Third Quarter Charlotte Economic Report

Here is an exciting report just released from the Charlotte Economic Department.

Third Quarter 2007 Charlotte/Mecklenburg New and Expanded Business Report
Since Charlotte was named the second best city for entrepreneurs by Entrepreneur Magazine in September 2006, the city has continued to meet the criteria of its well-deserved ranking. The number of new and expanding firms continues to grow each quarter, many represented by small business owners. As the numbers consistently show, Charlotte's climate for business is versatile, attracting both large and small business alike.

Third quarter numbers were steady, keeping pace with the development Charlotte continues to experience. Employment figures and investment dollars were both on the higher end where growth in firms and square feet stayed constant. A total of 308 new or expanding firms resulted in 4,664 new jobs. Investment totaled $783 million giving way to a total of more than 6.1 million square feet of new space.

The first nine months of 2007 trumped those of 2006 with all figures except investment dollars increasing significantly. Total employment amounted to 11,233 new jobs created by 898 firms. Total investment was over $1.8 billion dollars, adding 19.9 million square feet of new space. This is the highest figure for employment in the last seven years and a record breaker for new square footage at the nine-month mark.

The aforementioned increases can be attributed to several different projects of note this quarter. The Shaw Group Inc. expanded its facility, announcing intentions to hire 1,000 new employees. LPL Financial Services, Inc. also expanded in the Charlotte area with plans to hire 100 new personnel. The most influential project was the expansion of Carolinas HealthCare, most notably the Levine Children's Hospital. Total investment in the expansion project was $440 million adding 1 million new square feet. Not included in the figures this quarter but worthy of mention are the 171,460-square-foot FBI Charlotte Field Office Complex on Microsoft Way and the $50 million 4,000-space parking deck on Wilkinson Blvd being built by the Charlotte/Douglas International Airport.