As I write this, I am constantly reminded of the cloud that hangs over the country and the economy, the cutbacks in many industries across the country and why people should be worried, why they should not buy a house and why they should only expect doom and gloom. Yet, my relatively short life on this planet and my backgound in math, logic and business tell me something else. North Carolina, compared to many places in the US and the world has fared relatively well. We have experienced some setbacks in the real estate market and banking as well as the unemployment rate, but even during my adult life I have experienced a much worse economic climate. I remember the long lines at the Employment Security Commission (I could view them from my office), long gas lines (and I don't mean the minor inconvenience we experienced recently) and mortgage interest rates that topped 20%. And of course, my parents stories of growing up during the Great Depression, added to my understanding gleaned from books and documentaries.
If you get your information from newspapers or television, you may believe that real estate markets are collapsing across the country. State economies are a lot like real estate markets. They are not all equal. While NC has been impacted by the recent downturn in the economy and job markets, NC is one of the fastest growing states in the country. Even within the state of NC, there are differences in the economic scenarios. Charlotte has experienced rapid growth in recent years and is in the top twenty largest cities in NC. However, things have cooled somewhat recently with the banking problems of Wachovia and Bank of America.
The cities that I believe are poised for growth in the mountains, Piedmont and coastal regions are Asheville, Greensboro and Wilmington. Greensboro, part of the Triad metro area, unlike Charlotte has experienced steady growth and also unlike Charlotte, has had much good news recently. The Fedex air cargo hub is scheduled to open this summer and Fedex recently announced plans for a ground cargo hub. Honda Jets has both it's world headquarters and a production facility in or near Greensboro. Greensboro has the best roads in the state, a large concentration of colleges and excellent hospitals. Downtown Greensboro has revitalized and the exceptional longterm plans of the city fathers are beginning to pay dividends.
I have long believed that there are many similarities between North Carolina and California. Consider the following common characteristics:
- Large land mass
- Long coast line
- Temperate climate
- Mountains
- Large metro areas
- Movie production
- Wine production
- Many colleges and universities
- Gold mining
- Top 10 states in population
- National and state parks
- Interstate 40 connects NC to CA
It is apparent that NC is poised for growth like California experienced after World War II. This time the catalyst may be the baby boomer migration coupled with already high growth rates.
NC has a reputation for a favorable business climate. Honda Jets locating their world headquarters in Greensboro is another example of that. There are many reasons for this and one is the proliferation of educational institutions in the state. Some of the finest colleges and universities are located in NC and the community college system in NC is one of the finest anywhere. The Research Triangle near Raleigh has a long established tradition of high tech industry and software development. The NC School of the Arts in Winston Salem and new initiatives by GTTC in the Triad are geared to attracting more businesses like Honda Jets.
If you are based in NC or contemplating locating to NC, perhaps you should rethink your take on the economy in NC. People and companies are moving here in droves. Interest rates are at the lowest levels in many decades. He who hesitates is lost.
Old IT Guy.
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