If your company is ready to expand, or if you’re starting, you’re surely aware that location is crucial. It’s a tall order to choose a location that appeals to business partners and most incredible customers, is cost-effective, and has a thriving market for your industry. However, one city, in particular, would be a good fit: Charlotte, North Carolina.
Despite the pandemic’s numerous obstacles over the last year, Queen City continues to be an excellent environment for businesses to thrive, with plenty of COVID-ready workplaces, a plethora of economic perks – and a continually rising population.
Here are just a few of the reasons why Charlotte is an excellent place to start, relocate, or develop your business.
Taxes are Low
North Carolina has the lowest corporate income tax rate in the U.S., making it one of the most significant and cost-effective places to do business.
It was named a “Top 10 State for Best Business Tax Climate” by U.S. News and World Report in 2020, and Site Selection Magazine ranked it first for the business climate in 2020, based on a survey of site selectors around the country.
It Is a Technological Hub
The CompTIA (Computing Technology Industry Association) has selected Charlotte as a Top 5 Tech Town for 2020. According to the U.S. CBRE (Commercial Real Estate Services) review of estimated one-year costs by market, operating a technology firm in Charlotte would be 24 percent less expensive than in San Francisco – and 42 percent less costly than in New York City-based solely on annual estimated labor and office rent costs.
The Charlotte area is also rich in I.T. talent, with hundreds of students graduating each year with engineering and I.T. degrees from the University of North Carolina at Charlotte. Charlotte was also designated the #4 city in the United States for attracting millennials to relocate.
Tracy Dodson, the assistant city manager, and economic development director, said, “We have a solid vision for Charlotte’s future.” “We’re making deliberate investments to attain lofty goals, building on the current momentum that makes this city so appealing to both businesses and residents.”
If your company is already located in one of the country’s other central metropolitan regions and you’re looking to grow or relocate, now is a beautiful moment to make a strategic move.
The Expansion Of The Industrial Sector
While overall U.S. growth is expected to be 2.5 percent over the next five years, according to Chmura Economics, Charlotte, North Carolina, will likely witness the following growth in these industries over the same period:
- Finance and insurance account for 7% of the total.
- Transportation and Logistics accounted for 7.5 percent of the total.
- Technology accounts for 9% of the total.
There are nearly 60 FinTech enterprises in the Charlotte area alone, including the headquarters of central banking and financial services corporations.
The Robust Market And Readily Available Labour
According to Yelp, population growth in the top markets is faster and expected to continue at a faster rate than other, lower-ranked cities. The population of Charlotte, for example, is predicted to double by 2030. Homebuilding and consumer purchasing power, two of the critical drivers of economic growth, are aided by these growing communities.
Every day, 120 people relocate into the Charlotte area, according to U.S. Census data. The Charlotte metropolitan region now has over two million people, up 4.21 percent over the previous year. In the next 30 years, the region is predicted to grow by 2 million people.
What does this imply for your company? More people means more talent to employ from, as well as more customers to help your company expand. Charlotte, North Carolina, was designated one of Realtor.com’s top three home markets for 2021.
It’s no surprise that Charlotte is growing in popularity; the city was named among the top 10 greatest locations to live in the United States by U.S. News & World Report in 2020.
Real Estate Is Affordable
Is there a space requirement for your company? The average office rental price in the Charlotte area is around $30 per square foot. There is no comparison between this price and those in San Francisco (about $90 per sq foot) and New York ($73 per sq foot). Industrial rent is only $6.40 per sq foot on average.
With 7.3 million square feet of COVID-ready workplace and warehouse space now under construction, the construction of new and upgraded COVID-ready office and warehousing space is increasing.
Commerce-Driven And Growth-Oriented
Charlotte, North Carolina, was named the third fastest-growing large city in the United States by Forbes in 2019. The city attracts a talented workforce who enjoys calling Charlotte home. Charlotte, nicknamed the Queen City because of its low cost of living, mild climate, a mix of diverse communities, and endless opportunities, is a desirable place to start a business.
Suppose you’re considering relocating your business to Charlotte. In that case, you will find an established network of associates in the Charlotte region’s top government entities, non-profits, research institutions, and chambers to help small businesses.
Conclusion: Why Charlotte?
Charlotte business leaders are partnering with a startup incubator to develop a program that they think will aid in the early phases of the city’s next great digital company.
Carolina Fintech Hub and entrepreneurial non-profit MassChallenge have joined to develop “The Meta Lab,” a program to help to emerging financial and telehealth technology startups in Charlotte. The plans were revealed on Wednesday, the same day that Charlotte-based payment software startup AvidXchange went public.
In a neighborhood coffee shop in 2000, CEO Michael Praeger launched the multibillion-dollar company. According to Tariq Bokhari, a Charlotte city councilman and executive director of the fintech cluster, Charlotte has become a “fintech destination” in recent years. “The Meta Lab is the next chapter in that inspiring growth tale,” says the author. Trust Bank and Barings, a Charlotte-based investment management firm, are working on the project alongside MassChallenge and Carolina Fintech Hub.
According to Mark Vitner, chief economist at Wells Fargo, Charlotte is a relatively inexpensive city with good financial facilities and a diverse talent pool. These factors benefit growing businesses, and AvidXchange’s large IPO could serve as a model for what’s possible in the future.