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As so many "pushers" of the glories of this area proclaimed we could weather this storm so much better than others. I have repeated stated this area is uniquely positioned to eventually see the very worst of this impending depression. While other areas have industries I see being able to somewhat recover the triangle may see large number of currently high paying professional jobs that never return.
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While I don't recall any "poster" claiming the Triangle to be recession proof (the only reference to recession proof I saw was when someone posted an article that said the area was recession proof and then discussed the real situation but never said themselves that the area was recession proof. Actually they said it was not), the good thing is that there are many industries here. Sure, IT is down nationwide, but that is only a part of what the Triangle offers. There is medical, government, universities, pharma, distribution and manufacturing just to name a few. That is what will help. But as I have been so correctly saying, 2009 is the year of pain for the Triangle. Then a temporary improvement before the real issues crash down on the entire country and destroy America as we once knew it. Enjoy the good times while you can. It ain't gonna matter pretty soon.
I disagree I think medical and education really prop us this region. They give it a base that other cities don't have, such as Detroit, Las Vegas, etc. Those two industries, while taking a hit, won't completely leave the area.
I do not agree that it will be hit more than other areas. I think some of the higher end businesses and homes will ($250k+) that cater to the IT jobs that are being lost but overall I think we will be better off than most. It is still going to suck though. Really depends on what happens with the broader economy. I think we will pull thru but we need to just rip the bandaid off.
Let housing fall. It needs to.
Let folks who are currently renting and can afford to buy start buying again. Housing increases kept a lot of buyers (like myself) out of the market until I could find a deal (I bought a pre-foreclosure).
Stop funding failing industries that are obsolete.
Fund industries that will produce returns (renewable power for example).
CUT THE GOVERNMENT BUDGETS!!! If your citizens are cutting back SO SHOULD YOU.
As so many "pushers" of the glories of this area proclaimed we could weather this storm so much better than others. I have repeated stated this area is uniquely positioned to eventually see the very worst of this impending depression. While other areas have industries I see being able to somewhat recover the triangle may see large number of currently high paying professional jobs that never return.
//www.city-data.com/forum/7276986-post34.html
This area was primarily supported by IT, retail, and construction. The last has obviously dropped off the radar, the retail not too long ago, and the IT sector has finally begun to crack at the seams.
While the triangle won't go back to pre-RTP austerity, in my estimation it will never ever return to what it was a few years ago.
This area was primarily supported by IT, retail, and construction. The last has obviously dropped off the radar, the retail not too long ago, and the IT sector has finally begun to crack at the seams.
While the triangle won't go back to pre-RTP austerity, in my estimation it will never ever return to what it was a few years ago.
Hopefully, prices will return to the levels before the transplants got here.
I've always thought that this area is more recession resistant than other parts of the country considering its huge academic presence. As long as colleges and universities can continue to get grants, we'll be ok. We'll see a hit in the private sector, but a big part of the economy will stay propped up.
Triangle recession proof? Not sure what that term means but lets look at a few things just in the 4 years I have lived in the triangle.
2005/2006 Boom! Houses sold before they were even started. Want adds were endless for just about any job.
2007/2008 Slowdown. House inventory sky rocketed, house prices bearly positive to flat. Housing starts dropped significantly. Jobs started to dry up. Want adds much smaller and very specific. More temporary non benefit job opportunities. Companies closing and big names like IBM and Lenovo and Glaxo all laying off. State and local budgets under tremendous pressure, just look at how many millions of dollars the State will have to pump into the State Employee Pension plan over the next 3 years to keep it solvent. State is borrowing $13M a week from the US Gov. to pay for the State's unemployed.....just saw this tonight on WRAL news.
2009. Money to flow into the state and local economies in the short term. What happens when the stimulus money runs out and the roads and bridges are done? What then?
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2009. Money to flow into the state and local economies in the short term. What happens when the stimulus money runs out and the roads and bridges are done? What then?
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One minor correction....
2009. Money to flow into the state and local economies in the short term. What happens when the stimulus money runs out and the roads and bridges are HALF done? What then?
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