Is anyone else starting to think Charlotte's recovery will be a long and slow process? (find a job)

[greenbayou]

I'm just now starting to process the fact that Charlotte's job base will be stagnant in the coming years, especially since the financial sector has taken a huge hit in the area. In other words, cities such as Atlanta, B'ham and Richmond, etc. will probably recover before we do. Anyone else share this view?

[JustinHaugens]

Charlotte took the hit later which will probably cause any recovery to happen later. First in first out type situation maybe?

[westcoastbabe]

Originally Posted by greenbayou

I'm just now starting to process the fact that Charlotte's job base will be stagnant in the coming years, especially since the financial sector has taken a huge hit in the area. In other words, cities such as Atlanta, B'ham and Richmond, etc. will probably recover before we do. Anyone else share this view?

[LEFT]As a young adult here in Charlotte that was born and bred.....I can truly say that Charlotte has seen better days...I know people that moved here and thought pastures were 'greener'....NOT. People are leaving here in droves because there is no employment/or they feel that they can do better in other cities and get paid what they are worth.Anyway, For this area, I hope lessons are being learned regarding economic conditions. We need to stimulate the economy by have a diverse workforce.

[/LEFT]

[lumbollo]

Originally Posted by greenbayou

I'm just now starting to process the fact that Charlotte's job base will be stagnant in the coming years, especially since the financial sector has taken a huge hit in the area. ...

Charlotte's finance sector is responsible for about 10% of the jobs in the city. Less in the metro. Relatively speaking it has not been hit that hard compared to the manufacturing industry and distribution industry which are responsible for more jobs. Both have been hit pretty hard. The former due to continued off-shoring of manufacturing jobs and the decline of auto manufacturing, the latter started with high oil prices and then continued with the decline of the economy. Of course the construction industry has been devastated and that probably won't come back to anywhere it was for most of the last 15 years.

I do expect the finance industry to take a bigger hit simply because it can't continue to consume so much of the country's wealth for what it actually provides. That is going to be based in politics however and thus is unpredictable. Aside from that here in Charlotte, BofA and Wells both have more consolidations to wrap up as well. I agree that I think it is going to be stagnant here. The only sectors growing are those being funded by the federal government, medicine, and maybe a few others. In fact I expect there is going to be an eventual retrenchment if the unemployment rate stays where it is because people have to work and they will move where they can find a job. Lots of people came here for jobs, the reverse is true too.

Despite the reporting, the country is in pretty bad shape. The federal governmemt is borrowing between $4.5B to $6B a day, yes that is billions/day, simply to maintain the present state of things, and this simply can't continue forever. This is borrowing on top of all the taxes they collect. They are now having a hard even selling that level of debt and it's scary where it is heading. It doesn't get the media attention it deserves simply because the government won't openly discuss it, and people have a hard time comprehending those kinds of numbers.

[am2]

Wow. 4.5 B to 6B a day?! WOW!

[am2]

It will be a long slow process, but not just in CLT, the whole country. But were very business freindly, so we should recover before places up north do....