Charlotte is nation’s second largest financial hub, and more

Charlotte’s financial prominence is rooted in its role as the headquarters of heavyweights like Bank of America, with about $2.8 trillion in assets, and Truist Financial, which holds over $500 billion in assets. Both are settled in Uptown Charlotte. The region is also home to major employment centers for banks such as Wells Fargo, Ally Financial, US Bank and others. Collectively, the Charlotte metro boasts over 104,000 financial services jobs, with employment growing at a rate more than 3.5 times the national average.

Charlotte’s financial prominence continues to attract major investments. Just recently, Citigroup announced plans to create more than 500 new jobs here with expected average salaries of $131,800. The announcement underscores the city’s appeal as an ongoing financial hub.

The Queen City has long held national attention as the second-largest banking and finance center in the United States. But ask the people leading the city’s workforce and economic transformation, and they’ll tell you: Charlotte is more than just a financial town. It’s a hub of innovation, opportunity and inclusive business growth.

Danielle Frazier, special assistant to the City Manager for Workforce Development. Credit: Courtesy image

During conversations with Danielle Frazier, special assistant to the City Manager for Workforce Development, and Cathay Dawkins, chairman of the Charlotte Mecklenburg Black Chamber of Commerce (CMBCC), a more expansive portrait of the city emerges; one that reflects deep investments in talent development, small business support and economic growth.

More Than a Financial Capital

Charlotte’s strong financial roots continue to serve as a magnet for major corporate investment and both public and private leaders stress that the city’s value proposition has diversified.

“We’re still known across the country as the second-largest financial hub,” says Frazier. “But we’ve evolved. Technology, logistics, healthcare and advanced manufacturing are sectors that are driving growth alongside banking.” 

There’s also momentum in food systems, real estate, construction and creative services, according to Dawkins. “Banking helped put Charlotte on the map,” he explains. “But now, entrepreneurs and innovators are helping shape what comes next – from food systems and creative services to clean energy and logistics.”

Small Business, Big Impact

As Chairman of the CMBCC, Dawkins has a front-row seat to the rise of  entrepreneurship in Charlotte.

“Our Chamber has over 400 members. These are restaurateurs, consultants, developers, artists, wellness coaches – you name it. And they are building legacies right here in Charlotte.”

The CMBCC serves as both advocate and incubator. “We host vendor markets, policy forums, financial literacy workshops and our annual Black Business Owners Conference,” Dawkins explains. “It’s about building visibility and infrastructure for businesses that have historically been underrepresented.”

Charlotte’s growing list of business resources also includes the Small Business Resource Center, Carolina Small Business Development Fund, SCORE Charlotte and the Women’s Business Center of Charlotte.

“Charlotte doesn’t just attract corporations – it creates an ecosystem where microbusinesses and solopreneurs can thrive too,” Dawkins says. “That’s a differentiator.”

Cathay Dawkins, chairman of the Charlotte Mecklenburg Black Chamber of Commerce. Credit: Courtesy image
Building a Workforce for the Future

On the workforce side, Danielle Frazier is helping to lead the charge in developing talent pipelines that align with the city’s evolving business needs. “Businesses start with one of the top three reasons they relocate and that’s access to a skilled workforce,” Frazier offers. “That’s a major advantage we have in the Charlotte region.”

We have a wealth of educational institutions; UNC Charlotte, Central Piedmont, Johnson C. Smith University, Queens University and other technical and trades training providers. Charlotte is uniquely positioned to provide a deep talent pool for industries across the board.

“Our office focuses on two lenses,” said Frazier. “Supporting internal talent within the City of Charlotte and investing externally in our community through workforce development programs.”

That includes 17 registered apprenticeships through the city’s status as a Department of Labor Apprenticeship Ambassador, supporting 17 apprenticeship roles across departments, a six-month Career Training Academy with a 70 percent retention rate and the Education-to-Employment program, which offers high school graduates full-time roles with the city.

Last year alone, the city invested $4 million in grants to community partners to support career navigation, training and job placement.

“We work with everyone from grassroots organizations to workforce boards and chambers to ensure we’re meeting people where they are and connecting them to opportunity,” Frazier offers.

Logistics, Location and Lifestyle Appeal

“Charlotte’s strategic location gives us a major edge,” Frazier explains. “With our international airport we’re the sixth busiest airport in the world for departures and arrivals. The seventh busiest for most passengers, around 58 plus million a year. In addition, we’ve got highways 77, 85 and 485 which give businesses incredible mobility. These major thoroughfares are moving people and goods.”

Dawkins agrees: “It’s a city where you can run a business, catch a direct flight and still have time to attend your child’s soccer game. There’s a strong faith community, a growing arts scene and genuine Southern hospitality. That matters.”

Charlotte also offers green space, culture, family-friendly amenities and a cost of living significantly lower than many coastal peers.

“Opportunity is what brought me here over 20 years ago,” Frazier recalls. “And I’ve never looked back.”

Planning for Growth and Growing Pains

Both Dawkins and Frazier acknowledge that Charlotte’s rapid growth brings challenges, especially in transportation and affordability.

“With more than 100,000 people commuting into the city each day, we must expand our transportation infrastructure,” says Frazier. “We’re looking at rail, more bus routes, microtransit and roadway improvements to stay competitive.”

Housing and capital access also remain key concerns. “Growth without inclusion isn’t real growth,” says Dawkins. “We need policies that ensure micro- and minority-owned businesses aren’t pushed out, but instead pulled in.”

Looking Ahead: Charlotte’s Next Chapter

In the next five to ten years, both leaders see Charlotte rising to the top of the nation’s economic mobility rankings.

“From 50th to 38th, and now we’re the third-fastest improving city in economic mobility,” Frazier noted. “Our goal is to get to number one and that starts with training, awareness and opportunity from K-12 and beyond.”

Final Thoughts

As a transplant this writer relocated from Pennsylvania over 25 years ago and watched Charlotte and the surrounding region boom. The infrastructure, logistics and lifestyle are powerful draws for businesses and people.

Both Dawkins and Frazier agree, Charlotte’s growth is driven by more than incentives and tax breaks. “There’s community here. There’s opportunity,” Cathay noted. Frazier summed it up: “We’re building a Charlotte where anyone regardless of their background, can see themselves thriving. That’s the future we’re working toward.”

Resources:

City of Charlotte Workforce Development: https://charlottenc.gov

Charlotte Mecklenburg Black Chamber of Commerce: https://www.cmbcc.orgSmall Business Resources in Charlotte Include:

Carolinas LGBT+ Chamber of Commerce – Supports LGBT+/Allies businesses with events, training, and vendor opportunities. https://www.clgbtcc.org/

Charlotte Business INClusion – A City of Charlotte program supporting MWSBE-certified businesses. https://www.charlottenc.gov/Growth-and-Development/CBI

Small Business Resource Center – Centralized support for startups and small businesses.https://oed.mecknc.gov/small-businesses/small-business-consulting

SCORE Charlotte – Mentoring and workshops for small business owners. https://www.score.org/

Women’s Business Center of Charlotte – Specialized resources and training for women entrepreneurs. https://theinstitutenc.org/programs/wbcc/

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