DOING BUSINESS HERE CHARLOTTE CHAMBER | 2016
OVERVIEW Charlotte’s well-known pro-business environment is evident in its ability to move people and products efficiently and conveniently throughout the world. Service is available by air, rail, land and inland port. Factor in geographic location, amenable climate, convenience to major U.S. markets, the Foreign Trade Zone, the U.S. Customs and Border Protection office and the inland port, and it becomes clear that Charlotte offers advantages that make business easier to conduct and more profitable. Charlotte is the 17th-largest U.S. city with a population of 827,097, making it the biggest city within the region. Charlotte has 7.4 million people living within a 100-mile radius, which stacks up well against Atlanta (8.3 million) in a comparison
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of major metro centers in the Southeast. This radius population well exceeds Miami’s 6 million and Memphis’ 2.6 million. As a result, Charlotte has emerged as a financial, distribution and transportation center for the entire urban region. North Carolina claimed the top spot in Site Selection magazine’s listing of the most competitive states for economic development in 2015. The magazine also ranked North Carolina second on the list of best business climates in North America, trailing only Georgia. The Queen City has such a pro-business environment that 291 of Fortune’s top 500 companies have placed one or more facilities within the region.
TOP 10 REASONS TO DO BUSINESS IN
CHARLOTTE, NORTH CAROLINA:
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Charlotte was listed as the No. 1 Top Tech Momentum Market
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2nd Highest Growth in Number of Small Businesses
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3
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6
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North Carolina is No. 5 on the List of Top Moving Destinations in the Country
Charlotte is the 6th Sweetest Spot for Home Ownership (Zillow, 2016)
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(Urban Land Institute, 2015)
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No. 8 on the List of Cites Most Moved to by Millennials (Mayflower, 2016)
9
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(United Van Lines, 2016)
(WalletHub, 2016)
No. 3 on the List of Top Real Estate Markets to Watch
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(BBC, 2015)
(CBRE Group, 2016)
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CLT Douglas Airport is the 4th Best American Airport
7th Best City to Start a Business
Charlotte has the 9th Most Favorable Tax Structure for Businesses (KMPG, 2016)
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North Carolina is the 10th Best State for Job Growth (Bureau of Labor Statistics, 2015)
(WalletHub, 2016)
Population Comparison 650 Mile Radius POPULATION (mil.)
53% 44%
Total U.S. Population:
322,648,494
142.6 ar
lot
te
PERCENT OF U.S.
Ch
At
lan
ta
119.0 k Yo r w Ne
168.3
37%
Source: EASI Demographics, 2016
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CHARLOTTE
CHAMBER SUPPORT FOR
COMPANIES The Charlotte Chamber is a private, nonprofit organization dedicated to the economic development of the city of Charlotte and Mecklenburg County. One of our main objectives is to attract companies to our city, and we offer our services at no charge. Our role is to confidentially support investors in all phases of their projects with the following services: •
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P rovide data on all aspects of local infrastructure, including highway and air connections; wages and salaries; availability and skill level of local workers; commercial real estate lease rates; and the availability of office, warehouse and manufacturing space, among other things. D evelop contacts with selected managers of the many foreign-owned companies in Charlotte-Mecklenburg so that clients may form a completely independent impression of our city and county. P rovide referrals to law firms that specialize in establishing foreign companies’ U.S. subsidiaries and obtaining U.S. visas for key employees. P rovide contacts with tax advisers, accountants, bankers and other providers of services typically required by new U.S. subsidiaries. Identify suitable real estate options, including office space, warehouses, existing manufacturing buildings and greenfield sites, for new building construction. Conduct tours of identified real estate options. C onduct city-county tours to familiarize clients with Charlotte’s many areas: downtown, industrial zones, residential housing neighborhoods, etc. P rovide referrals to local real estate firms that specialize in finding houses and apartments for relocating managers. M ake introductions to regional technical schools and universities that offer customized training programs for new workers. P rovide lists of manufacturers that work as subcontractors, particularly in plastics and metalworking. P rovide information on financial incentive programs and develop contacts with the state and local authorities who manage such programs.
