarters to Charlotte last year, the bank is doubling down on its commitment to the region. The expansion is expected to bring more job opportunities and financial services to local businesses and residents. Huntington’s growth plan of hiring an additional 100 employees in the area further cements Charlotte’s reputation as a thriving center for financial institutions and services, attracting talent and investments from across the country. (Business NC).
KPMG's Growth and Hiring Surge
KPMG, a global leader in professional services, announced plans for a significant hiring surge in the Charlotte area with plans to add over 200 new hires in its Charlotte office by end of year. This expansion is driven by the growing demand for advanced accounting, technology, and AI services. Joe Paradise, KPMG’s Charlotte managing partner says that “as the Charlotte market grows, we are continuing to add more experts that benefit from this growth.”
KPMG says it saw 56% revenue growth within the last five years in Charlotte. KPMG’s commitment to expanding its workforce reflects Charlotte’s status as an emerging tech and innovation hub. It credits its success in the area to many businesses that enter the market, contributing to boosting the local financial-services employment opportunities. The Charlotte market is the second-largest financial hub in the U.S., with over 100,000 individuals working in that industry. The company’s focus on leveraging technology to drive business growth aligns with the city’s broader trend of embracing digital transformation and innovation across various industries. (CBJ).
Infrastructure and COmmunity Initiatives
Camp North End Development Boosts Real Estate and Retail
The ongoing development at Camp North End is set to transform Charlotte’s real estate and retail landscape, per CBJ. This project aims to create a vibrant mixed-use space that includes office spaces, retail shops, and dining options, further enhancing the city’s appeal as a destination for both work and leisure. With its strategic location and innovative design, Camp North End is expected to attract businesses and visitors alike, contributing to the local economy and providing new opportunities for community engagement.
Stratascale's Cybersecurity Expansion
Stratascale, a leading cybersecurity firm, announced plans to expand its presence in Charlotte, reflecting the city’s growing role as a hub for technology and cybersecurity. The expansion includes the establishment of a new office focused on providing advanced cybersecurity solutions to businesses in the region. This move not only brings high-tech jobs to the area, with plans to add around 50 more employees by the end of 2024, but also underscores the importance of cybersecurity in today’s digital economy. Stratascale’s growth in Charlotte highlights the city’s ability to attract cutting-edge companies and talent in the tech sector. (CBJ).
Charlotte Solar Firm Thrives Amidst Growing Demand
Charlotte’s renewable energy sector received a boost with the expansion of a local solar firm, which has been thriving amid increasing demand for sustainable energy solutions. In the last five years, the amount of solar projects in residential areas increased by 65%, per Ohm Analytics. The firm’s success is indicative of the city’s commitment to environmental sustainability and the growing interest in clean energy among businesses and residents. As more multifamily rental companies in the Charlotte market adopt solar power, the city is positioning itself as a leader in renewable energy and sustainability, contributing to a greener future for the region. (Charlotte Ledger).
Charlotte’s Population and Job Market
Influx of New Residents Drives Economic Growth
The Charlotte continues to attract a significant number of new domestic and international residents, with an estimated 117 people moving to the area every day, per the Charlotte Regional Business Alliance. This steady influx is driven by the city’s robust job market, affordable cost of living, and diverse cultural scene that justifies public investments like new schools and transportation initiatives, says Axios Charlotte. The growing population is expected to fuel economic growth, increase demand for housing and services, and enhance the city’s appeal to businesses and investors alike.
Charlotte Among Hottest Job Markets in the U.S.
According to recent data from ADP Research, Charlotte was identified as one of the hottest job markets in the U.S. It ranked 23rd out of 55 markets in the report, with the market’s annual pay growth at 4.8%, hiring rate at 4.9%, and new hires typically earning around $15.50 an hour. The city’s diverse economy, strong job growth, and high demand for skilled workers make it an attractive destination for professionals across various industries.
From finance and technology to healthcare and manufacturing, Charlotte offers a wide range of career opportunities. The average new hire pay was in the information industry is $24, the highest wages locally. The leisure and hospitality sector had the highest hiring rate around 8.8%. The city’s thriving job market not only attracts new residents but also supports local businesses and contributes to the overall economic prosperity of the region. (CBJ).
Expanding Charlotte’s Social Scene and Innovative VEntures
Blacklane Expands Rideshare and Business Travel Services
Blacklane, a global ride-hailing and business travel service, expanded its operations in Charlotte, offering a premium transportation experience for business travelers and locals to 15 nearby cities. The company said, “We selected Charlotte as a location since it’s described as a key commuter destination,” in a Charlotte Inno article. The company’s growth in the city highlights the increasing demand for high-quality transportation services in a rapidly growing urban environment.
With its focus on providing reliable and comfortable rides, Blacklane’s expansion adds to the city’s evolving transportation landscape, offering more options for residents and visitors alike.
Small Sliders Brings New Dining Experience to Charlotte
Charlotte’s culinary scene is set to expand with the arrival of Small Sliders, a fast-casual restaurant concept backed by NFL star Drew Brees. Known for its unique slider offerings and vibrant atmosphere, Small Sliders aims to bring a fresh and exciting dining option to the city’s food lovers. The restaurant’s first opening slated near the end of 2025, not only adds to Charlotte’s diverse culinary landscape but also creates new job opportunities and contributes to the local economy. (CBJ).
Conclusion: Charlotte’s Momentum Continues
September has been a testament to Charlotte’s ongoing growth and adaptability. With major developments in banking, technology, and community infrastructure, the city continues to attract investment and talent, solidifying its position as a premier destination for living and business. As Charlotte grows, opportunities for investors, entrepreneurs, and residents are bound to expand, reinforcing the city’s status as a leader in the multifamily real estate market and beyond.
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.
