For decades Charlotte, NC was known as a banking town and then as a financial center. Despite the financial crisis it still is – and a lot more as well. Charlotte has gone from having one core industry to seven. Developing into an energy hub is now one of the more successful areas.
By: James Kemper
It was the goal of the city leaders in the 1980s to make Charlotte a regional banking hub. This goal was achieved and surpassed as Charlotte became more than a regional hub but a global financial player and the 2nd largest financial center in the US behind only New York City. It became apparent prior to the crisis and gained impetus during that the city needed to focus and target other industries to give the region a strong diverse economy to weather problems. The Great Recession brought this vision clearly into mind as banks and financial institutions collapsed across the country. Charlotte was not immune and suffered the loss of Wachovia which was bought by Wells Fargo. Still, this setback was not as devastating as it could have been, as streamlining and attracting other players ensured Charlotte retained the number 2 financial market rating.
Seven core industries
Charlotte has had successful moves to diversify its economy into several areas and not have all their eggs in one basket, so to speak. There are now 7 core industries that Charlotte targets: Finance, Defense, Healthcare, Film, Tourism, Automotive/Motor sports and Energy. The goal 3-4 years ago was, much like the goal in the 80s, to make Charlotte into a regional energy hub. This constitutes everything from traditional energy sources as well as renewable and eco-technologies.
Energy development in focus
There are currently hundreds of companies located in the Charlotte region engaging in all manners of energy development, R&D, innovation and implementation. This is furthered by a strong commitment from the educational resources the city can bring to bear. The Charlotte Research Institute, part of the University of North Carolina-Charlotte, provides R&D support, business incubator services for start-ups, and a wide array of educational and degree features to support the energy sector. Charlotte Piedmont Community College a two-year institution also has several programs in the energy and eco-tech sectors for educational and re-training programs to ensure industry has the talent they need to succeed and expand.
Attracting headquaters
Charlotte has been very successful in attracting headquarters. There are several notable firms like Siemens and Areva that either relocated their operations to Charlotte or greatly expanded them. Husqvarna has their North & Latin American headquarters in Charlotte. Also Charlotte is the global headquarters for Duke Energy, which after its purchase of Progress Energy will make it the largest utility company in the US. Duke also has operations outside of the US most notably in Brazil and China.
More facts about Charlotte
Below are links to a NY Times article about Charlotte, links to the Charlotte Regional Partnership, which encompasses most of western NC and northern SC, and the Charlotte Chamber of Commerce. These links are additional information that shows the direction and commitment Charlotte has as well as its close interaction and support of public and private institutions.
NY Times Article: http://www.nytimes.com/2011/04/13/realestate/commercial/13charlotte.html?_r=1
Charlotte Regional Partnership: http://charlotteusa.com/
Charlotte Chamber of Commerce: http://charlottechamber.com/
The Charlotte International Cabinet: http://charmeck.org/city/charlotte/cic/Pages/default.aspx
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