New Reports Show Economic Growth Grinding To A Halt; Unemployment Soaring

CHARLOTTE, NC –  A new report from the Charlotte Regional Business Alliance paints an unsettling picture of unemployment and economic growth in the area.  Nearly nine and a half years of economic expansion is coming to a halt. 

The group estimates 71,000 thousand jobs will be lost between January and May. 

“It’s a once in a lifetime experience from an economic perspective,” said Doug Milnes, with MoneyGeek. 

MoneyGeek put together an unemployment analysis that shows the peak of unemployment is still far off 

“It’s peak unemployment in Charlotte will be about 27%,” said Milnes. 

In January, the unemployment rate was 3.7%

MoneyGeek estimates that nearly 370,000 people will be out of work in the Charlotte region. That compares to about 145,000 people during the housing bust in 2009.  And about 70,000 people during the “dot com” crash in 2000. 

“Every job lost has sort of a knockdown effect,” said Milnes. 

On Monday, Coca-Cola Consolidated furloughed 200 of it’s workers in Charlotte. 

The YMCA of Greater Charlotte announced an elimination of more than 50 jobs. With furloughs extended for full and part-time employees. 

So when can people get back to work? That depends on expanded testing, tracing, and a steady decline in COVID19 cases. 

“There is no perfect sequence or timing, but there is health guidance, business guidance, and common sense,” said Gov. Roy Cooper. 

On Monday, Mecklenburg County leaders echoed that sentiment saying there is a need for greater testing and tracing in order to ease restrictions by April 29th.