Charlotte News Roundup|Real Estate, Jobs and the Economy
November 23rd, 2008 Categories: Real Estate News
The Biggest News This Week is National- but Charlotte Has Good News on Jobs as Well!
Charlotte, NC| After a week on Wall Street that will only want to be forgotten, the unofficial announcement of New York Federal Reserve President Tim Geithner to be the next Treasury Secretary sent stocks soaring in late trading on Friday, picking up steam the moment it was announced, and sending the DOW up 500 points in the last 2 hours of trading.
Then on Saturday, President-elect Obama vowed to take swift action to address the need of the nation and add 2.5 million jobs in 2 years, ending the speculation on whether he’d go “big” or go slowly. He’s going big, and apparently he is going fast as work has already begun on the plan.
It is unclear whether the Friday stock rally was pure applause for Geithner, a well regarded professional that has been in the Treasury Department his entire career and been intimately involved in working through the mess with Secretary Paulson, or just happy to know who is coming, reducing uncertainty.
This is what the markets need right now, leadership and a voice of confidence… not to magically turn things around with a few words, but stop the slide into ever worsening pessimism and business decisions. Stocks rally Monday? Lets hope so.
XXXXX
This blog is mostly about local real estate news, why so much focus on the national story? Simple really-
our underlying values in Charlotte real estate are sound, and the local economy, though slowed by this recession is still creating jobs in Charlotte -
we will in all liklihood add jobs in 2008, after last weeks announcement that nationally we are down 1.2M jobs for the year, and the NC jobless rate is up to 7%– the national story is a weight dragging down our economy, our home buyers and sellers see their stock portfolios reduced… and story after story of home prices plunging around the country doesn’t make folks want to start something new like a new house…
Until the US economy is turned around- or at least appears to be turning, Charlotte real estate will be slow. IMHO Charlotte will be on the leading edge of that recovery, and there is a lot of pent up demand and money on the sitting on the sidelines.
XXXXX
This week AREVA – a European nuclear service company announced expanison of their US operations that will lead to the doubling of their Charlotte operations (Currently 545 employees)
over the next 5 years in anticipation of renewed nuclear development in the US.
An on Bio-Tech, filed under smart government- reported in the Charlotte Business Journal this week
North Carolina’s biotechnology industry, boosted by more than $1 billion in state investments,
is growing at a much faster clip than biotech sectors in other states, according to a study by the N.C. Biotechnology Center.
According to a 133-page report produced by the Battelle Memorial Institute’s Technology Partnership Practice, North Carolina’s net job growth in the biosciences sector from 2001 to 2006 was 18.5 percent — three times the rate nationwide. That growth rate is also five times the overall growth rate for North Carolina’s private sector during the same period.
So- growing 3X’s faster than the national rate, as measured by net job growth (a sound measure) – it far surpassed the 5% job growth in California, and Massachusets 2% job growth for the 5 year perio 2001-2006. Still smaller in size than those states, NC is closing the gap!
Take THAT Beacon Hill– 27th most competitive state!
XXXXX
Precision Framing Systems of Illinois has signed a 226,000 square foot lease in southwest Charlotte moving their plant and headquarters. Precision Systems, a subsidiary of Masco Corp- an 11billion dollar construction supplier, makes manufactured trusses- a staple in the housing and construction market. This is another firm betting on Charlotte’s swift recovery…
XXXXX
Big changes come out of crisis and disaster–what changes will this, “the greatest economic disaster since the great depression” cause here in Charlotte?
Clearly the financial industry just ended an epoch,and a new regime started this past fall. I think real estate, already undergoing change before this economic mess, I think that change will accelerate, and this time will be noted as the end of Big Brokers- real estate offices around the city are closing. More power is moving to the Agents, consumer and to the buyer.
Consumers are buiying smaller homes, is the decades old trend towards larger and bigger boxes over?
What else? Will the stopped contstruction sites be revived, or sit partially developed- and for how long? Where is the next wave of development coming? Is it bio-tech? alternative energy? Will we see a bigger push and funds for mass transit in the next 4-8 years? All good questions… change is once again coming to Charlotte.
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