Regional goals could be Charlotte’s route to post-COVID prosperity, NC, SC leaders say

As Charlotte looks to stimulate its economy following the coronavirus pandemic and plan for its future, it may be best not to go it alone, local, state and national leaders said during a Charlotte Regional Business Alliance virtual event Wednesday.

During the discussion called “Exploring Economies 2021,” S.C. Gov. Henry McMaster said a strong Charlotte economy is important to both Carolinas.

“A magnet for investment in people and industry spreads out all over the place. The state line doesn’t mean a thing,” McMaster said.

He called the Carolina Panthers new headquarters facility in Rock Hill that broke ground last summer “a regionally significant destination.”

The 240-acre site near Interstate 77 will not only include the team’s practice site, but host games and concerts, corporate offices, residential space and retail stores. The first phase will open in 2023.

Looking at another sector of the economy, N.C. Gov. Roy Cooper said the state has become a “biotechnology hub,” referring to medical research during the pandemic and also plans to build a four-year medical school in Charlotte. Atrium Health announced Wednesday that the 20-acre campus will be in Dilworth.

Carol Lovin, executive vice president for Atrium Health and first vice chair for the business alliance, called the medical school an “inclusive economic engine.”

“We absolutely believe it will be a job multiplier and a place to bring everybody together,” she said.

Comparing other cities

Laura Ullrich, regional economist for the Federal Reserve Bank of Richmond, Va., said Charlotte needs to have inclusive growth not just to benefit Charlotte and Mecklenburg County but the entire region — for example, promoting manufacturing opportunities that are outside of Mecklenburg.

“Thinking of the entire region as we emerge out of COVID-19 and how we grow Charlotte is really going to be a key piece of the puzzle,” Ullrich said.

One peer city to Charlotte, Denver, Colorado, has been named the No. 1 place to do business by Forbes magazine. Part of its success is promoting the lifestyle, expanding mass transit system and benefits more than 3 million people in a nine-county region.

Michaelina Antahades with Charlotte Regional Visitors Authority, said it’s important to explore peers metros around the country to discover best practices.

“Charlotte is what now and what’s next,” she said. “We are also well positioned to continue sustainable regional and equitable growth,” she said.

Ways to prosper

But for cities to prosper it takes what Tom Barkin, president and CEO of the Federal Reserve Bank of Richmond, called “collective hustle” with quality workforce, quality jobs, quality of life and equality.

Barkin said Charlotte is tops among other peer cities for wage growth and good jobs, with companies like Honeywell, Centene and Truist, and cost of living. But when it comes to equality, Charlotte’s economic mobility ranks last compared to its 12 peer cities.

Investing in education is key, and having business and civic leadership.

Cooper said North Carolina still needs to root out systemic racism in education, health care and the economic system.

“It’s really important for us to send a message of inclusivity and that we’re a welcome area and state,” he said. “Diversity is strength. Diversity increases the bottom line.”