Located in the growing Sunbelt region, Charlotte benefits from the massive migration of residents and businesses to the area. Charlotte’s consumer spending has increased from the rising population and high-wage job growth. Thanks to this, the retail sector held up well and is set to recover on solid footing in the second half of 2021. The market has earned various accolades, including being listed as a Top 10 City in the World for Overall Quality of Life, the Best Coffee Shops in America, Awards of Excellence for Convention and Visitors Bureaus, and America’s Top 100 Best Places to Retire. With three of the nation’s largest banks headquartered here (Bank of America, Wells Fargo, and Truist), the financial services industry help bolster the economy as it continued to add jobs through the outbreak, helping boost population growth. The metro has paved the way for new company headquarters and office relocations, indicated by four Fortune 1000 companies moving their headquarters to the area since 2018. The fast-growing Sunbelt market has welcomed new residents from various regions across the
U.S. but more heavily from the Northeast and Midwest.

Arguably, the hardest-hit North Carolina market is Asheville, shedding 5.2 percent of its workforce, equating to 10,000 jobs. Asheville is home to 93,039 people who earn an average annual income of $56,886. However, Asheville’s recovery is projected to accelerate through the second half of 2021, thanks to its diverse economy. The market’s largest employers are healthcare facilities, educational systems, and local governments. The leisure and hospitality sector contributes to the local economy by more than 40 percent compared to other comparably sized metros. In fact, the metro was ranked within the Top 15 Cities in the United States by Travel + Leisure and ranked among the Best Small Cities in the United States in 2020 by AFAR.