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PHOTO BY DAVID JAFFE
INDUSTRY RESOURCES
While Charlotte is known for its banking services, the Queen City thrives because of its vibrant, balanced economy that encompasses many sectors and companies that range in size from multinational to microbusiness. That variety helps make Charlotte’s economy one of the healthiest and strongest in the nation. Diverse business interests shelter the city from problems that can result from slowdowns and other economic challenges. The solid base also facilitates exceptionally strong growth during economic upswings.
Employment and wages by industry, Mecklenburg County Industry
Establishments
Employees
Total Wages
Health Care and Social Assistance
2,903
72,824
$4,480,260,081
Retail Trade
3,565
63,257
$1,951,708,736
Finance and Insurance
2,538
56,807
$6,710,989,431
Accommodation and Food Services
2,567
56,318
$1,095,586,304
Administrative and Support and Waste Management and Remediation Services
2,668
54,874
$2,190,308,840
Professional, Scientific, and Technical Services
5,906
50,688
$4,178,253,406
Wholesale Trade
3,041
36,885
$2,680,755,616
Educational Services
709
35,284
$1,418,865,428
Transportation and Warehousing
977
34,349
$1,925,995,541
Manufacturing
1,014
32,721
$2,270,854,433
Construction
2,634
30,559
$1,855,643,442
Management of Companies and Enterprises
380
28,615
$3,726,021,669
Information
697
22,205
$1,996,017,871
Public Administration
67
17,396
$1,013,227,496
3,078
15,389
$593,080,002
Arts, Entertainment, and Recreation
565
14,637
$670,392,123
Real Estate and Rental and Leasing
1,968
11,668
$726,736,723
Utilities
23
1,914
$200,654,773
Mining
13
212
$14,069,843
Other Services (except Public Administration)
Source: Quarterly Census of Employment and Wages, Q4 2015
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PHOTO BY DAVID JAFFE
Headquarters
HEADQUARTERS Charlotte’s balanced economy is reflected in the numerous headquarters located here. Seven Fortune 500 companies have established their headquarters operations in the Charlotte region, and they span a wide variety of industries. Powerhouse institutions in the banking and energy industries, Bank of America and Duke Energy, are both headquartered in the heart of Charlotte. Retail giant Lowe’s is headquartered just outside of Charlotte in Mooresville. And manufacturers Nucor, Domtar and Sealed Air are all headquartered in the Charlotte area.
Charlotte MSA Headquartered Fortune 1000 Companies Rank
Name
Revenue ($B)
26
Bank of America
$93.1
47
Lowe’s
$59.1
115
Duke Energy
$24.0
170
Nucor
$16.4
297
Sonic
$9.6
375
Sealed Air
$7.0
489
Domtar
$5.6
612
CommScope
$3.8
624
Albemarle
$3.6
625
Resolute Forest Products
$3.6
639
Carlisle
$3.5
867
SPX Flow
$2.4
889
Coca-Cola Bottling
$2.3
903
Curtiss-Wright
$2.2
Source: Fortune Magazine 2016 Fortune 1000 List
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MAJOR INDUSTRIES HEALTH CARE With more than 72,000 employees, health care represents the region’s largest industry by employment. Leaders in the industry — including hospital giants Carolinas HealthCare System and Novant Health, along with health care providers like OrthoCarolina — have helped establish Charlotte’s reputation as an innovative health care hub. Companies like Premier, Inc., and Aramark Technology and Innovation Center help to improve and connect the health care industry across the country.
TECHNOLOGY Charlotte’s thriving technology industry is anchored by powerhouse companies with large IT departments, including Bank of America, Wells Fargo, Duke Energy, and Carolinas HealthCare System. Many information technology consulting firms, engineering firms and software developers contribute to the strength of the industry. Charlotte is also investing in technological infrastructure, as Google Fiber and AT&T are installing high speed internet across the city.
