Thoughtful Planning Keeps Charlotte Growing

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When people talk about the astronomical growth Charlotte has seen over the past few years, it’s not a nicety made in passing. It’s the truth. Ask anyone: economic and residential growth in the Queen City has made (and continues to make) national headlines. As the Charlotte Business Journal reports, that growth has been successful due to thoughtful city planning.

As a top-25 Metropolitan Statistical Area, growth rates are compared to 24 of the other largest US cities. With a population of roughly 2.5 million, the Queen City has grown in double digits since 2010. That’s faster than all other North Carolina cities, excluding Raleigh.

So what makes all this growth so successful? Senior vice president for SunTrust Advisory Services Inc. and director of US macro strategy Michael Skordeles says that it’s thoughtful city planning and well-managed growth.

For example, look at areas around the newly installed light rail. Businesses are booming, housing is being built, and people are moving in. Transportation infrastructure means two things: economic development and favorable commute times by keeping cars off the highways.

“Everything along the light rail line has just exploded over the last several years, from apartment buildings to restaurants to the Charlotte Rail Trail walking biking path along the rail system,” said John Reid, Charlotte region market president for SunTrust Bank. “Our clients tell us that the factors pushing Charlotte’s growth look strong for the next five years. We’ve become a magnet for millennials and highly educated people who are attracted to the diversity of the employment base,” Reid said

How Economic Growth Helps

Charlotte is also bringing a diversified field of professionals. Historically, Charlotte has been known as a center for finance and banking, other sectors like technology and IT services are growing rapidly. “We’ve got 48 firms in the Greater Charlotte region that are focused on biotech,” Reid says. “What makes me feel optimistic about Charlotte’s growth is that the industrial base is expanding. This growth is in expanding industries, and it’s creating higher-paying jobs.  As a result, we’re seeing the quality of life improve, and that makes the region more appealing for relocations, expansions and startups.”

As home prices steadily rise along with national averages, all of this means good things for both buyer and seller. Homes in these burgeoning areas will continue to amass value and homes in the suburbs will continue to sell quickly.

If you’re one of these new residents calling the Queen City home or are ready to sell you home in this growing market, contact us today! We would love to list your home or help you find the house of your dreams!

To read the full story on Charlotte’s thoughtful planning, visit the Charlotte Business Journal.