Economic Overview    (click image to enlarge)
The Charlotte area gained almost 11,000 jobs over the last year and the unemployment rate is now 10.8%, according to the North Carolina Employment Securities Commission. The Charlotte area's jobless rate remains higher than other parts of the state, largely because of big losses in the manufacturing and financial activities sectors.
Major employers include Bank of America, Carolinas Healthcare
System, Duke Energy, UPS, US Airways, TIAA-CREF,
Adecco, Compass Group, IBM, AT&T North Carolina, BB&T,
Time Warner Cable and Wells Fargo.

Employment / Economic Announcements    (click image to enlarge)
• Siemens Energy Inc. will create 825 new jobs at its gas turbine manufacturing facility in Charlotte.
• Zenta Mortgage Services, a financial services outsourcing company, will add 1,000 jobs at its offices in Charlotte.
• The American Red Cross will add 400 jobs this year at its
new call center in Charlotte.
• Hewitt Associates, a human resources outsourcing company,
plans to add 463 jobs in Charlotte.
• Daimler Truck North America plans to recall 150 employees
to its truck-assembly plant in Mount Holly and 110
employees to its parts plant in Gastonia.
• Citgo Fund Services (USA), a financial services company,
will add 258 jobs at its new offices in Charlotte.
• WebVisible, an online advertising company, plans to add
150 employees at its offices in Charlotte.
• Supermetal Structures Inc., a producer of metal building
supplies, is creating 125 jobs at its new facility in York
County.
• Kewaunee Scientific, which makes furniture and equipment
for laboratories, plans to add 100 jobs at its factory in Statesville.

Market Summary    (click image to enlarge)
Fueled by the continued weakness in the for sale housing market, demand for apartments in the Charlotte metro area is at an all-time high. In the last year, there were 5,745 apartments absorbed, as compared to a loss of (-543) renters in the previous year. Thanks to such strong demand, the average vacancy rate has fallen to 11.1%. The North submarket currently holds the lowest vacancy rate in the region at 5.5%.
While demand is at an all-time high, new development has
finally begun to recede. In the past twelve months, there
have been 4,513 units added to the overall supply. But with
just 1,391 units currently under construction, the rate of supply growth will be much slower in the coming year. At this
time, there are another 2,061 units proposed throughout the
region, but the majority of these units won’t hit the market
until 2012 or later.
Average rents have stabilized and same-store rent growth
was moderate at 1.8% or $13.13 for the year. The average
rental rate in the Charlotte metro is now $725 per month.
One bedroom rents average $637 per month, two bedroom
rents are $740 and three bedroom rents are $870.
Rent growth is expected to continue at moderate levels as
vacancy rates fall below 10% in the coming year.

Communities Under Construction
• Woodfield Investments began work on a second phase of 237 units at Elizabeth Square in East-1.
• The Housing Partnership continues construction on 92 affordable units at The Alexander on Statesville Avenue in
Northeast-1, with completion scheduled for December.
• Gateway Homes expects to complete construction later this year on the remaining 56 units at Arwen Vista on Highway
29 at Salome Church Road in Northeast-3.
• CB Development continues construction on the remaining 111 units at Ashley Court at Pinnacle Point at Mallard
Creek Church Road and I-85 in Northeast-3. Completion is scheduled for May of 2011.
• Hathaway Development Company will complete work in October on the remaining 42 units at Ansley Falls on West
Tyvola Road in Southwest-1.
• Blue Ridge Companies continues to work on the remaining 24 units at Ashford Place on Old Pineville Road in
Southwest-2.
• Integra Land Company plans to complete construction in January on the remaining 221 units at Integra Springs on
Rogers Lake Road in Cabarrus County.
• Solstice Partners began work on 106 affordable units at Wexford Pointe on Davidson Highway at Fairington Drive
in Cabarrus County.
• Greenway Development Company expects to complete work in November on the remaining 60 affordable units at
Evergreen Landing in Gaston County.
• Downtown Pioneers began construction on 26 units at the Monroe Hardware Warehouse on North Hayne Street in
Union County.
• Charter Properties expects to deliver the first of 248 units in November at Paddock at Springfield on Springfield
Parkway in Fort Mill in York County.
• Marlin Bay LLC continues construction on the remaining 168 units at Villas at Marlin Bay on Cutterpoint Drive in
Lake Wylie in the York County submarket.
• Solstice Partners continues work on 80 affordable units at Greylin Ridge in Statesville in Iredell County. Move-ins
are scheduled to begin in March.
• Blue Ridge Companies continues construction on 28 units in phase two at Millcrest Park in York County.
• Charter Properties expects to deliver the first of 248 units in the third quarter at Springfield on Springfield Parkway
in Fort Mill in York County.

Communities Proposed
• The Charlotte Housing Authority is planning 152 market-rate units at Lofts at Seigle Point on Seigle Avenue in
East-1. Work is scheduled to begin in December.
• Firmitas expects work to begin in 2011 on 400 units at Morningside Village on McClintock Road in East-1.
• Levine Properties has plans for 225 units at Orchard Crest on Monroe Road at Orchard Lake Drive in East-3.
• Solstice Partners plans to start work next spring on 96 affordable units at Antiquity Heights near Catawba Avenue
and Main Street in Cornelius in the North submarket.
• Charter Properties is planning to begin work in the fourth quarter on 164 units at Longview on Reames Road in the
North.
• The Charlotte Housing Authority will begin demolition in September at Boulevard Homes on West Boulevard in
Northwest. There are 144 market-rate and affordable units planned at this site.
• United Equities is planning 85 affordable units at Willow Oak Run on Tuckaseegee Road near Toddville Road in
the Northwest submarket.
• The Boulevard Company has plans for a second phase of 200 units at 1225 Church in Southeast-1.
• The Charlotte Housing Authority plans to redevelop Savannah Woods into a mixed-income community to include
34 market-rate and 22 tax-credit units. The property is located on Leaside Lane in Southeast-1.
• Camden Management Partners is planning 176 units at Loray Mill on West Second Avenue in Gastonia in Gaston
County. Construction is expected to start later this year.
• MTS Residential will break ground in the fourth quarter on 227 units at Fountains at Mooresville Town Square on
Brawley School Road in Iredell County.
• Blue Ridge Companies has plans for an additional 136 units at Millcrest Park in York County.

Market Data Information Source: © September, 2010 Real Data Aptindex