DISTRIBUTION & LOGISTICS The Queen City is strategically located along the East Coast at the center of major highways I-77 and I-85. Charlotte Douglas International Airport is one of the busiest airports in the country and ships more than 130,000 tons of cargo annually. Norfolk Southern operates a 200-acre intermodal facility capable of 200,000 lifts per year. All of these transportation assets set up an environment for success for the more than 1,000 logistics and distribution companies in the Charlotte region.
CORPORATE OPERATIONS Many major companies choose Charlotte as the destination for a variety of corporate operations. With a professional services sector more than 22 percent larger than the national average, the talent pool for all types of corporate operations runs deep. Research and Development offices are served by an educated population. More than 41.5 percent of adults hold advanced degrees. The area’s location within two hours by air and 12 hours by truck of most of the U.S. population makes Charlotte a strategic choice for sales and marketing offices serving multiple markets.
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MANUFACTURING With such a strong workforce, operation and distribution infrastructure, pro-business climate and more, it is no wonder that manufacturers increasingly choose to call Charlotte home. Since 2011, companies such as Madrona Specialty Foods, Bosch Rexroth Corporation, Karl Marbach GmbH & Company, JELD-WEN, Beardow Adams, Masterwork USA, Tropical Nut and Fruit, SCHLEICH, Kubler Group and Nutec Group have announced new jobs in the Charlotte manufacturing market. Nearly one-third of the manufacturing firms in Mecklenburg County are involved with importing or exporting goods. Manufacturing in Mecklenburg County has grown and diversified through the decades. The Charlotte area has countless firms specializing in sophisticated intelligent manufacturing, with precision metrology, optoelectronic
and biomedical technology developing alongside such traditional manufacturing as primary and fabricated metals, machinery, chemicals, plastics, electronics, transportation equipment, and food and beverages. Manufacturers come to Charlotte to tap into the skilled and productive workforce. Charlotte is home to Central Piedmont Community College, the state’s largest community college, and the University of North Carolina at Charlotte, the fourth-largest university in the 16-campus UNC system. Both offer worker-training programs, including programs that can be customized to meet employers’ needs. CPCC has multiple campus locations around Mecklenburg County and also offers companies on-site training programs.
Manufacturing Advantages:
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T he 16-county Charlotte region is by far the largest manufacturing center in North Carolina, accounting for one-third of the state’s 10,300 manufacturing firms.
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Nearly 4,000 manufacturing firms employ more than 140,000 workers in the Charlotte region.
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The industry contributes an estimated $7 billion in payroll.
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Charlotte ranks in the top 50 U.S. cities in number of industrial jobs.
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I n the Charlotte MSA, the average manufacturing production hourly wage is $17.05 — well below the national average of $17.41.
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orth Carolina is the nation’s 10th-largest manufacturing state, but the second most productive. N For every dollar of labor cost, North Carolina’s manufacturing workers add $5.46 in value.
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nion membership comprises 2.3 percent of North Carolina manufacturing employees, one of the U lowest rates in the country.
