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Posted on Thu, Apr. 26, 2007

Charlotte named a City of the Future
DOUG SMITH

Charlotte business leaders and economic recruiters are convinced the city has caught the eye of national and international investors and developers. Now they have more evidence.

The Financial Times group's fDi magazine ranked Charlotte No. 3 overall among large U.S. cities (500,000 to 2 million population) behind El Paso, Texas, and Columbus, Ohio, in its annual Cities of the Future selections. Chicago was North America's Major City of the Future. The magazine said 108 major, large, small and micro cities were evaluated on 60 criteria. Within key categories, Charlotte finished No. 1 in the U.S. in economic potential, No. 1 in quality of life, No. 3 in best development and investment promotion and No. 5 in human resources. The city also is getting a boost from two just-released Charlotte Chamber reports that indicate the local economy is maintaining its strong momentum. "It's one thing for the chamber to say something positive about the city, but when an independent authority like fDi focuses on something positive in the community, other people take notice," said Tony Crumbley, the Charlotte Chamber's vice president of research. The magazine, with its emphasis on worldwide investors, gives Charlotte international exposure, he said. Meanwhile, the chamber said in its February index of leading economic indicators that the Mecklenburg economy is "popping like fireworks," adding 3,500 jobs during the month.

Over the past 12 months, countywide employment grew by more than 17,000 (3.1 percent), according to the index, prepared for the chamber by UNC Charlotte geography Professor Harry Campbell. The index, designed to foretell economic performance six to nine months in advance, indicates solid growth in the second half of 2007. In addition, the chamber said, businesses are investing in expansion at a dizzying pace: $881.1 million in projects announced during the first quarter. That's the second-highest quarterly amount ever. The record -- $993.9 million -- was set during the first quarter of 2006. Crumbley said the first-quarter performance puts Charlotte on track for a $3 billion-plus investment year.

Last year, new and expanding businesses announced plans to invest nearly $4.1 billion, doubling the previous record of $2.2 billion. The chamber compiles its report based on announcements of new projects, and it doesn't reconcile jobs created with jobs lost. But business leaders view the information as a valid indicator of economic activity. During the first quarter, 286 firms announced plans to build 6 million square feet of space and create 3,071 jobs, mostly in the future as projects are completed.

DEVELOPMENT Doug Smith