These partnerships have resulted in a diversified local and regional economy, which requires public investment in public services, facilities and infrastructure. A healthy economy also requires a commitment to existing businesses, small business enterprise, entrepreneurship and business corridors. In order to foster effective economic development, we must coordinate the commitment from both the public and private sectors.
City Council Involvement
Work on this Focus Area is directed by the Economic Development Committee. The committee meets regularly to discuss community safety issues before presenting them to the full City Council for debate and decision. Members of the Committee include:
- Susan Burgess (Chair)
- James Mitchell (Vice Chair)
- Nancy Carter
- Patsy Kinsey
- Andy Dulin
- Ron Kimble, Deputy City Manager, Staff Resource
View the meeting schedule, agendas and meeting summaries.
Significant Changes:
Several significant structural changes have occurred in the economic environment that will impact the City's economic development. These include:
- The freezing of the lending market has slowed commercial development as developers struggle to find loans for office, multi-family and retail construction.
- The sale of Charlotte's largest employer, Wachovia, to Wells Fargo with yet to be determined job loss consequences for Charlotte.
- The dramatic realignment and shrinkage of the financial services sector, which has been one of Charlotte's key engines of economic growth.
- Fluctuating fuel prices and the economic recession have impacted the airline industry, raising uncertainty about US Airways and its 6,000 Charlotte employees.
Opportunities for continued economic growth:
- Charlotte has enjoyed stable housing prices, moderate construction slowdown, and a relatively stable employment
- There has been reinvestment in the City's core and the adjacent business corridors ($819M in FY08)
- Charlotte has a well educated workforce and available Center City office space
- Bank of America's acquisition of Merrill Lynch is a positive indication that Charlotte will continue to be a strong market for financial and professional services.
Challenges for the near future:
The loss of Wachovia's headquarters will result in job losses and increased Center City office vacancy. This, along with the broader economic recession, will have ripple effects in other professional services, retail and hospitality sectors and will impact the housing market as dislocated workers put their houses on the already saturated market.
Future Growth
Charlotte's continue success will be influenced by diverse economic base and efforts with our partners to grow and broaden into growing business sectors, including:
- renewable energy
- green industry
- healthcare
- high growth/high tech
This success can also build upon previous year's Business Corridor Revitalization planning efforts. Since private capital will be harder to find, the City will need to become more aggressive in pushing forward to ensure the economic growth and health of the corridor businesses and the adjacent neighborhoods.
This is also a time to lay a foundation for the next wave of growth by business friendly process improvements and updating plans for major employment centers such as Center City and the University Research Park.
To grow the hospitality and tourism sector of the economy, the City can build on recent investments in hospitality and tourism infrastructure scheduled to open during FY10, including the NASCAR Hall of Fame and he Wachovia Cultural Center.