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Manufacturing Productivity by State
Production Wage Comparisons
Manufacturing Employees
Productivity
Louisiana
219,526
5.96
North Carolina
396,563
5.46
Texas
758,954
4.81
Nebraska
92,109
4.79
Virginia
226,443
4.61
Indiana
465,029
Tennessee
Metropolitan Area
Wage
Atlanta
$15.74
Dallas
$15.95
Charlotte
$17.05
National Average
$17.41
4.32
Cleveland
$17.43
290,226
4.20
Columbia, SC
$17.43
West Virginia
46,966
4.17
Denver
$17.71
Georgia
334,051
4.06
Alabama
234,726
3.98
Richmond
$18.64
Missouri
242,214
3.98
Philadelphia
$19.87
South Carolina
207,021
3.90
Houston
$19.96
22,042,951
3.88
Detroit
$20.36
State
United States
Source: U.S. Census Bureau, 2014 Annual Survey of Manufacturers Note: Productivity is a calculation of value added divided by total payroll
Source: Bureau of Labor Statistics, 2015
PHOTO BY DAVID JAFFE
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PHOTO BY DAVID JAFFE
RESEARCH AND DEVELOPMENT Higher education is key to any city’s — and company’s — future growth. Within the Charlotte region, 25 public and private institutions offer baccalaureate degrees. Eighteen schools offer graduate degrees, including master’s degrees and doctorates, in a variety of disciplines and with flexibility to meet the schedules of today’s full-time employees. UNC Charlotte is North Carolina’s urban research university, serving the region through applied research, knowledge transfer and engaged community service. More than 28,000 students, including approximately 5,000 graduate students, are enrolled in the university’s doctoral, master’s and bachelor’s programs. The university created the Charlotte Research Institute (CRI), which focuses on applied research in intelligent energy, manufacturing and precision metrology, eBusiness technology, optoelectronics and optical communications, biosciences and biotechnology. CRI has grown to become one of the top research centers in the region and works with the community and the campus to accelerate technology commercialization and the growth
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of entrepreneurial ventures. Globally, CRI develops intellectual capital through collaborations with industry, government and academia. New business and research ventures, university partnerships with regional and national enterprises, and CRI spinoff companies draw research and businesses to the region, spurring economic growth. Science and engineering ventures at CRI are driven by the internationally known results of its research centers in precision metrology, visualization and optoelectronics. CRI’s research vision continues to grow with initiatives in bioinformatics, biomedical engineering systems, energy production and infrastructure, information security, motorsports and automotive engineering, sustainability, nanoscale science and translational research. With facilities on the CRI campus and at the North Carolina Research Campus in Kannapolis, CRI helps companies initiate research and development partnerships at UNC Charlotte and offers a variety of opportunities to engage talented faculty and make use of specialized resources available at UNC Charlotte.
INTERNATIONAL BUSINESS The increasing number of international companies is important to the Charlotte area, and CharlotteMecklenburg has seen steady and impressive growth in international business. The presence of foreign-owned firms in Mecklenburg County dates back to 1925 when Sandoz Corp. moved to Charlotte. Currently, there are more than 989 in the region, representing 46 countries and employing more than 61,000 workers. Charlotte offers a nurturing climate for regional, national and international companies of all sizes. The area’s high quality of life, reasonable cost of living, world-class arts, major league sports, and educational and advancement opportunities attract talented individuals from around the globe. Charlotte offers exceptional air service, a foreign trade zone, transparent
government and business practices, and numerous nonprofit organizations that focus on international business, foreign policy and global culture. CharlotteMecklenburg is home to the honorary consuls of Austria, Canada, France, Germany, Great Britain, Guatemala, Hungary, Ireland, Italy, Mexico, Moldova, Nicaragua and Switzerland. A steady influx of new residents moving to Charlotte each year keeps the city’s business and social structure fresh and vibrant. The Queen City welcomes new leaders and encourages them to help shape and build its future. This is an easy city for making fresh starts and leaving a mark on a company or on the community. Our business community is actively engaged in steering public policy, and many of Charlotte’s top leaders come directly from the corporate sector, making Charlotte one of the most business-focused cities in the United States.
