Charlotte has been ranked 8th among the fastest-growing cities in the United States. This data comes from the Kenan Institute’s American Growth Project, which provides up-to-date economic information and forecasts for towns and cities across the country.
With a booming economy driven by sectors like technology, finance, and manufacturing, Charlotte is an ideal place for businesses to thrive.
Charlotte is also an attractive destination if you’re looking to settle down.
What Are the Factors that Determine this Ranking?
The metrics used in this ranking consider key factors that are fundamental drivers of a city’s growth. These include consumption, investment, government spending, and household and business incomes.
Unsurprisingly, Charlotte has landed at number 8 on this prestigious list. It has a strong and diverse economy, supporting emerging startups and established businesses.
Charlotte also has an excellent education system. This gives workers the skills they need to succeed in today’s economy. It has invested heavily in infrastructure to improve connectivity within the city and with neighboring communities.
As someone who works closely with buyers and sellers here in Charlotte, I know our city has the potential for continued growth in the coming years.
If you’re looking to invest in real estate or start your career in Charlotte, now is an excellent time to do so. You can check out our blog at https://showcaserealty.net/21-pros-and-cons-of-buying-homes-for-sale-charlotte-nc/ to learn more about the pros and cons of buying a home in the area.
Statistics on Charlotte’s Growth Compared to Other Cities Across the U.S.
According to the recent data from the Kenan Institute of Private Enterprise UNC Kenan-Flagler Business School, the top 10 fastest-growing cities for 2022 include:
1. San Francisco Bay Area, California
2022 GDP Growth: 4.8%
GDP (2022, billions USD): 1,383
GDP Share of U.S. Total (2022): 5.50%
GDP Rank (2022): 3
Population (2020, millions): 9.7
Population Shares of U.S. Total (2020): 2.9%
Population Rank (2020): 5
2. Austin, Texas
2022 GDP Growth: 4.3%
GDP (2022, billions USD): 216
GDP Share of U.S. Total (2022): 0.90%
GDP Rank (2022): 22
Population (2020, millions): 2.3
Population Shares of U.S. Total (2020): 0.7%
Population Rank (2020): 33
3. Seattle, Washington
2022 GDP Growth: 3.5%
GDP (2022, billions USD): 583
GDP Share of U.S. Total (2022): 2.30%
GDP Rank (2022): 10
Population (2020, millions): 5.0
Population Shares of U.S. Total (2020): 1.5%
Population Rank (2020): 13
4. Raleigh and Durham, North Carolina
2022 GDP Growth: 3.4%
GDP (2022, billions USD): 189
GDP Share of U.S. Total (2022): 0.80%
GDP Rank (2022): 28
Population (2020, millions): 2.1
Population Shares of U.S. Total (2020): 0.6%
Population Rank (2020): 35
5. Dallas, Texas
2022 GDP Growth: 3.1%
GDP (2022, billions USD): 682
GDP Share of U.S. Total (2022): 2.70%
GDP Rank (2022): 7
Population (2020, millions): 8.1
Population Shares of U.S. Total (2020): 2.5%
Population Rank (2020): 7
6. Denver, Colorado
2022 GDP Growth: 3.0%
GDP (2022, billions USD): 330
GDP Share of U.S. Total (2022): 1.30%
GDP Rank (2022): 16
Population (2020, millions): 3.6
Population Shares of U.S. Total (2020): 1.1%
Population Rank (2020): 18
7. Salt Lake City, Utah
2022 GDP Growth: 2.8%
GDP (2022, billions USD): 212
GDP Share of U.S. Total (2022): 0.80%
GDP Rank (2022): 23
Population (2020, millions): 2.7
Population Shares of U.S. Total (2020): 0.8%
Population Rank (2020): 24
8. Charlotte, North Carolina
2022 GDP Growth: 2.5%
GDP (2022, billions USD): 233
GDP Share of U.S. Total (2022): 0.90%
GDP Rank (2022): 21
Population (2020, millions): 2.8
Population Shares of U.S. Total (2020): 0.9%
Population Rank (2020): 23
9. New Orleans, Louisiana
2022 GDP Growth: 2.4%
GDP (2022, billions USD): 102
GDP Share of U.S. Total (2022): 0.40%
GDP Rank (2022): 40
Population (2020, millions): 1.5
Population Shares of U.S. Total (2020): 0.5%
Population Rank (2020): 41
10. Orlando, Florida
2022 GDP Growth: 2.4%
GDP (2022, billions USD): 246
GDP Share of U.S. Total (2022): 1.00%
GDP Rank (2022): 19
Population (2020, millions): 4.2
Population Shares of U.S. Total (2020): 1.3%
Population Rank (2020): 15
At 2.8 million people, Charlotte is one of the most populated cities in the country.
