While the economic damages caused by the COVID-19 pandemic begin to wane, important economic markers have been showing better times ahead for Charlotte North Carolina.
Unemployment Down, Employment Up
According to a newly released Bureau of Labor Statistics report, unemployment in the area has fallen steadily. Compared to the 3rd quarter of 2020, unemployment has fallen almost 3 points, dropping down to nearly 3%. At the same time, the average unemployment rate in the greater United States sits at 3.9%, this should come as welcome news to citizens fearing for their economic future. In fact, it’s currently estimated that Charlotte will see a job increase of nearly 50% over the next ten years, an over 20% increase over US predictions. This comes on the back of major growth in several key industries that will likely provide jobs for decades to come, like the growing tech, professional services, and hospitality industries in the area. But even with the continued growth of the local economy, supply shock is still causing undue effects on the local populace.
Consumer Price Index Rising
With supply issues and inflation affecting the price of consumer goods across the country, the local scene is no different. Over a 12-month period, energy costs have gone up more than 30%, with Charlotte only doing slightly better than the US average. Food prices have also increased 5.5% over the same period, .6% below the national average. Some of the biggest changes in price come from the automotive industry, with an over 20% increase over 12 months, so if you were planning on buying a car, you might want to hold off. Both housing and clothing costs have also increased, each having more than a 5% increase in cost. With prices rising across nearly every industry, citizens might wonder what their government plans to do to help control prices.
Charlotte Releases 2022 Budget
With the release of the 2022 budget, the Charlotte city government has opened its plan for economic recovery up to public scrutiny. Luckily for property owners, the city has no plans to increase your property taxes, while still maintaining the services you hold dear. For environmentalists, a bit of good news is the cities allocation of nearly $5 million dollars towards creating a more sustainable city, with about $1 million dollars going towards replacing 22 vehicles with fully electric ones. This development brings the city of Charlotte one step closer to its goal of replacing 100% of its vehicles with zero-carbon sources. The budget also comes with the city’s “Capital Investment Plan”, with over $100 million dedicated to building infrastructure in the city. For citizens, this means over $50 million dedicated to helping build and maintain affordable housing in the area. There’s also a planned $50 million investment into the government’s Pedestrian Safety Program, meaning new sidewalks, bike trails, and additional improvements to the roads and street lamps around the city.
Protect Your Financial Future
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