DOING

BUSINESS
HERE
CHARLOTTE CHAMBER | 2016
 OVERVIEW
Charlottes 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
1 charlotte.global
of major metro centers in the Southeast. This
radius population well exceeds Miamis 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 magazines 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 Fortunes top
500 companies have placed one or more facilities
within the region.
 TOP 10 REASONS TO DO BUSINESS IN
CHARLOTTE, NORTH CAROLINA:
#
1 Charlotte was listed
as the No. 1 Top Tech
4
# CLT Douglas Airport
is the 4th Best
American Airport
#
8 No. 8 on the List of
Cites Most Moved
Momentum Market (BBC, 2015) to by Millennials
(CBRE Group, 2016) (Mayflower, 2016)

#
2 2nd Highest Growth
in Number of Small
#
5 North Carolina is
No. 5 on the List of Top
Moving Destinations
#
9 Charlotte has the
9th Most Favorable
Businesses in the Country Tax Structure for
(WalletHub, 2016)
(United Van Lines, 2016) Businesses
(KMPG, 2016)

#
3 No. 3 on the List
of Top Real Estate
#
6 Charlotte is the 6th
Sweetest Spot for
Home Ownership
#
10 North Carolina is the
10th Best State for Job
Markets to Watch (Zillow, 2016)
Growth

7
(Urban Land Institute, 2015)
#
(Bureau of Labor Statistics, 2015)
7th Best City
to Start a Business
(WalletHub, 2016)

Population Comparison 650 Mile Radius

POPULATION
Total U.S.
322,648,494
(mil.)
53% Population:
44%
37%
168.3
142.6
119.0

PERCENT
OF U.S.
k

te
ta
r
Yo

lot
lan

ar
w

At
Ne

Ch

Source: EASI Demographics, 2016

charlotte.global 2
 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:

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 Charlottes 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.

3 charlotte.global
 INDUSTRY
While Charlotte is known for its banking services, the Queen
City thrives because of its vibrant, balanced economy that

RESOURCES
encompasses many sectors and companies that range
in size from multinational to microbusiness. That variety
helps make Charlottes 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.
PHOTO BY DAVID JAFFE

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
2,668 54,874 $2,190,308,840
and Remediation Services
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
Other Services (except Public Administration) 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

Source: Quarterly Census of Employment and Wages, Q4 2015

charlotte.global 4
 PHOTO BY DAVID JAFFE
Headquarters

HEADQUARTERS
Charlottes 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 Lowes 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 Lowes $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

5 charlotte.global
 MAJOR INDUSTRIES
HEALTH CARE
With more than 72,000 employees, health care represents the regions 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 Charlottes 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
Charlottes 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 areas 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.

charlotte.global 6
 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 states
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:
T he 16-county Charlotte region is by far the largest manufacturing center in North Carolina, accounting
for one-third of the states 10,300 manufacturing firms.
Nearly 4,000 manufacturing firms employ more than 140,000 workers in the Charlotte region.
The industry contributes an estimated $7 billion in payroll.
Charlotte ranks in the top 50 U.S. cities in number of industrial jobs.
In the Charlotte MSA, the average manufacturing production hourly wage is $17.05 well below the
national average of $17.41.
 orth Carolina is the nations 10th-largest manufacturing state, but the second most productive.
N
For every dollar of labor cost, North Carolinas manufacturing workers add $5.46 in value.
 nion membership comprises 2.3 percent of North Carolina manufacturing employees, one of the
U
lowest rates in the country.

7 charlotte.global
 Manufacturing Production Wage
Productivity by State Comparisons

Manufacturing Metropolitan
State Employees Productivity Area Wage
Louisiana 219,526 5.96 Atlanta $15.74
North Carolina 396,563 5.46
Dallas $15.95
Texas 758,954 4.81
Charlotte $17.05
Nebraska 92,109 4.79
National Average $17.41
Virginia 226,443 4.61
Indiana 465,029 4.32 Cleveland $17.43

Tennessee 290,226 4.20 Columbia, SC $17.43

West Virginia 46,966 4.17 Denver $17.71
Georgia 334,051 4.06
Richmond $18.64
Alabama 234,726 3.98
Philadelphia $19.87
Missouri 242,214 3.98
South Carolina 207,021 3.90 Houston $19.96

United States 22,042,951 3.88 Detroit $20.36

Source: U.S. Census Bureau, 2014 Annual Survey of Manufacturers Source: Bureau of Labor Statistics, 2015
Note: Productivity is a calculation of value added divided by total payroll

PHOTO BY DAVID JAFFE

charlotte.global 8

RESEARCH AND
DEVELOPMENT
Higher education is key to any citys and companys
future growth. Within the Charlotte region, 25 public and
private institutions offer baccalaureate degrees. Eighteen
schools offer graduate degrees, including masters degrees
and doctorates, in a variety of disciplines and with flexibility
to meet the schedules of todays full-time employees. UNC
Charlotte is North Carolinas 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 universitys doctoral, masters
and bachelors 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
9 charlotte.global
PHOTO BY DAVID JAFFE
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.
CRIs 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 Charlotte-
Mecklenburg 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
areas 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. Charlotte-
Mecklenburg 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 citys 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 Charlottes 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
United Kingdom
200
118
169
74
Why International
Canada 99 53 Companies Choose
Japan 80 75 Charlotte
Switzerland 57 37
France 56 37
Excellent U.S. market access from
Italy 50 43 a central Atlantic coast location
The Netherlands 50 21 Large airport hub with direct
China 39 8 international flights
Sweden 38 30 Pro-business local government
Ireland 20 3 Highly productive workforce for
Australia 18 8 manufacturing and services
India 16 4 State-funded worker training programs

