North Carolina Construction News staff writer
A new report highlights Charlotte’s rapid progress in building a thriving startup ecosystem over the past decade — and signals growing demand for infrastructure, commercial space, and innovation hubs that could reshape the city’s built environment.
The 2024 Charlotte Startup Ecosystem Report (CSER24) released by nonprofit Innovate Charlotte and funded by the City of Charlotte and the Principal Foundation, draws on interviews and surveys with 31 local founders, investors, and startup leaders, as well as national benchmarking data. It identifies key trends driving startup growth and outlines next steps to sustain momentum.
“This comprehensive report is an example of how the city is collaborating to create a bright future for our residents and to support business growth,” said City Council Member Malcolm Graham, chair of the Jobs and Economic Development Committee. “We are focused not just on creating jobs, but on driving innovation.”
The report outlines several major developments likely to interest those in construction and real estate:
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New innovation infrastructure: The Wake Forest University School of Medicine–Charlotte opens this fall as the region’s first four-year medical school. It will anchor The Pearl, a life sciences innovation district poised to drive construction demand for lab, research, and commercial space.
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University expansion: UNC Charlotte reported $92 million in research expenditures for fiscal year 2023 and achieved Carnegie R1 research status, opening the door for more federally funded projects and campus growth.
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Venture capital surge: Between 2019 and 2023, Charlotte startups raised $1.5 billion across 261 deals, compared to limited investment in 2015 — signaling a need for more office space, incubators, and startup facilities.
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Increased federal funding: The region saw a 46% increase in Small Business Innovation Research and Technology Transfer awards, further boosting demand for R&D space.
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Talent retention and housing needs: With 90% of founders surveyed planning to stay in Charlotte, the city is expected to see sustained population growth, reinforcing long-term demand for housing, transportation infrastructure, and community amenities.
Charlotte also climbed into the top 10 of the Milken Institute’s 2024 Best-Performing Cities and had a record 60 local firms on the Inc. 5000 list — eight in the top 500.
Despite this momentum, the report notes gaps in later-stage funding and corporate engagement, suggesting opportunities for construction firms and developers to partner with public agencies, universities, and startups to shape Charlotte’s next phase of growth.
The full report is available online. Public presentations will be held Tuesday, April 29 at Davidson College’s Hurt Hub and Wednesday, May 7 at UNC Charlotte’s CO-LAB.