Charlotte, once a shining star in economic growth, has experienced a significant drop in its ranking among the best-performing large cities in the United States according to the Milken Institutes 2025 Report on the Best-Performing Cities in America (read more). This shift in economic standing presents both challenges and opportunities for businesses and residents in the Queen City.
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Key Factors Contributing to the Decline
Job Market Fluctuations
Charlotte’s job market has seen some turbulence, affecting its overall economic performance. The city’s employment growth rate has slowed compared to previous years, impacting its position in national rankings.
Housing Market Challenges
The real estate sector in Charlotte has faced hurdles, with rising home prices and affordability issues potentially contributing to the city’s economic performance decline.
Economic Diversification
While Charlotte remains a major financial hub, the need for further economic diversification has become apparent. Expanding into new industries could help stabilize the city’s economic standing5.
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Opportunities for Growth
Despite the recent setback, Charlotte continues to show promise in several areas:
Housing Affordability
Often what’s bad for large businesses and landlords is good news for renters. While housing affordability has grown very difficult since 2020, there’s no doubt that rents have fallen quite a bit from their 2023 peaks and that should bode well for renters and transplants considering calling Charlotte home.