Austria 14 5 Extraordinary quality of life

Belgium 14 12 Below-average cost of living

Rich international business and
Denmark 11 8
cultural communities
Mexico 11 9
Foreign language schools
Taiwan 12 7
Excellent universities and research programs
Other 86 51
Total 989 654

Source: Charlotte Chamber Foreign Firms Database

charlotte.global 10
 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.

11 charlotte.global
 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 companys 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.
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
PHOTO BY DAVID JAFFE
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 utilitys
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 state-
funded 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 Chambers 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.
charlotte.global 12
 CHARLOTTE DOUGLAS
INTERNATIONAL AIRPORT
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.
CLT is the worlds sixth-most-active airport in total
operations and the nations ninth busiest in total
passengers. The airport is less than 25 minutes from
most Charlotte business parks.
13 charlotte.global
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.
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.
PHOTO BY DAVID JAFFE

TOP CITIES CLT ENPLANEMENTS

SERVED BY CLT 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

2013 21,703,638 1,403,343
4 Chicago-OHare 1,625
2012 20,584,641 1,340,197
5 Boston 1,493
2011 19,453,212 1,303,578
6 New York - Newark 1,493
2010 19,096,963 1,240,684
7 Phoenix 1,389
2009 17,246,594 1,089,964
8 Orlando 1,378
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, Source: Charlotte Douglas International Aiport
May 2015-April 2016 Monthly Activity Reports

charlotte.global 14
Charlotte, N.C.
PHOTO BY DAVID JAFFE
 PHOTO BY DAVID JAFFE
CONSTRUCTION
The growth of Charlotte is a magnet for construction
companies. Low costs, high construction activity levels, CONSTRUCTION
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
COST COMPARISONS
area. In addition to the quality and variety of Charlottes
construction companies, you will also find a wealth of
City Index
additional services to design the perfect new space for
Charlotte 83.6
your business or reconfigure current space into optimal
quarters. The Charlotte area has 981 engineering and Dallas 85.4
architecture firms that employ 8,337 people. Memphis 87.3
Phoenix 88.4
The R.S. Means Commercial Construction Cost Index
Atlanta 88.6
reflects the total cost, excluding cost of land and
Cincinnati 91.8
other peripheral expenses (e.g., architectural fees),
of residential and commercial construction. Many Denver 92.3
cities have seen higher costs recently, but Charlottes Baltimore 93.2
cost index is currently at 83.6 percent of the national Washington, D.C. 98.5
average. Keeping construction prices low are favorable Cleveland 99.3
weather conditions and proximity to some of North
Carolinas major products: lumber, brick and laminates. Source: R.S. Means Commercial Construction Cost Index, 2016

Residential Non-Residential
Permits Value (mil.) Value (mil) Total (mil.)
MECKLENBURG 2015 17,836 $1,672.00 $1,715.58 $3,387.58

COUNTY 5-YEAR 2014 16,987 $1,433.87 $1,281.14 $2,715.01

2013 15,882 $1,417.72 $1,260.96 $2,678.68
CONSTRUCTION 2012 15,046 $1,149.42 $1,259.53 $2,408.95
SUMMARY 2011 13,321 $762.67 $1,173.84 $1,936.51

Source: U.S. Department of Commerce Monthly Reports for Mecklenburg County

17 charlotte.global
 OFFICE SPACE
Charlottes 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, Charlotte-
Mecklenburg 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

Source: Karnes Research Company

PHOTO BY DAVID JAFFE

charlotte.global 18
 PHOTOS BY DAVID JAFFE
ECONOMICAL
UTILITIES

Charlotte is home to Duke Energy, the nations 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.

19 charlotte.global
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 Countys 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 masters and post-doctoral
programs at the University of North Carolina at Charlotte.

charlotte.global 20
 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
Cleveland Community College Shelby 10,228 CC
Clinton College 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
Gardner-Webb University at Charlotte Charlotte NA U
Gaston College 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
Kings 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
NASCAR Technical Institute Mooresville 1,510 T
New Life Theological Seminary Charlotte 144 C
Northeastern Technical College Cheraw 1,153 T
Northeastern University, Charlotte Charlotte NA U
Pfeiffer University 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
Strayer University - Huntersville 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

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 charlotte.global
 Charlotte is one of the fastest-growing cities in the nation. With our great
location, world-acclaimed international hub airport, professional sports,
low energy costs, diverse and talented labor, innovative and growing
health care and life sciences sectors and a nationally ranked education
system, its easy to see why more businesses are flocking here every year.

Visit charlotte.global to learn more.

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