A Banking District
Charlotte’s business has really thrived over the years. In fact, two of the three largest banks in the United States are located in Charlotte. (Lunsford, 2008) Today Charlotte holds 365 of Fortune’s top 500 companies, and represents 42 different countries, with more than 850 foreign-owned companies. These companies provide over 40,000 jobs for people in the Charlotte and surrounding areas. ("Charlotte facts," 2012)
Because Charlotte is the second largest banking city in the United States, it controls over $2 trillion worth of assets ("Charlotte at a," ) and is ranked 5th “Most Desirable Place to do Business by Area Development Special magazine.” ("Charlotte at a," )
However, banking is not the center of Charlotte's economy. Instead, Charlotte's business community is also made up of manufacturing, health care, and the energy industry. ("Charlotte facts," 2012)
Because Charlotte is the second largest banking city in the United States, it controls over $2 trillion worth of assets ("Charlotte at a," ) and is ranked 5th “Most Desirable Place to do Business by Area Development Special magazine.” ("Charlotte at a," )
However, banking is not the center of Charlotte's economy. Instead, Charlotte's business community is also made up of manufacturing, health care, and the energy industry. ("Charlotte facts," 2012)
Charlotte vs New York and the North
In the recent years, Charlotte has attracted many New Yorkers and other northern natives. According to the research director at the Charlotte Chamber of Commerce, Erin Watkins, the cost of living in Charlotte is one of the biggest attractions to New Yorkers. Charlotte’s cost of living, in 2005, was at 93 percent, which was 7 percent lower than the national average. New York City’s cost of living, in comparison, was at a sky high 140 percent, 40 over the national average. In 2009, according to IRS data, Charlotte had 2,000 tax returns filed by individuals or married couples who had filed in New York City or Long Island the previous year. One native New Yorker, Mike Patarote, has been living in Charlotte for 5 years now, and claims it is the best decision he has ever made. He had visited Charlotte 15 years ago to see his uncle. He instantly fell in love with the city and said he wanted to move south while he was young so he could enjoy it. Although the culture is different, and the city itself is not the same, New Yorkers are finding that Charlotte has a lot to offer, and for a much better price. (Algar & Bennett, 2011)