Companies with foreign parent companies, Charlotte region 2016
2005
Germany
200
169
United Kingdom
118
74
Canada
99
53
Japan
80
75
Switzerland
57
37
France
56
37
Italy
50
43
The Netherlands
50
21
China
39
8
Sweden
38
30
Ireland
20
3
Australia
18
8
India
16
4
Austria
14
5
Belgium
14
12
Denmark
11
8
Mexico
11
9
Taiwan
12
7
Other
86
51
Total
989
654
Why International Companies Choose Charlotte Excellent U.S. market access from a central Atlantic coast location • Large airport hub with direct international flights • Pro-business local government • Highly productive workforce for manufacturing and services • State-funded worker training programs • Extraordinary quality of life • Below-average cost of living • Rich international business and cultural communities • Foreign language schools • Excellent universities and research programs •
Source: Charlotte Chamber Foreign Firms Database
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RELOCATION RESOURCES Taxes & Fees •
• • •
orporate Income Tax: 4.0% C This rate will drop to as low as 3% in 2017 and any subsequent year when general fund revenue goals are met. This rate will drop to a flat rate of 5.499% in 2017 Property Tax: $1.2944 per $100 of assessed value in Charlotte Note: this rate varies and each city within the county levies its own rate Sales and Use Tax: 7.25% The statewide sales tax is 4.75% and Mecklenburg County levies an additional 2.5%
Additional Taxes Franchise Tax All corporations operating in the state are levied a franchise tax at the rate of $1.50 per $1,000 of the largest of three alternative bases: 1. The amount of the capital stock, surplus and undivided profits apportionable to the state. 2. Fifty-five percent of appraised value of property in the state subject to local taxation. 3. The book value of real and tangible personal property in the state less any debt outstanding that was created to acquire or improve real property in the state. Book value may be computed by use of the same depreciation methods as are permitted for federal income tax purposes. The minimum franchise tax is $35. Franchise tax and income tax are reported on the same return.
Occupation License Tax These are levied by the county and city government on a variety of businesses. These fees vary with the type of business and volume of sales. Though not a tax, most states require an insurance fee be paid on a portion of taxable wages. This fee varies with each business based on its history of unemployment claims. North Carolina requires a fee of 1.2 percent of the first $19,700 in wages paid per employee for new firms operating within the state. Existing firms are charged a rate from 0-6.84 percent of the first $19,700 in taxable wages; the average rate is 1.2 percent.
Payroll Taxes Employers are required to withhold several types of payroll taxes. The Social Security tax imposed on employers and employees is called the FICA tax, which is based on wages. Wages in excess of an annually adjusted FICA cap are excluded from the definition of FICA wages. The tax is generally imposed at the same rate on both the employee and employer. There is also a hospital insurance tax of 1.45 percent of Medicare wages imposed at the same rate on both the employer and the employee. Medicare does not have a cap and applies to almost all wages.
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INCENTIVES Job Development Investment Grant Program (JDIG) This program serves as a deal-closing incentive for large job creation projects and will rebate a negotiated portion of a company’s withholding taxes generated by the new project over a set number of years not to exceed 12 years. Projects must create a minimum of 250 new jobs and pay a minimum average annual wage of $60,000. The JDIG program also requires that the local government in the community where the project intends to locate also participate with a local grant to be determined based on the specifications of the project.
PHOTO BY DAVID JAFFE
One North Carolina Fund Grant Program (One NC) The One NC program also serves as a deal-closing incentive for large job creation prospects that may not qualify for a JDIG. It offers a specific grant amount per new job created by the project. This program also requires a matching grant amount from the local government where the project intends to locate based on the specifications of the project. Customized Workforce Training Assistance North Carolina was one of the first states to develop a customized workforce training program through its community college system. This program is regarded as one of the top in the nation in meeting the needs of new and expanding companies. Administered in Mecklenburg County by Central Piedmont Community College, the program is available to both new and expanding companies that are creating new jobs, making an appreciable capital investment, or may be deploying new technology in their facility. Eligible businesses include manufacturing, distribution centers, air courier services, customer support centers, national headquarters and technology intensive operations in the IT and life sciences sectors. Utility Rate Discounts The utility companies that service Mecklenburg County may offer discounts to new and expanding companies that add significant service to the utility’s system. Charlotte Chamber economic development project managers will work with client companies and representatives of the utility companies to determine the applicability of these programs.
