A Rise in Charlotte's Per Capita GDP | The Key to Charlotte's Housing Market?

October 9, 2014
Contributed by Dan Burdi
Licensed North Carolina Realtor®

The per capita GDP of the United States from 2010 to 2013 has risen just 3.8% as reported by the Bureau of Economic Analysis but a few metro areas have benefited more considerably from the economic recovery. One metropolitan area of particular interest to us here at Crown Town Living is Charlotte-Concord-Gastonia, NC where the rise of real per capita GDP was 7.7% between 2010-2013 with 2013 per capita GDP reported at $55,802. This means that Charlotte comes in at #6 of metro areas in the country benefiting the most from the economic recovery.

The cities that have had the highest increase in real per capita GDP are those focused in the technology and energy sectors of the economy. Additionally, Forbes.com reports that their survey has also shown “per capita GDP growth in the revival of the auto manufacturing industry which benefits both from technological improvements and lower energy costs.” On an even more positive note for these metro areas, Realtor® Mag reports that “analysts have called wage growth the key behind a more heated housing market.” It is thus everyone’s hope that these income increases in the Charlotte region continue to push forth increases in home values.

Top Ten Metro Areas with Greatest Rise in per capita GDP 2010-2013:

1. Houston-The Woodlands-Sugar Land, TX – 13.23%
2. San Jose-Sunnyvale-Santa Clara, CA – 11.48%
3. Portland-Vancouver-Hillsboro, OR-WA – 9.18%
4. Columbus, OH – 8.19%
5. Grand Rapids-Wyoming, MI – 7.84%
6. Charlotte-Concord-Gastnia, NC-SC – 7.69%
7. Oklahoma City, OK – 7.5%
8. Salt Lake City, UT – 7.3%
9. Nashville-Davidson-Murfreesboro-Franklin, TN – 7.23%
10. Detroit-Warren-Dearborn, MI – 7.21%

Initial reporting and source: “The Cities That Are Benefiting the Most from the Economic Recovery