Charlotte’s Pearl innovation district reports $224 million economic impact in first year

CHARLOTTE, N.C. (WWAY) — One year after opening, Charlotte’s Pearl innovation district has generated an estimated $224 million in economic impact, according to Atrium Health and Wexford Science & Technology.

The Pearl, developed through a public-private partnership between the two organizations, combines education, healthcare, research and business on a single campus aimed at advancing medical innovation and workforce development.

According to the organizations, the district has generated $9.8 million in state and local tax revenue and supported 2,270 jobs during its first year, including 560 onsite positions in healthcare, research, education and hospitality.

Officials said the first phase of the 700,000-square-foot development reached 85% occupancy within six months of opening. Over the past year, The Pearl also hosted 330 events that attracted more than 18,000 visitors.

The campus is home to Wake Forest University School of Medicine’s Charlotte campus, Carolinas College of Health Sciences, IRCAD North America, Connect Labs by Wexford and other healthcare, research and technology organizations.

Construction is expected to continue on the 38-acre development, which will eventually include residences, a hotel, office and innovation space, retail and public gathering areas. At full buildout, officials project The Pearl will generate an annual economic impact of $1.2 billion.