Employment Recruitment and Screening Finding the best talent for a new or expanding operation is one of the important, if not the most important, tasks for a company. In Mecklenburg County, Charlotte Works provides its services at no cost to the company. Charlotte Works is a statefunded organization that will develop a list of job openings and requirements for each position with the client company. They then match applicants with job positions and refer selected individuals to the company. Charlotte Works screens the applicants based on the specific needs of the company and can also provide on-site space for interviews and employee orientation sessions. They provide on-the-job training grants and can assist companies in determining eligibility for those funds. Local Business Investment Grant Program (BIP) The BIP is designed to encourage job creation and capital investment in Mecklenburg County. Qualifying projects that meet the requirements may receive a cash grant over a specific number of years. The program also requires that the project be competitive and that the grant is a determining factor in the company choosing to locate in Mecklenburg County versus other locations outside the county. Projects locating within the BIP zone that invest a minimum of $3 million and create a minimum of 20 new full-time positions paying an average wage of $48,297 or higher may qualify for the BIP. For more information, please contact one of the Charlotte Chamber’s economic developers. Data Center Infrastructure Data centers not engaged in internet publishing that meet the minimum qualifications of the program will be exempt from sales tax on sales of electricity and data center support equipment. Data center support equipment is defined as property that is capitalized for tax purposes. Qualifying data centers must have a minimum capital investment of $75 million over five years. Co-location data centers may combine the investment of an operator with the investment of tenants.
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CHARLOTTE DOUGLAS INTERNATIONAL AIRPORT
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Charlotte is a significant transportation and distribution center. At its heart, Charlotte Douglas International Airport (CLT), home to the second-largest hub of American Airlines, offers nonstop service to more than 150 destinations. Among those cities are Dublin, Frankfurt, London, Munich, Paris, Rome, Toronto, Mexico City and several Caribbean destinations, including one of the first direct flights to Havana, Cuba. More than 700 flights leave Charlotte daily.
Charlotte serves its active business community with excellent airfreight service. In 2015, more than 135,000 tons were carried by approximately 20 cargo carriers supported by 500,000 square feet of warehouse space in the Charlotte Air Cargo Center. CLT also offers both domestic freight and international airfreight services from 70 freight forwarders, customhouse brokers and professional international service providers.
CLT is the world’s sixth-most-active airport in total operations and the nation’s ninth busiest in total passengers. The airport is less than 25 minutes from most Charlotte business parks.
General aviation is also available at CLT and is served by Wilson Air Center. Fixed base operations services include personal and corporate aircraft storage, maintenance and fueling.
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PHOTO BY DAVID JAFFE
TOP CITIES SERVED BY CLT
CLT ENPLANEMENTS BY YEAR
Rank
Destination
Daily Passengers
Year
Enplanements
International
1
Atlanta
2,471
Q1 2016
5,104,544
295,091
2
New York- LaGuardia
1,789
2015
22,410,744
1,408,152
3
Dallas/Fort Worth
1,693
2014
22,109,249
1,449,282
4
Chicago-O’Hare
1,625
2013
21,703,638
1,403,343
5
Boston
1,493
2012
20,584,641
1,340,197
6
New York - Newark
1,493
2011
19,453,212
1,303,578
7
Phoenix
1,389
2010
19,096,963
1,240,684
8
Orlando
1,378
2009
17,246,594
1,089,964
2008
17,357,993
1,081,005
9
Philadelphia
1,356
2007
16,569,354
1,020,885
10
Baltimore-Washington
1,208
2006
14,829,903
988,878
Source: USDOT Bureau of Transportation Statistics, May 2015-April 2016
Source: Charlotte Douglas International Aiport Monthly Activity Reports
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Charlotte, N.C.
PHOTO BY DAVID JAFFE
PHOTO BY DAVID JAFFE
CONSTRUCTION CONSTRUCTION COST COMPARISONS
The growth of Charlotte is a magnet for construction companies. Low costs, high construction activity levels, and convenient access to both materials and skilled labor provide the reasons why more than 5,355 construction firms employ 50,833 qualified workers in the metro area. In addition to the quality and variety of Charlotte’s construction companies, you will also find a wealth of additional services to design the perfect new space for your business or reconfigure current space into optimal quarters. The Charlotte area has 981 engineering and architecture firms that employ 8,337 people.
