Local perceptions may not have caught up with the new reality in the Charlotte region’s manufacturing economy. Even before the recession began in 2007, declines in the textile and furniture industries were changing the structure of local employment. As the downturn continued, counties that depended less on textile and furniture manufacturing lost fewer jobs. The result: Several counties traditionally considered centers of manufacturing employment, such as Gaston, now have a smaller percentage of jobs in manufacturing than fast-growing Union.
Times have been tough in the local economy, but it looks as if we’ve finally turned the corner. If growth is starting to make a comeback, exactly where will it be? Is your county ready? (Photo: U.S. Census Bureau, Public Information Office)
Charlotte has lagged much of the country in this period of economic recovery, but the region has finally begun to see a few small signs of better days on the horizon. Over the past several months, there has been gradual improvement in the unemployment rate and home price index in the region. These bright spots are welcome news in a region that continues to suffer the effects of the Great Recession.