Charlotte vs. Triangle Economy (Huntersville: sales, real estate, insurance)

[VitalisticDoc]

Can anyone on this post speak to the relative differences in economy between Charlotte and the Triangle?

Charlotte seems to sit on the banking industry as its main economic driver. Is it true that as the banking sector goes, so goes the city? Or is there more there than I am aware of?

It also seems the triangle is a bot more stable economically: Universities, health care, government, technology. Is the triangle more stable economically because of its more diversified industries?

I ask this becuase I'll be moving to NC to open a business (Integrative Health Care Center) in one of the two areas. Ideally, the more stable economy is better for any business owner.

Any insight would be great.

Thanks much.

[24-Jack]

The Triangle is much more balanced in industry and what is here typically will do better in tough economic times. Charlotte seems a bit lopsided and has more exposure to a downturn. That being said, every place will feel some pain in really bad times. Some more so than others.

[VitalisticDoc]

Originally Posted by 24-Jack

The Triangle is much more balanced in industry and what is here typically will do better in tough economic times. Charlotte seems a bit lopsided and has more exposure to a downturn. That being said, every place will feel some pain in really bad times. Some more so than others.

Thanks. Those were my thoughts as well. Appreciate the feedback.

[rnc2mbfl]

Originally Posted by VitalisticDoc

Thanks. Those were my thoughts as well. Appreciate the feedback.

While two completely different animals, I think you'd find the Triangle to be more akin to Seattle intellectually than you would in Charlotte. The Triangle is right up there at the top of the list with the likes of Seattle, Boston and DC when it comes to education level of its citizens. Good luck with your decision.

[crazybabydoc]

Charlotte is the hub for two of the largest commercial banks in the world. Bank of America isn't going anywhere. They may even bring jobs to Charlotte after acquiring Countrywide. Wachovia will indeed have layoffs but they were bought by Wells Fargo in part b/c WF doesn't have much of a presence in the East/Southeast. From Huntersville north of the city all the way down to the SC border you have a much larger metro area in size and population than the Triangle.

Arguably, the Triangle is more balanced from an economic standpoint b/c we have no truly gargantuan industry that would overshadow others.

But given your business plan, I'm not sure the Triangle is truly the best bet. You've got two big healthcare players (Duke and UNC Healthcare) dueling for control. In the Charlotte region, Carolinas Medical Center is basically the only one. If what you offer is duplicative in one region then the other may be a better option.

[VitalisticDoc]

Originally Posted by crazybabydoc

Charlotte is the hub for two of the largest commercial banks in the world. Bank of America isn't going anywhere. They may even bring jobs to Charlotte after acquiring Countrywide. Wachovia will indeed have layoffs but they were bought by Wells Fargo in part b/c WF doesn't have much of a presence in the East/Southeast. From Huntersville north of the city all the way down to the SC border you have a much larger metro area in size and population than the Triangle.

Arguably, the Triangle is more balanced from an economic standpoint b/c we have no truly gargantuan industry that would overshadow others.

But given your business plan, I'm not sure the Triangle is truly the best bet. You've got two big healthcare players (Duke and UNC Healthcare) dueling for control. In the Charlotte region, Carolinas Medical Center is basically the only one. If what you offer is duplicative in one region then the other may be a better option.

Great feedback. Thanks so much. Great screen name!

I appreciate your positive look at the CLT metro area. Very astute I think. Despite the slowdown, there will be an inevitable restructuring and reorganization and the structure of BOA is pretty strong.

Thanks!

[NCgirl]

Delurking VitalisticDoc I answered your post on the Charlotte board. There's a lot more than banking here.

Million Dollar Corporations -

Charlotte is the center of the nation's sixth largest urban region and home of many of the nation's top firms. The 2007 Dun & Bradstreet Million Dollar Database provides evidence of Charlotte's position as a major corporate capital. The list includes 931 firms in Charlotte/Mecklenburg with sales of $10 million or more annually. Another impressive indicator of Charlotte's business strength is that 22 companies in this listing reported sales exceeding $1 billion. Of the Million Dollar Corporations located in Charlotte, 420 have headquarters here. Eight of these headquartered firms are ranked among the Fortune 500 list of largest national companies. Those operations rank Charlotte 6th in total number of headquartered Fortune 500 companies in the nation.

The diversity of these firms can be seen in the following chart. The largest industry segments represented here are wholesale trade with 185 establishments and manufacturing with 181 establishments. Wholesale's top position supports Charlotte's reputation as a major distribution center, as was indicated in the 1997 Economic Census ranking it as the 6th largest wholesaling center in the United States.

Charlotte’s importance as a business center doesn’t stop with just these firms. Additional Charlotte firms meet this listing’s criteria in Mecklenburg County; however, because of data collection procedures these firms are not included in Dun & Bradstreet’s listings.

Classification - # of Firms

1.Services - 222

2.Wholesale Trade -173

3.Manufacturing - 157

4.Retail Trade - 115

5.Construction - 106

6.Finance, Insurance, Real Estate - 92

7. Transportation, Comm., Utilities - 80

8. Other -14

Total 959

In the Charlotte region, Carolinas Medical Center is basically the only one.

There is also Presbyterian Healthcare.
Universities- Although they don't get a lot of recognition outside the region there are two (and one college) in Charlotte proper.

All that being said, based on your other posts you may find that the Triangle is a better fit for you. It's a great area, hopefully you'll get to visit soon to see it for yourself.