Axios Live: Charlotte's boom time creates opportunities — and a few obstacles

CHARLOTTE, N.C. — A wave of company expansions and new arrivals is supercharging Charlotte's growth, forcing the city to rapidly upgrade its utilities and shifting who it competes with for big business, city leaders said at an Axios event.

Why it matters: Charlotte's ability to attract corporate capital and new residents has moved it past traditional regional rivals as it matches up with larger metropolitan areas.

• "We're competing with markets like Atlanta and Dallas in a way that's refreshing, because we're punching above our weight," said Tracy Dodson, COO and head of economic development at Charlotte Regional Business Alliance.
• Axios Local reporter Alexandria Sands and business reporter Nathan Bomey moderated discussions with Dodson as well as Red Ventures COO and CFO Ben Braun. The May 29 event was sponsored by Bank of America.

What they're saying: Companies are investing a lot more money in the region, and that is bringing more residents to fill the newly created jobs to the area, Dodson said.

• In the past 18 months, there were "77 announcements, 12,000 jobs and almost more than $3 billion of investment," Dodson said, adding an average of 157 new residents are moving in daily.
• To sustain this momentum, the city must rapidly build out its transit and water infrastructure to prevent breaking under the pressure of its own success.

Between the lines: Securing major corporate relocations, such as a recent 2,000-job expansion by financial firm SMBC, requires close coordination across local businesses, Dodson said.

• "The entire corporate community and the economic development community lean in when these [deals happen]. ... That's part of why we win," Dodson said.

Yes, but: The rapid pace of development has put pressure on the region's utility and transit systems, Dodson said.

• Water facilities are reaching capacity as development crosses county lines, causing friction that could affect potential movers' views of the city's business climate. "We have different needs in water... and so that creates some hurdles that we are going to have to work through," Dodson said.

Context: Charlotte's fast-growing economy also means companies must redesign their internal operations to keep up, Braun said.

• "AI is changing the game because it forces you to completely rethink how you do business," Braun said. "The mistake companies make is trying to sprinkle AI on top of old processes."

Content from the sponsor's segment:

In a View From the Top conversation, Andrew Natneil, Bank of America senior vice president and senior relationship manager for business banking, discussed localized resources and financial advice for entrepreneurs navigating a rapidly growing regional marketplace.

• "We operate as a small bank, but we have the big bank capabilities," Natneil said.

Editor's note: This story was updated to correct Andrew Natneil's last name.