CHARLOTTE, N.C. (AP) - The Charlotte region lost over 71,000 jobs in the first quarter of this year as businesses dealt with impacts of the coronavirus pandemic, according to a new report by a regional business group.
The report released Monday by the Charlotte Regional Business Alliance said that number represents about 4.8% of all the jobs in the area. That decline is still better than national figures that point to more than one in 10 Americans losing their jobs during the virus outbreak.
Chuck McShane, the group’s vice president, said the pandemic has put an abrupt stop to the 113 months of booming economic growth the Charlotte area enjoyed through company expansions, corporate relocations and new investments.
Before the outbreak, the region was anticipating several implementations of business ventures, including $323 million worth of investments by traded-sector companies and the development of a new General Motors research facility.
Michael Walden, an economics professor at North Carolina State University, told the Charlotte Observer that going forward, people should expect economic reports coming out of the region this quarter to be “really bad.”
Over 670,000 people in North Carolina have filed for unemployment assistance since the middle of last month. A state government subcommittee focused on economic issues during the outbreak has also recommended the legislature give $25 million to the Golden LEAF Foundation’s emergency small business relief loan program after a surge in demand drained the nonprofit’s fund.
Amid the economic turbulence, protestors in Raleigh have also called for Gov. Roy Cooper to open up businesses that have been impacted by the state’s stay-at-home order.
McShane said there is one comforting figure in the region. According to the report, job postings only saw a 3.4% decline compared to last year as opposed to the nation’s 21% decline. While this is a bright spot for the region, the amount of time to fill these job openings has also increased, signaling possible hiring freezes.
As of Monday, the state’s Health department said nearly 7,000 people in North Carolina have tested positive for the virus and 179 have died.
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