Writer: Eleana Teran
Regional Review is a year-end series from Capital Analytics that looks at key developments throughout the year and sets the stage for what’s to come in the near future.
3 min read December 2023 — As 2023 unfolded, Charlotte demonstrated remarkable resilience and innovation, positioning itself as a key player in various sectors. The city’s progress, marked by transportation, healthcare, and technology developments, has set a promising stage for the future.
At the forefront is transportation transformation with plans to redevelop the Charlotte Transportation Center (CTC). Led by the Charlotte Area Transit System (CATS) and the city of Charlotte, this initiative aims to build a modern facility through a phased public-private partnership. This project will enhance connections to both CATS Express and local bus services. Upon completion, it will bridge high-density mixed-use development with local and regional transit, enhancing mobility across the city and adding to a key element of Charlotte’s attractiveness: quality of life.
“The Charlotte-Mecklenburg area is a place of choice for people to live, learn, work, and recreate,” Leslie Johnson, deputy county manager of Mecklenburg County, said in an interview with Invest:. “The net effect over the last 10 years has been significant new construction, both residential and commercial. Hence, the challenge is keeping pace with investments. The good is that there is a lot of cohesive work being done by the city of Charlotte; the towns of Davidson, Cornelius, Huntersville, Matthews, Mint Hill, and Pineville; and Mecklenburg County so we can advance as a community and maintain our special gem of quality of life.”
The city’s livability and appeal have been nationally recognized, with the U.S. News & World Report ranking Charlotte eighth among the Best Places to Live for 2023-2024. This recognition, coupled with the fact that approximately 113 people moved to the Charlotte metro everyday from mid-2021 to mid-2022, underscores the city’s increasing appeal. The migration rate surpasses that of peer metros like Nashville and Raleigh. Similarly, the city’s economic resilience is highlighted by its year-over-year employment change of 4.3% by June 2023, outpacing the national average of 2.4%.
Tourism also played a significant role in Charlotte’s economy. According to the annual VTC economic impact data, Charlotte County experienced a 4.5% increase in tourism spending. Tom Murray, CEO of the Charlotte Regional Visitors Authority (CRVA), emphasized the city’s success in this area in an interview with Invest:. “We are operating at record levels in all of our managed venues, including the Charlotte Convention Center, NASCAR Hall of Fame, and Bojangles Entertainment Complex. Our integrated marketing efforts in support of leisure travel and meetings and conventions have produced incredible results.”
Murray added that the positive impact from marketing on the perception of Charlotte has also had some strong results associated with it. “Our research shows that for every $1 we spend in paid media, Charlotte benefits from $71 in visitor spending and $4 in incremental taxes paid in our community. On an annual basis, CRVA’s marketing efforts generate 2.6 million incremental trips, $272 million in spending and $14.6 million in local taxes. We’ll continue to focus on strategic sales and marketing as a way to support businesses in the tourism industry and the 1 in 9 people who are employed in the leisure and hospitality sector,” he said.
Charlotte’s healthcare sector also achieved national recognition, ranking third in hospital safety by The Leapfrog Group, highlighting the state’s commitment to healthcare excellence. Economic development was further boosted by Italian electric vehicle manufacturer Alpitronic‘s decision to establish its U.S. headquarters in Charlotte, a move influenced by the region’s focus on renewable energy and skilled labor pool. Moreover, this decision is part of a larger trend that has seen the EV industry invest billions in North Carolina, bringing significant changes, especially in the areas between the Triangle and Triad. Notable developments include Wolfspeed’s new semiconductor factory in Siler City, Vinfast’s plans for an electric vehicle factory in Chatham County, and Toyota’s EV battery factory near Greensboro. This influx of investment, totaling more than $14 billion, is set to create over 11,000 jobs, marking a transformative shift for the area.
Adding to the city’s narrative, Tracy Dodson, assistant city manager and economic development director for Charlotte, shared insights on the city’s recent achievements and outlook. “Charlotte has emerged as a sports city. The new ACC headquarters was a special pursuit and we felt it was important to retain the conference in North Carolina. We were also so fortunate to have the President’s Cup, which was a great opportunity to show off the city. We use these events for business development as well. We hosted the local United States head of Vinfast who made a major investment in Raleigh. This is an example of using events to be intentional. We saw this as building out our connectivity around electric vehicles.”
Dodson emphasized that Charlotte continues to offer a great deal of potential. “It’s really exciting what happened in Charlotte over the past year. It’s all about the resilience and the opportunities that the city has.”
