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Charlotte was one of the first areas in the US to feel the pain of the recession.
And it got hit hard, obviously.
But is it possible that because it was one of the first in...Charlotte could be one of the first out? One of the few areas to feel a stronger recovery?
In Rhode Island, there's a saying (about recessions)..."First one in, last one out."
In the Boston Globe this morning was an article about the recession starting to dig a little deeper in Massachusetts. Bankruptcies and foreclosures are expected to increase throughout the year as unemployment will likely increase.
So although an area like MA has an unemployment rate around 8%...I guess what I'm wondering is could the worse be over for Charlotte while other areas that seem to remain strong could simply be in the eye of the storm?
Could another rough winter in the northeast cripple local economies (and families paying heating bills) even further while Charlotte starts on an upswing?
Like Ani says, our lost jobs, especially in Banking aren't going to come back...the only way Clt can come back quickly is if other companies move here or new companies sprout up...the problem here is Clt doesn't have as diverse of an economy as places like Raleigh, Atlanta, or even Boston or NYC...banking and energy w/ Duke & Areva seem to be the only major employment sectors here....(transportation to a little lesser degree)...this city seems to have thrown all its eggs in a coupe baskets...which is one of the reasons I was completely miffed when Charlotte and NC didn't aggressively go after Carbon Motors and it's thousands of jobs and just let their deadline for a proposal go right on by.
Like Ani says, our lost jobs, especially in Banking aren't going to come back...the only way Clt can come back quickly is if other companies move here or new companies sprout up...the problem here is Clt doesn't have as diverse of an economy as places like Raleigh, Atlanta, or even Boston or NYC...banking and energy w/ Duke & Areva seem to be the only major employment sectors here....(transportation to a little lesser degree)...this city seems to have thrown all its eggs in a coupe baskets...which is one of the reasons I was completely miffed when Charlotte and NC didn't aggressively go after Carbon Motors and it's thousands of jobs and just let their deadline for a proposal go right on by.
Yep. Our blue collar jobs left earlier when trade w/ China became the way to make money . . . so that wiped out TWO industries. (textiles and furniture). Then, electronics started creeping out of the country . . . then the auto industry bellied up, so support industries in this region were affected . . . that left Banking. And we all know that story.
The leaves healthcare and schools are two of the biggest employers in western NC - other than Duke Power and what is left of banking. Economy plunges, housing plunges . . . then means construction plunges (and engineering, and architectural, and all the trades associated w/ construction projects) . . . and on it goes . . .
Last edited by brokensky; 07-21-2009 at 02:03 PM..
Like Ani says, our lost jobs, especially in Banking aren't going to come back...the only way Clt can come back quickly is if other companies move here or new companies sprout up...the problem here is Clt doesn't have as diverse of an economy as places like Raleigh, Atlanta, or even Boston or NYC...banking and energy w/ Duke & Areva seem to be the only major employment sectors here....(transportation to a little lesser degree)...this city seems to have thrown all its eggs in a coupe baskets...which is one of the reasons I was completely miffed when Charlotte and NC didn't aggressively go after Carbon Motors and it's thousands of jobs and just let their deadline for a proposal go right on by.
We have NASCAR (very big), Lowes (very big), US Air hub, as well as the ones that you mentioned. Also, Coca Cola HQ, Lance, and numerous other industries, ie. Steel,. Seems pretty diverse. Despite the precarious banking situation, Charlotte is still number 2 in banking. Other banks are also considering relocating to this area not to mention GMAC. Carbon Motors screw up was because of the idiotic governor that didn't respond. I didn't vote for that nutcase anyway. She doesn't represent anyone living in Mecklenburg. She belongs in Washington with the other itiots not North Carolina. To say that Charlotte is just a banking city and not diverse is kind of incorrect.
We have NASCAR (very big), Lowes (very big), US Air hub, as well as the ones that you mentioned. Also, Coca Cola HQ, Lance, and numerous other industries, ie. Steel,. Seems pretty diverse. Despite the precarious banking situation, Charlotte is still number 2 in banking. Other banks are also considering relocating to this area not to mention GMAC. Carbon Motors screw up was because of the idiotic governor that didn't respond. I didn't vote for that nutcase anyway. She doesn't represent anyone living in Mecklenburg. She belongs in Washington with the other itiots not North Carolina. To say that Charlotte is just a banking city and not diverse is kind of incorrect.
You are correct - we even have international companies here. But proportionately, after textiles and furniture left . . . banking does employee huge # of our residents.
We have NASCAR (very big), Lowes (very big), US Air hub, as well as the ones that you mentioned. Also, Coca Cola HQ, Lance, and numerous other industries, ie. Steel,. Seems pretty diverse. Despite the precarious banking situation, Charlotte is still number 2 in banking. Other banks are also considering relocating to this area not to mention GMAC. Carbon Motors screw up was because of the idiotic governor that didn't respond. I didn't vote for that nutcase anyway. She doesn't represent anyone living in Mecklenburg. She belongs in Washington with the other itiots not North Carolina. To say that Charlotte is just a banking city and not diverse is kind of incorrect.
No matter how much people try to sugar coat it, we did put most of our eggs in 2 major baskets (wachovia & Bank of America).
The attached list is from last year and these numbers have gone down. When you lose so many people from one industry (ie banking) it hurts really bad. The proof is in the pudding..
Shame on the elected leaders in the region for not having the vision to avoid a situation like the one currently going on in Detroit...(too many eggs in one basket w/the auto industry)
No matter how much people try to sugar coat it, we did put most of our eggs in 2 major baskets (wachovia & Bank of America).
The attached list is from last year and these numbers have gone down. When you lose so many people from one industry (ie banking) it hurts really bad. The proof is in the pudding..
Shame on the elected leaders in the region for not having the vision to avoid a situation like the one currently going on in Detroit...(too many eggs in one basket w/the auto industry)
Well, I don't know what anyone could do about the thousands of jobs lost in furniture and textiles. As soon as those trade agreements were signed . . . I believe that was under Clinton's admin . . . it had a far-reaching and profound effect on manufacturing all over this country . . . and has led to an impossible to even perceive trade imbalance. So I don't know how much local municipalities could have done about that.
well , it might be nice to pin it on somebody but this is really an agenda that has been pushed by both democrats and republicans. escpecially the republicans strongly beleived in free trade, global trade ---
if i remember correctly the elder president bush is who left the bill to be signed by clinton the minute he became president.
could be wrong , in any case there is plenty of blame to share amongst all.
well , it might be nice to pin it on somebody but this is really an agenda that has been pushed by both democrats and republicans. escpecially the republicans strongly beleived in free trade, global trade ---
if i remember correctly the elder president bush is who left the bill to be signed by clinton the minute he became president.
could be wrong , in any case there is plenty of blame to share amongst all.
My point was not to make this a GOP vs. DEM issue . . . but rather that federal law had more to do w/ why manufacturing died here (and in other towns across America) than did municipal ordinances or economic development councils. I just don't think there was much local gov't could do to stop that from happening. The Feds are gonna have to do something - tax companies that outsource - and WalMart would have to quit signing contracts for Chinese goods - to turn things around w/ manufacturing here in this country. But it is probably too late, anyway, cause factories are CLOSED.
Clinton signed the China Free Trade Bill in Oct. of 2000, I know that for a fact. The Clinton administration was eager to take us to a global economy. It is what it is.
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