Market Spotlight – Charlotte, North Carolina
Nine companies on the 2023 Fortune 500 list are in Charlotte, North Carolina. This city is, according to CIO, becoming one of the fastest growing tech hubs in the country. Many corporations are choosing Charlotte for their headquarters, offering higher salaries, and attracting talented candidates who are leaving larger metro areas to seek promising new career opportunities.
Highlights of Charlotte, North Carolina
(based on World Population Review, August 2023)
Size: Largest city in North Carolina
Population: 885,663
Growth Rate: 0.34%
Growth Since 2020: 1.02%
County: Mecklenburg
Average Household Income: $104,228
2023 Fortune 500 List of companies based in Charlotte (ranked by annual revenue)
32. Bank of America – banking
39. Lowe’s – hardware
102. Nucor – steel
115. Honeywell – technology
141. Duke Energy – electric and gas
157. Truist Financial – banking
299. Sonic Automotive – automotive
448. Brighthouse Financial – financial services
493. Albemarle – chemical
One recent investment in Charlotte was the opening of Lowe’s $153 million Tech Hub in October 2022. As technology expands within the various industries, employers in Charlotte are attracting top talent. Some of these positions include software engineers, web developers, and data scientists to manage the growth. The average tech salary in Charlotte is $118,465, according to CIO.
How the tech industry has grown in Charlotte
According to the Charlotte Regional Business Alliance, based on total assets, Charlotte is the second largest banking center in the United States after New York. This has resulted in $28 billion in growth for its regional economy.
Between mid-2021 and mid-2022, the net number of moves to the Charlotte area was 113. The majority of people moved from the larger metro areas in the Northeast and South. This included cities such as Miami, New York and Washington D.C. which are more expensive areas. The average median housing cost in Charlotte is $420K. The average rent is $1,632.
As a city that is growing at the third-fastest rate in the U.S, Charlotte is projected to have a 47% population increase from 2010 – 2030, resulting in 2.74 million population over a twenty year time frame.
What job candidates consider when relocating to Charlotte
Besides a robust job market, many people are moving to Charlotte for a better quality of life. According to the U.S. News and World Report, Charlotte ranks eighth as The Best Places to Live in the U.S. for 2023 – 2024. Most who move to Charlotte often experience:
Quality of Life – Charlotte embraces both urban convenience of a larger city along with Southern hospitality and neighborhood pride.
Top Schools – According to the U.S. News World Report, the three ranking high schools in the Charlotte area average a 99% graduation rate.
Recreation Choices – Two nearby lakes offer the opportunity for boating, fishing, or swimming. Also, sports fans can cheer on the Carolina Panthers football team.
Best practices for companies who want to recruit and retain top talent
It can be hard for a job candidate to relocate to a new location when they are already firmly established in their current city. As an employer, presenting all the advantages of making a long distance move can make their decision an easier one. Usually the main questions most prospects will ask are:
What is my entire compensation and benefits package?
Typically, the salary and position is the driving force for most job seekers who are moving to another city. Employers who provide specific details of the entire compensation package, including the monetary value of the benefits, allows the candidate to see if accepting the job is worth uprooting their family. They’ll also want to know when their current pay grade could increase in the future.
Is a good relocation package being offered?
Moving a long distance can be both stressful and expensive. According to the ARC Relocation, the cost to move a new hire, who is a homeowner, is approximately $72,627. Relocating a renter will typically cost about $19,309. This means a new employee is going to want to know exactly the entire package they’ll receive, which often includes:
- Moving and storage costs
- Short and/or long term housing costs
- Employment placement service for spouse
- Transportation costs (employee, family, and pets)
Relocation costs are also taxable income since the passing of the Tax Cuts and Jobs Act of 2017. One benefit some employers will do to compensate for these taxes is grossing up the relocation benefits to cover the payment of the taxes.
How can I ensure an easy transition for myself and my family?
Once arriving in Charlotte, an employee will have to navigate their new job, discover the inner workings of the city, and make sure their family can easily adjust to their new location. Some ways an employer can assist for a smoother transition is by providing a company representative to assist in answering questions about the area. In addition, the employer can invite the employee and their family to various activities to welcome them and make it an easier adjustment for everyone.