Charlotte is a city built on its success as the second-largest financial industry hub in the United States. Often overlooked internationally and, to some, completely unknown, Charlotte is a city forecast to be one of America’s most prominent cities. While it may not have the glamour of Miami, the cacophony of New York or the West Coast lifestyle of Los Angeles, Charlotte has a repertoire of strong accolades to its name.
Excluding the warm Carolinas weather, its active disposition as a city, its wealth of sports and family-friendly atmosphere, Charlotte has also achieved a growth of 60% in the last decade. Beyond the obvious appealing factors that make the city a great place to live, to raise a family, to work and generally just to spend time, what specifically has been drawing the entrepreneurial talent from across North America to Charlotte, North Carolina?
The city has long had a history with banking, establishing itself as number 2 in the country only falling short to the leviathan of New York but trumping the progressive San Francisco. Charlotte plays host to some of the world’s largest financial and insurance corporations as well as the US’ largest domestic players also. A destination for financial services since the 80s and a recent refocusing on this facility has meant a huge influx in people in the past 20 years. The influx of people has perpetuated an increase in house prices and the demand for amenities such as restaurants, which have drastically improved, curating an environment that, as this workforce has settled into the city, raises the city’s stock to outsiders.
Charlotte’s sports teams also signify a demonstrable significance of the city in the US landscape. Playing home to the Charlotte Panthers in the National Football League, the Hornets in the National Basketball League and, soon, a Major League Soccer team, Charlotte is staking its claim as a major US city. Sports teams are an expensive investment and can be seen as indicative of the wealth of a city and its patrons.
Whilst its financial services, social atmosphere, family environment and sports are all attractive factors for talent in coming to Charlotte, the most significant draw is the start-up culture. Rivalling Austin, Texas and San Francisco’s Silicon Valley, Charlotte’s start-up scene is proving to be more influential than could have been predicted at its outset.
Tresata, one of America’s fastest-growing big data analytics companies, valued recently at $1 billion, is helping to transform Charlotte’s South End with its company headquarters drawing businesses to supply to the analytics giant. America, as we see it today, is built on the capitalist principles of entrepreneurship with Charlotte, North Carolina fostering a financial ecosystem designed to promote this entrepreneurial spirit. With talent bursting from the many upstanding educational institutions in the state including the University of North Carolina at Chapel Hill, Duke University and North Carolina State University, as well as the Research Triangle Park near Raleigh and Durham, Charlotte is well placed to cultivate bright minds with innovative ideas.
With such rapid growth occurring in Charlotte, the city must adapt quickly to ensure smooth expansion as well as prevent overcrowding of existing facilities. Charlotte’s governance has foreseen the issues associated with growth, learning from other cities to ensure that Charlotte’s lifestyle and business landscape is as attractive in 2030 as it has been for the past 20 years.
Charlotte’s growth, talented workforce, a different lifestyle to other US financial hubs, low taxes and prioritisation of incubating start-up businesses, this North Carolina city is arguably the best place in the US to start a business in 2020. Is Charlotte right for you? Do you see its potential for real estate investment? Contact Propeterra today to explore your real estate opportunities in Charlotte, whether it’s for investment or your family’s future home, we can help.