CHARLOTTE — The Pearl medical school and innovation district drove $1 billion in private investment, supported 2,270 jobs, created $224 million in economic activity and generated $9.8 million in combined tax revenue in its first full year of operation, according to a new study by national research and urban planning firm HR&A Advisors.
The figures were disclosed Tuesday evening during a presentation before the Mecklenburg Board of County Commissioners. Advocate Health, the Charlotte-based parent company of Atrium Health, agreed to provide periodic progress reports to local government after receiving a combined $75 million from the city and county in 2021 for infrastructure.
The Pearl opened in June 2025 with the first phase of a 15-year build-out expected to encompass $1.5 billion in private investment across a 20-acre midtown site. Its anchor is Atrium Health’s Wake Forest University School of Medicine, the city’s first four-year medical school. The first class enrolled last summer.
Collin Lane, Atrium’s senior vice president of facilities management, shared findings from the HR&A study and other updates on the innovation district.
“The Pearl is an economic development engine for the region,” Lane said. “Built to diversify our economy and bring new industry and businesses large and small to Mecklenburg County. In just 14 months since opening the first phase, the Pearl has become a national and international destination for the medical device industry (and) it’s attracted some of the world’s top medtech and imaging companies.”
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