Historically, Charlotte has been perceived as a textile center and more recently a banking center. While Charlotte is justifiably proud of the industries with which it has been linked over the years, narrow characterizations sell this city's economy short. Charlotte enjoys a vibrant, balanced economy that encompasses many sectors, as well as companies that range in size from multinational to microbusiness.

That variety helps make Charlotte's economy one of the healthiest and strongest in the nation. Diverse business interests shelter the city from problems that can result from slowdowns in certain sectors, corporate mergers and buyouts, plant closures and other economic challenges. The solid base also facilitates exceptionally strong growth during economic upswings.

While the economy's strength is certainly a plus, companies considering a relocation to Charlotte will find other advantages in this broad-based economy. For example, suppliers and services are abundant and convenient. Employers' costs for wages, benefits and labor overhead, such as worker's compensation, unemployment and health insurance coverage, are significantly lower than in other regions. And Charlotte-Mecklenburg offers an unusually rich quality of life, with ample opportunity for companies and executives who wish to actively participate in making this city an even better place to live and work.

Well-Distributed Employment

According to 2003 U.S. Department of Commerce figures, employment in Mecklenburg County is well distributed among all major business sectors. Of the 522,978 persons employed in the county, there are 82,676 in finance and insurance, 48,628 in retail trade, 41,887 in wholesale trade 34,927 in manufacturing and 21,388 in information.

Mecklenburg County has 63 percent of total employment in the Charlotte region. The Charlotte MSA claims 789,928 jobs, with more than 63,015 of those created since 1998.

Charlotte-Mecklenburg's largest employers represent many sectors, including health care; government services; education; banking and finance; transportation; retail; telecommunications; and manufacturing. The city boasts many corporate headquarters, including Bank of America, Wachovia, Duke Energy, Sonic Automotive, SPX, Nucor and Goodrich Corp. Lowe's and Family Dollar are also headquartered locally. Charlotte ranks 6th nationally in number of Fortune 500 headquartered companies. It also is home to operations for 328 companies listed in the Fortune 500.

In addition, 931 companies in Mecklenburg County are included in the 2006 Dun & Bradstreet Million Dollar Listing, with sales over $10 million including 26 companies which exceed $1 billion in sales. Of the 931 companies, 438 are headquartered here. The firms represent a broad range of industry sectors, the largest being wholesale trade, manufacturing, finance, insurance and real estate.

Small and medium-size companies are equally important to Charlotte's economy. The city has been cited by Entrepreneur magazine as one of the nation's best large cities for entrepreneurs to start and run a small business. Of the 24,953 companies with operations in Charlotte, 23,196 employ fewer than 50 workers and 1,708 employ between 50 and 500 workers. Only 111 firms employ more than 500 workers.

Source: www.charlottechamber.com