Charlotte Mayor Anthony Foxx won't run for governor

UPDATED: Charlotte Mayor Anthony Foxx won't run for governor, ending several days of speculation as to whether he would seek the Democratic nomination in the wake of Gov. Bev Perdue's surprise decision not to seek reelection, the Charlotte Observer is reporting.

“Over the past few days I have given serious consideration to a run for governor of North Carolina," Foxx said in a statement. "Given the unusual circumstances and short time, such a run would have required more focus on a statewide campaign than on my young family and many local issues of importance to me and so many Charlotte residents. Therefore, I have decided to forgo a statewide race this election cycle, and will continue my efforts to build a brighter future for our city."

Foxx is starting his second term as mayor. When Perdue announced last week she wouldn't run again, Foxx said he would consider running. But the mayor has decided to stay in Charlotte, according to a source close to his campaign. The mayor is expected to make a formal announcement later today.

Foxx's decision means there won't be matchup between former Pat McCrory, the former Charlotte mayor, and Foxx. McCrory, a Republican, is considered a favorite for the Republican nomination.