Charlotte’s GDP will grow by 2.5% in 2022, which places Charlotte at 21st on the list of top performers in the country, with a GDP of 233 billion USD and a share of 0.90% of the total US GDP.
Not happy with your home? we’ll sell it for free! Click here.
Highlights of the Report:
- Charlotte has seen steady job growth, with nearly 20,000 new jobs added in Q2 2022 alone. This trend shows no signs of slowing down, as even more jobs have been added in the first two months of Q3.
- Big corporations like Bank of America and Wells Fargo are operating in Charlotte. This makes it one of the nation’s leading banking centers.
- Other key sectors, like education and health, drive job growth. This is due to a steady demand for skilled professionals.
- Manufacturing is also rising here in Charlotte. Red Bull’s plans for large-scale projects aimed to drive job growth in this vibrant city.
What Is the Impact of this Growth on Charlotte?
1. Housing prices tend to be higher due to increased demand.
It’s essential to research and plan accordingly when securing adequate housing in Charlotte.
As a real estate agent of Showcase Realty, I specialize in helping my clients find homes in Charlotte, NC. This city has much to offer regarding economic opportunities and quality of life.
If you’re considering moving to Charlotte, I recommend doing your research ahead of time. This will ensure that you make the best possible decision for your needs. You can also check out our blog here for more insights.
Some factors to consider include housing costs, access to public transportation, and amenities. Our team will help you explore neighborhoods within the city to find the best fit for your lifestyle.
2. One major impact of this growth is the influx of new talent and investment into the city.
As more people move to Charlotte in search of jobs and business opportunities, local industries can benefit from a wealth of new ideas and resources.
Are you considering investing in real estate, but not sure if Charlotte, NC is the right place for you? Don’t miss out on the opportunity to discover the ins and outs of the Queen City’s market by clicking here. Our expert analysis breaks down everything you need to know about Charlotte’s real estate investment potential, from the hottest neighborhoods to up-and-coming trends. Make an informed decision and maximize your ROI – click now! https://showcaserealty.net/is-charlotte-nc-a-good-place-for-real-estate-investment/
3. This growth can also present challenges for the city.
For example, increased demand for housing can lead to overcrowding. It could also strain infrastructures such as roads, public transportation systems, and utilities. In addition, there is a risk of increased traffic congestion as more people move into the area.
Please include attribution to https://showcaserealty.net/ with this graphic.
Lake Park, NC boasts the charm of a small town but with great opportunities for education, career growth, and social opportunities. #NancyBraun #BestRealtorsInLakeParkUnionCounty #ShowcaseRealty #TopRealtorsInLakeParkUnionhttps://t.co/UWB5uBzHBc pic.twitter.com/hTVPnqTEbn
— Showcase Realty (@ShowcaseRealty) March 10, 2022
What Are Factors That Make Charlotte an Attractive Place for Homeownership
As a real estate professional in Charlotte, I believe many factors make this city attractive for homeownership.
- The cost of living in Charlotte is low compared to other major cities in the U.S. This makes it affordable for most people to buy a home.
- Charlotte has a robust job market with opportunities for professionals in various industries.
- Charlotte offers opportunities if you want to advance your career through education. Some top universities and colleges are located in or near the city. These include the University of North Carolina and the Queens University of Charlotte.
- The city boasts neighborhoods with historic homes and state-of-the-art amenities. This gives residents plenty of options for finding their perfect community.
- Even more critical is the vibrant cultural scene that exists in Charlotte. The city boasts exciting nightlife, restaurants, and music venues that cater to diverse audiences.
- There are outdoor activities if you want to seek adventure or escape the hustle and bustle of city life for a bit.
If you’re buying property in this growing city, work with a real estate company like Showcase Realty. Our team can guide you through the buying process and help you find your dream home.
Ready to work with the ultimate dream team of real estate experts in Charlotte, NC? Click here to partner with the best in the biz and experience a stress-free, successful home buying or selling journey. From top-notch communication to unmatched market knowledge, our team has everything you need to achieve your real estate goals. Don’t settle for anything less than the best – click now!
Conclusion
As one of the fastest-growing cities in the US, Charlotte, NC, has much to offer in terms of economic growth and development. It is also the perfect location for investing in real estate or starting a new life chapter.
I, Nancy Braun, Broker-In-Charge / Owner of Showcase Realty, can help you navigate the real estate market and find the perfect property to suit your needs. With years of experience in real estate, I am well-positioned to guide you through every step of the process. Explore Charlotte real estate info right here! https://showcaserealty.net/homeinfocharlottenc/
So if you are looking for a reliable and trustworthy agent, don’t hesitate to call 704-286-9844 today!