My take on Charlotte, Maybe too heavy.

With all the lay offs, I think Charlotte is going to become more and more a "bank" city. All that will be left are the people who work for the "bank" and the service people who supply them the goods. Charlotte is going through a recession regardless of what the media would have you believe.

This in turn will to a two tier city with the people(middle managment) who work for the banks and are stuck in the tidy little job and the rest of the people who will kowtow to their every given whim.

This in the end will make Charlotte even more of a backwater little town that everyone with big money will praises but will have no backbone to keep afloat if it doesn't benefit them. Just wait until the deep pockets of the town feel the crunch. Beware, the Big Banks of this town would love to be somewhere else, say like, NYC. So they can play with the big boys.

 

they kinda have to, they made thier money by being local terminals for all the international investment in this city during the late 70's and 80's. That has stopped and all the local capital is pretty much drying up. It's only a matter of time.

 

VOR this is the first time I agree with you. I really feel this town is a house of cards waiting to fall. I'm sure you watch the city council meetings on 16. We have some of the most out of touch board members I have every seen, let alone the county gov't. Hell the Mayor is doing LANCE IN YOUR PANTS commercials!

Good luck and god speed.

 

I TOTALLY disagree. the charlotte economy is much more diverse today then ever before.

the airline industry: plans for a new runway and the consolidation of US airway service from pittsburgh to clt is underway. lufthansa is possibly moving here and we'll be a hub for their american operations.

the manufacturing industry- yes, a lot of the remedial blue collar jobs are being eliminated, but with new major companies like General Dynamics moving in (400 new jobs) and with companies like Nucor, BF Goodrich (Aerospace parts manufacturer), plus the new Gun-manufacturing corporation and a new security HQ here- we have really beefed our entourage their. Lowes is opening a huge complex that will employ hundreds in Huntersville i believe.

The communications sector- TWC is moving more operations from atlant to charlotte, to serve the region. many news programs depend on charlotte for media and capabilities. Nextel is moving more operations here too.

The IT Field- this is what is struggling, and I am not sure how to read our future in this. Companies like InfoSys have moved into the city, but we all know that IT is an everchanging field

The Universities- the new institute of technology is just starting to be constructed at UNCC- the campus bordering 49 will have 13 buildings and will have facilities for IT training, research, and projects. The DoD (dept of defense) has given UNCC a grant to develop Homeland Security software and do research for cyber-terrorism. New doctoral programs are coming out of the woodwork- we are the first in the state to offer and MS in Finance. Also, Nursing will always be strong, engineering is undergoing a total overhaul with construction of the mammoth GERB (grad eng & research buidling) and new optical labs are being constructed. Johnson & Wales will add to the hospitality and service industry, and the talk about both Queens & UNCC pursuing Medical and Law programs will both bolster the city's services.

Tourism- Charlotte is becoming a pretty big tourist draw, the new construction of the white water park, our downtown improving by leaps and bounds, the nascar races, panthers games, and now bowl games. Our convention bookings have increased and the new westin hotel is opening new opportunities for our convention industry. The arena is gonna improve nightlife downtown too.

Transportation- charlotte is the 4th biggest transportation for ground shipping in the country- our shipping industry is huge and goods will always need to be shipped. High speed rail is forecasted to connect CLT with Atlanta and DC by 2025.

Banking/Finance- BofA cant expand anymore, therefore i cant see them leaving charlotte in the near future. Wachovia and BofA are diversifying their services and our currently raising productivity at their offices- i expect them to be a constant in our economy for the future.

Major Fortune 500's- BofA, Wachovia, SPX, Nucor, BF Goodrich, Family Dollar, Sonic Automotive and one more that i forget are centered in charlotte.

For a city with 1.5 million people- charlotte has a great future in my opinion. Our international presence is huge- we have over 300 international firms here. Our quality of life is great compared to most of the country- our avg income is higher than most cities, we've been voted as #2 city for black americans, our taxes are low compared to other cities with comparable population, and our ability to diversify our economy will prove to be successful.

 

I agree with lj4three.

Try looking at the Triad, people. This place sucks in many ways. Everyday another plant closes. Last week it was RJR, king pin of the area. Now Cone is going Chapter 11 to be bought by the dude who bought BI. Its depressing as hell. There is no banking or much of anything else up here, folks. One of the largest employers now is Cone Hospital, and we all know the crap that the health field is going thru.

I hope this job thing works out and I can get back to Charlotte finally (after 15 years). I'll buy one of you a beer if I do, the first person from this board that I actually meet in person.

 

Airline Industry, We are a hub and not a destination. Not alot of money staying in Charlotte with that. Service/No product produced.

Tourism? Perhaps NASCAR but a water park is not a vaction destination for the majority of people out side 100 miles of Charlotte. You forgot Caro-winds.

NuCor had finacial problems, BFG also. The bank are feeling the pains of the low interest rate. They just had lay offs in there financial services division.

Universities? Charlotte U right. OK. The DOD give alot of schools grants. I'm sure did doesn't compare to Duke's grant. Johnson Wales training service industry jobs.

Tansportation=trucking. Another service industry. No products produced to move no truckers. Go ask Yellow Freight.

As for the banks leaving. your right probably not BUT the service perations ( just like the IT business) can be moved?

The enviroment is good because of the banks. Diversity because of the recruiting from the banks. Again the median income is high because of all the AVP bankers in town. What does it take now about two years with a bank to become another AVP?(joke). The international presence is due to the banks. My point was that there will be two diffent classes of society in Charlotte. Those that work for the banks or supply services for the banks and the rest of Charlotte. I know this is a sweeping statement that is a generalization but as a whole that is what I see happening more and more.

Don't get me wrong I have lived in Charlotte for 15 years and have enjoyed my stay and the future looks good. The question is are you going to be one of the haves or have nots?

 

Ssstern, in one post you say Charlotte is a house of cards and the next you say the future looks good.

This is the first time in many years that a recession has hit Charlotte along with the rest of the country. Charlotte has been immune up to this point.

 

The house of cards thing was a little over the top I will admit. My point was more the divide between the bank economy and the rest of the business in Charlotte.

BTW The British company Royal Sun Alliances (NA headquarters in Charlotte) is shutting down. 1000 people will be let go 1/1.

 

I'm an AVP, it didn't even take 2 years. I worked here for 1 1/2 years, quit and then came back with a big raise and was an AVP.

 

True we are not a destination. However, if you've paid attention to the wire we're becoming the gateway to the carribean for US Airways- along with anchoring eastern operations. Tourism isnt our strong point- but the point is that its not stagnating, its improving. Our cultural programs are getting recognized year after year for improvement. Trucking is service- but its damn big and holds a lot of money and a lot of jobs. Its concrete as a job-producer/holder. About avp stuff- i dont know what that is.

About us developing into haves and have nots- i disagree yet again. Our city is predominantly middle class- look throughout the spectrum. I feel our service industry isnt totally dependent on the banks- there are many other companies that are under the radar that carry weight- coca cola, pepsi, lance, sunbelt industries etc..