Economic Climate in Charlotte on the Upswing

March 27, 2015 | TalentBridge News

With a cost of living below the national average, many industry sectors showing growth and promising indicators in the local economy, Charlotte is a great place to be in 2015 for both business and professionals.

  • Area unemployment has dropped from 6.6% in December 2013 to 5.3% in December 2014, even lower that the national average of 5.4%.
  • Energy prices have dropped precipitously, giving both consumers and businesses a bit of breathing room. With increased consumer confidence, employers are cautiously plumping up their payrolls.
  • Since 2000, Charlotte has been the second fastest growing metropolitan area nationwide, with a population increase of nearly 40%. This trend shows no signs of slowing. Analysts predict an additional 47% growth by 2030.
  • Apartment construction is up with 10,000 units currently under construction and just as many planned. Offerings range from mixed use to upscale to accommodate the influx of young workers relocating to the area who may not be ready to commit to home ownership.

According the Belk School of Business at UNC Charlotte, the following sectors are expected to show the strongest projected growth in 2015:

  • Business and Professional Services, with 7.8%
  • Construction, with 5.0%
  • Transportation, Warehousing and Utilities, with 5.0 %
  • Hospitality and Leisure Services, with 3.9 %

What does this mean for employers and job seekers in the Charlotte area?

  • Increased demand will make competition for top talent more challenging for business.
  • Growing companies will need to add flexibility to their workforce to complete projects and take on new challenges.
  • Job seekers new to the area can leverage temporary and temporary-to-hire opportunities to try out new companies or industries while getting acclimated to the area.
  • Established professionals will have their choice of rewarding positions, but may need help finding the right match.

How can Talent Bridge help?

With recruitment and workforce development experts well-versed in their specific industries, Talent Bridge can help employers to attract, develop and retain top talent. We also offer job seekers access to opportunities that they may not find on their own. Read our related posts or contact us today to learn more.