If your business is ready to grow, or you’re launching a business, you probably know that the location of your business really matters. Choosing a place that’s attractive to business partners and customers alike, is cost-effective and also offers a thriving market for your industry is a tall order. However, there’s one city that may just fit the bill: Charlotte, North Carolina.
Despite the many tough challenges posed by the pandemic over the past year, the Queen City remains a great place for businesses to thrive, with plenty of COVID-ready offices, an abundance of economic benefits — and a rapidly growing population.
Here are just some of the reasons to consider the City of Charlotte the ideal location to launch, relocate or expand your business.
1. The people
According to U.S. Census data, 120 people move into the Charlotte area every day. Currently, over two million people live in the Charlotte metropolitan area — a 4.21% increase from its population in 2019.
And the region is expected to grow by 1.5 million people in the next 30 years.
What does that mean for your business? More people equals more talent to hire from, plus more customers to help your business grow. Not surprisingly, Realtor.com named Charlotte, North Carolina, one of its top three housing markets for 2021.
And it’s no wonder Charlotte is becoming so popular — U.S. News and World Report listed the city among its 2020 list of top 10 best places to live in the U.S.
2. The low taxes
North Carolina is one of the best and most cost effective places to do business, in large part because it has the lowest corporate income tax rate in the country.
In fact, U.S. News and World Report named it a “Top 10 State for Best Business Tax Climate” in 2020, and Site Selection Magazine gave it their top ranking for business climate in 2020, determined by a survey of site selectors across the country.
3. Affordable real estate
Does your business need space? In the Charlotte area, the average office market rent is approximately $30 per square foot. When you compare this cost with San Francisco (which is about $90 per square foot) or New York ($73 per square foot), there really is no comparison. And the average industrial rent is only $6.40 per square foot.
The building of new and renovated COVID-ready office and warehouse space is booming, with 7.3 million square feet of office currently under construction.
4. Industry growth
While the baseline growth across all industries for the U.S. is projected to be 2.5% over the next five years, according to Chmura Economics, 2020, Charlotte, North Carolina will likely see the following growth in these industries over the same period:
- 7% in Finance and Insurance
- 7.5% in Transportation and Logistics
- 9% in Technology
The Charlotte area alone boasts over 60 FinTech firms, including the headquarters of major banking and financial services companies.
5. A hub for technology
And speaking of the tech industry, the Computing Technology Industry Association (CompTIA) named Charlotte a Top 5 Tech Town in 2020. Based on the annual estimated costs of labor and office rent alone, it would be 24% less expensive to operate a technology firm in Charlotte than in San Francisco — and 42% less expensive than in New York City, according to the U.S. Commercial Real Estate Services (CBRE) analysis of estimated one-year costs by market.
Tech talent also abounds in the Charlotte area, with thousands of students at the University of North Carolina, Charlotte graduating with engineering and IT degrees every year. CBRE also named Charlotte the #4 city in the U.S. for attracting millennials to move there.
“We have a strong vision for Charlotte’s future,” said Tracy Dodson, assistant city manager and economic development director. “We’re making intentional investments to achieve ambitious goals, continuing the momentum that makes this city so attractive for both businesses and residents right now.”
If your business is currently in one of the other large metropolitan areas in the country and you’re looking for an opportunity to expand or relocate, now is a great time for a strategic move.
Visit CharlotteOpenforBusiness.com to learn about everything that Charlotte, North Carolina, has to offer.