While some Queen City residents may have been worried that much of the area's labor force would experience long-term negative effects because of the government shutdown, the local job market may receive a significant boost in the coming months. For those looking to obtain gainful employment and hoping to buy a house in Charlotte, there may be no better time to do so than now.
KenCord Bio Therapeutics, a startup pharmaceutical company, recently announced its intentions to set up shop in southwest Charlotte and create around 200 jobs in the subsequent two years, according to the Charlotte Business Journal. The rapidly growing business targets FDA-approved drugs that are without substantial financial backing or industry contacts, and steps in to lend a helping hand.
Decision to relocate is strategic, beneficial to many
Ken Wiggins, founder and CEO of KenCord Bio Therapeutics, told the local news source that relocating to the Queen City affords the company valuable access to North Caroline Research Campus in Kannapolis, as well as locally-based financial-services professionals.
In reference to the Raleigh area, Wiggins reportedly said that he "didn't want to be another pharmaceutical company in the Research Triangle." And added that in Charlotte, his business "can stand alone."
Wiggins was welcomed to the area with open arms from the Charlotte Chamber of Commerce and state Rep. Rodney Moore (D-Mecklenburg), who worked to attract the growing business to the area, the Charlotte Business Journal reported. Chamber president Bob Morgan said that this project is a clear example of the group's heightened efforts to recruit minority-owned companies to the area.
As the business continues to work toward moving to Charlotte, local residents can expect to see the city's unemployment rate decline in the near future.
ADP report shows job growth nationwide
While KenCord Bio Therapeutics may be a few months away from a grand opening event in the Queen City, a considerable number of new jobs were added to the country's labor market during September. According to the latest ADP National Employment Report, a total of 166,000 positions were created last month, offering a glimmer of hope to those searching for work.
Of all the jobs added, the majority were for small businesses, the report showed. Companies with fewer than 50 employees saw 74,000 new positions in September, while large business created 64,000 jobs and medium-size companies added 28,000 employees. Of those employment opportunities, 147,000 were in the service-producing sector, and 19,000 were goods-producing.
"During the month of September, the U.S. private sector added a total of 166,000 jobs," said Carlos A. Rodriguez, president and chief executive officer of ADP. "As in previous months, most of the job gains occurred in the service-providing sector."
While the financial industry saw the reduction of 4,000 jobs nationwide during the recent month, the ADP report noted that the trade/transportation/utilities industry increased by 54,000 positions and the professional/business services industry added 27,000 jobs.
With employment prospects increasing locally and nationally, the Queen City's residential sector currently favors both individuals trying to acquire a property and homeowners hoping to sell a house in Charlotte. Those interested in entering the local market can benefit by doing so with the assistance of Lodestone Real Estate. The trusted agency's workforce employs expansive databases to find clients the homes that best suit their personal preferences and needs.