City
The R.S. Means Commercial Construction Cost Index reflects the total cost, excluding cost of land and other peripheral expenses (e.g., architectural fees), of residential and commercial construction. Many cities have seen higher costs recently, but Charlotte’s cost index is currently at 83.6 percent of the national average. Keeping construction prices low are favorable weather conditions and proximity to some of North Carolina’s major products: lumber, brick and laminates.
MECKLENBURG COUNTY 5-YEAR CONSTRUCTION SUMMARY
Index
Charlotte
83.6
Dallas
85.4
Memphis
87.3
Phoenix
88.4
Atlanta
88.6
Cincinnati
91.8
Denver
92.3
Baltimore
93.2
Washington, D.C.
98.5
Cleveland
99.3
Source: R.S. Means Commercial Construction Cost Index, 2016
Permits
Residential Value (mil.)
Non-Residential Value (mil)
Total (mil.)
2015
17,836
$1,672.00
$1,715.58
$3,387.58
2014
16,987
$1,433.87
$1,281.14
$2,715.01
2013
15,882
$1,417.72
$1,260.96
$2,678.68
2012
15,046
$1,149.42
$1,259.53
$2,408.95
2011
13,321
$762.67
$1,173.84
$1,936.51
Source: U.S. Department of Commerce Monthly Reports for Mecklenburg County
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OFFICE SPACE Charlotte’s office market has blossomed in recent years to accommodate companies looking for a pro-business city located on key transportation routes with cultural amenities, high quality of life, an attractive climate and affordable cost of living. According to Karnes Research Company, CharlotteMecklenburg has more than 556 buildings accounting for 51 million square feet of office space with an approximate 12.3 percent vacancy rate. In addition, currently proposed or under construction projects total nearly 11 million square feet of
office space. Average full-service rental rates are competitive at $26.33 for Class A and $20.85 for Class B office space. Industrial space is equally competitive with 36.5 million square feet of warehouse and 10.8 million square feet of flex space with vacancy rates of 8.4 percent and 9.7 percent, respectively. Average rental rates are $4.51 per square foot of warehouse space and $9.27 per square foot of flex space. More than 2.7 million additional square feet of industrial space is either under construction or is proposed construction.
CHARLOTTE-MECKLENBURG HISTORICAL TRENDS IN OFFICE SPACE Year (1Q)
Rentable Square Feet
Vacant Square Feet
2016
50,718,045
6,307,283
2015
49,947,552
7,014,445
2014
49,473,195
7,077,916
2013
50,146,848
8,311,246
PHOTO BY DAVID JAFFE
Source: Karnes Research Company
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PHOTOS BY DAVID JAFFE
ECONOMICAL UTILITIES Charlotte is home to Duke Energy, the nation’s largest electric power holding company. It now provides energy to more than 7 million residential, commercial and industrial customers in the U.S., using an efficient combination of nuclear, coal-fired and hydroelectric facilities. The average industrial price of 6.13 cents/kWh is below the national average of 6.97 cents/kWh, and Duke Energy has incentives for companies looking to develop or redevelop sites and add jobs. Natural gas is available from Charlotte-based Piedmont Natural Gas, owned by Duke Energy. The company serves more than 1 million residential, commercial and industrial utility customers in North Carolina, South Carolina and Tennessee, including municipalities that are wholesale customers. Charlotte receives water from the Catawba River, whose headwaters are in the Appalachian Mountains. The utility maintains hundreds of thousands of commercial and residential water connections. Fully funded by water and sewer customers, Charlotte Water is using its AAA bond rating to fuel an aggressive capital program to ensure future water and wastewater treatment capacity. There are currently three water treatment plants and five wastewater treatment plants. More than 30 companies offer telecommunications services in Charlotte, including major national and regional providers. Charlotte telecommunications offerings are diverse and up-to-date with the newest technology trends. There are thousands of miles of fiber optic cable and a wealth of wireless providers in the region. Broadband providers in Charlotte include AT&T, Spectrum and Windstream. In 2015, Google Fiber announced plans to install high-speed internet service in Charlotte and began offering service in 2016.
