While job markets nationwide were negatively impacted by the COVID-19 pandemic, most cities in the country have been bouncing back these past few months. Among these cities, Charlotte, North Carolina, stands out as being ahead of the curve.
While most major metro areas are still experiencing higher unemployment rates than before the pandemic, the Charlotte area has exceeded the 1.25 million workers it had prior to the national shutdown in early 2020. Because of the city’s booming job market, Charlotte is a prime spot for real estate development and investment in the American Southeast.
The Employment Rebound in Charlotte, NC
As a whole, the state of North Carolina had an unemployment rate of just 3.7% in February 2022; the same rate as two years ago, just before the COVID-19 shutdown. Unemployment in North Carolina peaked at 14.2% in April 2020 and has since decreased to pre-pandemic numbers, demonstrating a return to normalcy in the state’s job market.
In Charlotte, not only have most job industries experienced a full rebound since the COVID-19 outbreak but some are actually experiencing higher employment rates than before the pandemic. Employment in the trade and transportation industry has seen a particularly large increase in Charlotte, with 29,000 more employees working in this industry in February 2022 than in February 2020. This figure represents a substantial employment increase of 11.6% since two years ago!
The financial industry enjoyed the second largest employment increase in Charlotte, with 6.3% growth in the past two years. Many other industries saw smaller job growth, including professional and business services with a 3% increase; mining and construction with 2.5% growth; information technology at 2% in two years; and education and health services, with an employment growth of 0.8%. However, not all industries have fully rebounded since the pandemic. The employment rate for the leisure and hospitality industry in Charlotte is 9% lower than in the month before the pandemic.
While some areas of Charlotte’s job market are still rebounding, overall the metropolitan area has recovered from the COVID-19 shutdown remarkably well. The city remains a national hub of business, finance and IT. Proof of Charlotte’s rebound can be seen in its population growth. While the populations of many major metros plateaued or experienced a decrease during the pandemic, the Charlotte metro has an estimated population of 2.2 million, a 3.4% increase since 2021. With many working professionals flocking to Charlotte to take advantage of the prosperous job market, now is a great time to invest in multi-family real estate in the Charlotte metro area.
Real Estate Investment Opportunities in Charlotte
Catalyst Capital Partners is dedicated to developing and investing in high-quality real estate in North Carolina and beyond. If you’re interested in developing or investing in real estate in the Charlotte area, get in touch with Catalyst Capital Partners today!