The population of the Southeast has grown substantially over the past decade to 36.3 million residents. The region will continue to experience some of the most pronounced growth in the nation with a projected 5.5% population change over the next five years, well beyond the national rate of 3.5%. Charlotte’s population of 2.8 million is expected to grow 7.8% over the next five years, outpacing the nation.
To support this increased population, the region has also experienced an industrial boom to meet the growing demand of the populace. A plethora of industries have located to and expanded in the Southeast, driven by a surge in manufacturing, e-commerce, and 3PL businesses.
Demand is high for industrial product in Charlotte, and vacancy fell to a mere 1.6% by Q2 2022. Developers continue seeking land further from the urban core to meet this need.
The labor pool has increased in tandem with the rise in industrial businesses. Southeast markets have a higher concentration of the sector’s target blue collar demographic than the nation as a whole, and Charlotte has a target blue collar demographic volume of 282,398.
Warehouse wages in the Southeast index above the national average, while the average wages for production workers is on par with the U.S. average. Wages for both material moving and production occupations exceed the national average, making Charlotte an attractive option for workers in these fields.
Click here to read and download the Southeast Industrial Labor Report.