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SUPERIOR EDUCATION AND WORKFORCE K-12
Serving more than 146,000 students, Charlotte-Mecklenburg Schools (CMS) is the 18th largest district in the nation. Student achievement test results are consistently above the national average at all grade levels. School offerings range from traditional school settings to magnet and charter schools with specialized curriculums. Private (nonpublic) schools and charter schools make up a significant part of Mecklenburg County’s educational landscape. In fact, more than 26,000 students are enrolled in 100 private schools and charter schools in the county. This growing system includes elementary, middle and high schools with various religious affiliations, as well as independent institutions.
COLLEGES & UNIVERSITIES
The Charlotte area is home to 49 colleges and universities that serve approximately 216,000 students and award almost 29,000 degrees annually. There are a wide variety of programs and degrees that students can choose from, ranging from associates’ degrees from Central Piedmont Community College to master’s and post-doctoral programs at the University of North Carolina at Charlotte.
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COLLEGES/UNIVERSITIES IN REGION Name of Institution
City
Enrollment
Type
Art Institute of Charlotte
Charlotte
1,308
C
Belmont Abbey College
Belmont
1,647
C
Cabarrus College of Health Sciences
Concord
451
C
Carolina School of Broadcasting
Charlotte
57
V
Carolinas College of Health Sciences
Charlotte
449
V
Catawba College
Salisbury
1,310
C
Catawba Valley Community College
Hickory
16,976
CC
Central Piedmont Community College
Charlotte
58,788
CC
Charlotte School of Law
Charlotte
1,410
P
Shelby
10,228
CC
Rock Hill
185
JC
Davidson College
Davidson
1,788
C
DeVry University/Keller Graduate School of Management
Charlotte
737
U
ECPI University - Charlotte
Charlotte
NA
T
ECPI University - Concord
Charlotte
NA
T
Gardner-Webb University
Boiling Springs
4,656
U
Cleveland Community College Clinton College
Gardner-Webb University at Charlotte Gaston College
Charlotte
NA
U
Dallas
19,319
CC
Hood Theological Seminary
Salisbury
181
P
Johnson & Wales University
Charlotte
2,325
U
Johnson C. Smith University
Charlotte
1,387
U
Kaplan College
Charlotte
382
V
King’s College
Charlotte
381
V
Lee University
Charlotte
103
U
Lenoir-Rhyne University
Hickory
1,898
U
Livingstone College
Salisbury
1,175
C
Mercy School of Nursing
Charlotte
137
V
Mitchell Community College
Statesville
10,808
CC
Montreat at Charlotte
Charlotte
—
C
Mooresville
1,510
T
Charlotte
144
C
NASCAR Technical Institute New Life Theological Seminary Northeastern Technical College Northeastern University, Charlotte Pfeiffer University
Cheraw
1,153
T
Charlotte
NA
U
Misenheimer
1,860
U
Pfeiffer University at Charlotte
Charlotte
—
U
Queens University
Charlotte
2,285
U
Rowan-Cabarrus Community College
Salisbury
20,407
CC
Southeastern Institute
Charlotte
345
V
Stanly Community College
Albemarle
9,330
CC
Strayer University - Charlotte
Charlotte
NA
U
Huntersville
NA
U
Strayer University - North Charlotte
Charlotte
NA
U
Union Presbyterian Seminary, Charlotte
Charlotte
NA
P
University of North Carolina at Charlotte
Charlotte
28,000
U
University of Phoenix at Charlotte
Charlotte
933
U
Wake Forest University at Charlotte
Charlotte
NA
U
Wingate University
Wingate
3,002
U
Winthrop University
Rock Hill
6,130
U
York Technical College
Rock Hill
5,030
T
Strayer University - Huntersville
Type Code: C – Four-Year College T – Technical Institute CC – Community College U – University JC – Junior College V – Vocational School P – Graduate/Professional School Sources: National Center for Education Statistics; North Carolina Community College System; Individual colleges and universities.
21
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