Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
My opinion is that Charlotte will NOT recover as quickly as other areas.
Remember... Charlotte was artificially propped up by the BANKSTERS. What other industry is there? Furniture? Textiles? Agriculture? Not much else to support a thriving metropolis.
Charlotte's biggest industry is actually wholesale distribution. If you ever drive down Graham street or Old Statesville you'll see what I'm talking about. We have an "inland" port on Hovis street, by Graham's street. Also our medical manufactoring sector is growing, there are efforts to turn Charlotte into a regional energy hub, and also healthcare is rising here. I know that healthcare is questonale right now, but the fact is we still need healthcare regardless of what form it will take.
This economic downturn is probably what Charlotte good for Charlotte as it kind of serves as "weaning" off of banking and more diversification, and I should add stronger diversification. So we do have several industries that will support this thriving metropolis but we are experiencing some trouble and it is shaking the identity of Charlotte. I do agree the recovery may take longer than other areas but when we do recover we will all see a sstronger and more healthier Charlotte provided that the citizens of Charlotte hold our public officials and each other accountable.
My opinion is that Charlotte will NOT recover as quickly as other areas.
Remember... Charlotte was artificially propped up by the BANKSTERS. What other industry is there? Furniture? Textiles? Agriculture? Not much else to support a thriving metropolis.
How about having one of the largest energy corporations in the world (Duke Energy), Lowes (soon to open another 100 stores in Canada), Family Dollar Store, Nucor, NASCAR, one of the largest distribution and trucking centers in the U.S., top producer of medical technical equipment (particularly dental equipment), major medical center, one of the nations top conventon centers, sports, universities, top producing work force in the U.S. (according to the Department of Labor, 2000), major U.S. Air hub, and constant foreign investments and relocations. This isn't list isn't conclusive. Anyone that thinks that Charlotte is just a banking town is truly in the dark.
Charlotte sank quickly, it will likely recover quickly once the recession eases. We now have Wells Fargo and other major institutions attached to the city that weren't here before with many other companies planning on relocation (including foreign) in the very near future.
I am not being overly optimistic, it is just that I have been there before stateside and abroad. Things may have slowed down in Charlotte and other important cities or even come to a stand still, but we will be back, soon I hope.
Charlotte sank quickly, it will likely recover quickly once the recession eases.
Do you think the southeast will recover before the northeast? Will it recover quicker than places like Miami, or Phoenix? Reason I'm asking is because the housing market in a large part started the problems nationwide. Charlotte fell later on predictably (way after places like the northeast and these other cities) because transplants weren't able to sell their homes and move here in large droves like they did to fuel the growth.
Now the question is who will buy all the homes if other parts of the country are still majorly affected by the recession? IMO I think other parts of the country will have to rebound FIRST before charlotte can really recover...just my .02
Do you think the southeast will recover before the northeast? Will it recover quicker than places like Miami, or Phoenix? Reason I'm asking is because the housing market in a large part started the problems nationwide. Charlotte fell later on predictably (way after places like the northeast and these other cities) because transplants weren't able to sell their homes and move here in large droves like they did to fuel the growth.
Now the question is who will buy all the homes if other parts of the country are still majorly affected by the recession? IMO I think other parts of the country will have to rebound FIRST before charlotte can really recover...just my .02
I think that the northeast doesn't have as much recovery to do as the southeast. The only place in the northeast four months ago that had over 10 percent unemployment was Rhode Island. But South Carolina was the only state in the southeast. Things have significantly changed since then. California has had major problems as well. The section of the country that has suffered less is North and South Dakots, Nebraska, Iowa, Utah, and Kansas. Generally speaking, the northeast will probably recover quicker than the southeast because there are more cities of over a quarter of a million in the southeast than the northeast and cities have been hit harder than towns.
Of course, my statement of quick recover was just my opinion. And you know what they say, "we all have one". Charlotte was wise not to go crazy building on speculation as cities like Miami, Atlanta, Las Vegas, Phoenix, and Seattle. It is bad enough as it is. I think that Charlotte will recover ahead of Miami because of our more diverse workforce and type of commerces conducted locally. Don't know about Phoenix. We are probably better off empty home wise.
But in reality, your guess is as good as mine. We certainly have the assets needed for recovery. I can't say more. If I knew anything other than speculation and opinion based on past experiences, I wouldn't be wasting time on this computer, I would be out investing. I sure hope my prediction is right.
Charlotte sank quickly, it will likely recover quickly once the recession eases.
Rebound / recover... no argument that at some level these terms describe what will likely happen. Although it just doesn't sit right with me what that really means - how does one quantify this recovery / rebound? Beyond that how could it possibly happen "quickly"? I'd point back to lumbollo's post and ask what has been done to precipitate this so called recovery?
It's just seems silly to throw these terms around when they're really empty - if they make you feel better fine. But, honestly, you don't typically spring up out of a hospital bed after a train wreck. Especially when all you've been given are pain meds to mask the symptoms hoping things will heal on their own.
The fundamental issues which led to the crash in the Fall of '08 have not been addressed rather papered over via increased deficit spending and Fed printing. What happens when the spending and printing stops which it must? As the nation goe so goes Charlotte. We've got a tough row to hoe. You need to think macro and not just on Charlotte itself. Watch tax revenues and shipping for recovery and not the DOW.
How about having one of the largest energy corporations in the world (Duke Energy), Lowes (soon to open another 100 stores in Canada), Family Dollar Store, Nucor, NASCAR,
Out of all this companies only Family Dollar is doing well.
Lowe's is in trouble. We are not in the "Trading Spaces" era anymore. I recently bought and renovated my home, and was able to bargain quite effectly with Lowes on many major components. Lowe’s Earnings Tumble | Daily Markets
Quote:
Originally Posted by vindaloo
Charlotte sank quickly, it will likely recover quickly once the recession eases.
Actually Charlotte stayed afloat a lot longer than other regions. I left south Florida in March of 2008, and real estate had already tanked. I cut 25% off of my asking price on the sale of my home. I came up here and people were in denial over the real estate market until about November of 2008.
I see a long hard recovery. We recently filled a professional position at work. I was on the hiring team. Of the eight candidates we interviewed, 3 were in-house, the othr five were unemployed middle-aged men. Desperate to find jobs. It was sad. We had over 200 applications.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
