Mar 30 2008
Charlotte Economy Stands Above the Rest
If cities were houses, Charlotte might be the only one in the neighborhood without sick family members inside.
But like a flu epidemic, a sick national economy is hard to contain. It’s contagious, economists often preach, and cause for concern.
Even so, Charlotte has remained relatively healthy, says Mark Vitner, senior economist at Wachovia Corp.
The area has been protected by steady doses of job growth in an economy that is attracting skilled professionals and young workers from other hard-hit areas, he said.
Last week with the release of Federal data it was reported that Charlotte was the only metropolitan area in the country that recorded a gain in housing prices in January. I think this article hit the nail right on the head as for the reasons.
Of the 125 people that work in my uptown office I would estimate approximately 75% are from another part of the country, mostly from the “rust belt” states that have been deteriorating for years. People, mostly young professionals, have been coming here in droves to start new careers and lives in an area that has been hospital for industry and people alike.
My office also reflects the surge in population of younger adults as well over half of my coworkers are under 30 years of age.
