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With the gas prices plunging, lot of companies in the Shale or other gas related industries have been laying off people. Other companies that depend on these oil companies have trickle down affect
Due to recent lower petroleum prices, what's been the overall economic impact in the triangle? Heavy oil-dependent companies? 2 sides to the same coin? Industries, and companies hiring as a result of current lower oil prices?
With the gas prices plunging, lot of companies in the Shale or other gas related industries have been laying off people. Other companies that depend on these oil companies have trickle down affect
Lower gas prices have a huge net positive increase on the economy. Energy, food, transportation, the list goes on. Just because a few niche industries are impacted doesn't mean falling gas prices are what is slowing the economy.
Now, if you live in certain areas of the Dakotas or Texas, yeah I can see certain localities taking a hit but overall? No question, it's a huge positive. My industry (transportation) is hiring like gangbusters.
There have been thousands laid off throughout the country in the industry, not just the triangle. So sorry to say. Much of the drug manufacturing including raw materials was outsourced to Singapore/China through the years. Amgen just finished completely shutting down their Colorado and Seattle sites with more probably to come.
I'm not talking about manufacturing, which yes, has been leaving this country (most left a long time ago) for decades, but rather research scientists, chemists, regulatory affairs, etc. Those 900+ that GSK just laid off in the last several months were all high earners, not only for this area, but on a pharmaceutical scale as well.
Unless they were offered a job in Philly, most that stay in the industry will be taking huge pay cuts. I have a feeling that GSK will be leaving this whole area within a few years and might be taking the rest of R&D from Philly as well. Sad, since they were such a huge employer in this area, with great salaries and benefits.
Hopefully it will open the door for another huge pharma company to relocate more of their resources to the Triangle.
Lower gas prices have a huge net positive increase on the economy. Energy, food, transportation, the list goes on. Just because a few niche industries are impacted doesn't mean falling gas prices are what is slowing the economy.
Now, if you live in certain areas of the Dakotas or Texas, yeah I can see certain localities taking a hit but overall? No question, it's a huge positive. My industry (transportation) is hiring like gangbusters.
Yes, this is the net-net, overall glass is half-full or more perspective anticipated v the fully expected, narrower negative impact on shale oil, petroleum generators in general, and related oil sector support companies resulting from the House of Saud's attempt to undermine profitability levels of shale oil production in the States, Canada, etc. In the Triangle, how the latter directly links to employment levels or some layoffs as some suggested remains unclear.
I'm not talking about manufacturing, which yes, has been leaving this country (most left a long time ago) for decades, but rather research scientists, chemists, regulatory affairs, etc. Those 900+ that GSK just laid off in the last several months were all high earners, not only for this area, but on a pharmaceutical scale as well.
I was referring to specifically biotech/ pharma manufacturing, but I think we are essentially in agreement. However, many of the positions you're referring to (with the exception of RA where there's a language barrier) are already occupied by visa holders here in the US. Besides, R&D is usually the first to get cut to make the quarterly earnings.
Hopefully it will open the door for another huge pharma company to relocate more of their resources to the Triangle.
My other point was that these cuts are directly related to both general economic slowdown and more specifically reductions in Medicare/aid reimbursement. It is a systemic, industry wide contraction - the jobs most likely will not be replaced. The only savior would be another ground breaking technology, something of the magnitude of the recombinant technology that created the biotech industry.
Hopefully it will open the door for another huge pharma company to relocate more of their resources to the Triangle.
Ain't gonna happen. Big pharma is slowly (?) moving away from R&D and relying instead on networks of smaller bio-tech firms to do the initial science and early phase trials, with big pharma managing later phase trials for drugs that have shown promise, and then managing the marketing and sale of those drugs. There's no advantage to big pharma to move those operations away from where they already are.
I hate to see people getting axed since I was ruined financially by a layoff in New Orleans in 1989.
However, this might stop the lemmings from flooding this area thinking the streets are paved in gold.
The lousy safety net in NC might get through to prospective transplants. I saw quite a few people leave my Federal agency for higher private sector pay. Then several came back hoping they could get back working for us after quickly being cut.
The Fed (Federal Reserve Bank) has nothing to do with taxes. As part of the banking system, it's only tools are money supply and interest rates.
Agreed. There is no single lever that is going to bring business back into the US, but I persist that the tax climate for repatriating off-shore profits could be a powerful piece of the pie. What are your thoughts on that?
I'm not talking about manufacturing, which yes, has been leaving this country (most left a long time ago) for decades, but rather research scientists, chemists, regulatory affairs, etc. Those 900+ that GSK just laid off in the last several months were all high earners, not only for this area, but on a pharmaceutical scale as well.
Unless they were offered a job in Philly, most that stay in the industry will be taking huge pay cuts. I have a feeling that GSK will be leaving this whole area within a few years and might be taking the rest of R&D from Philly as well. Sad, since they were such a huge employer in this area, with great salaries and benefits.
Hopefully it will open the door for another huge pharma company to relocate more of their resources to the Triangle.
The only reason Philly jobs may last longer:
Vaccines business is located there and Navy Yard facility is rented.
RTP will be sold within 3 years. This is what I predict. They're already gearing up to sell part of 5 Moore and that's their main campus.
Not a favorable sign.
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