Charlotte NC|Recession, No Recession, Charlotte Moves Forward
April 16th, 2008 Categories: Charlotte Business, Charlotte News and Politics
Charlotte Business Says No To a Recession
By all accounts -except for a few Washington bureaucrats, our country is in a recession. Started by the crash in housing that began late in 2005, then the financial markets that began in late 2006, but really tanked in 2007, our country is an economic downturn, most experts are calling a recession. Recently, top bank economist went on the record saying they don’t see an end until the national housing market “bottoms out” most likely late in 2008 or sometime in 2009.
The Charlotte Chamber announced yesterday that first quarter job creation, was identical to first quarter 2007, at about 3000 jobs. Forbes noted last year that the three cities with the healthiest real estate- Charlotte, Portland and Seattle, all created jobs faster than the national average. In Charlotte, our real estate home sales have slowed down, but prices have remained remarkably steady (rising 2.3% according to Case-Shiller in 2007 to lead the nation’s major markets) as sellers who “have to move” have been able to find the buyers they need.
As I’ve written before, our downtown (uptown) has a multitude of cranes- 2 office towers, including massive Wachovia
center with more square footage than the Bank of America tower, a 32 story BOA office tower,a Ritz-Carlton Hotel, a boutique hotel, the Nascar Hall of fame, between 10-12 hi-rise condominium projects, and the just completed Metropolitan Center which brought Target, Home Depot and other major retail to our uptown area.
From the business pages this week, we learn that construction of the downtown ball park will begin later this year- naming rights is the talk of the day. The city is about to come to terms on four tracts adjacent to the Nascar hall of fame- the land sale will be in the $60M range, can’t wait to see what they have in mind there… just this morning, BOA announced a “winner” in its request for bids on an attractive mixed use-parking deck project across from newly named Time-Warner Stadium (Bobcat’s arena)- Condos, a green market and restaurants on the first floor will add to the ambiance around the stadium.
In the north, a major development and new exit for Mooresville- Exit 32 at Langtree. “Construction for the new exit and $800 million mixed real estate development project is at full speed ahead. Atrium at the Lake Development, LLC a partnership between Mooresville – Land Acquisition and Investment and Atrium Development based out of Columbia, South Carolina will be heading up the project. In early December 2006 the Mooresville Town Board unanimously approved the plan which will be catered to Professionals and Active Retirees.”
At the end of this month, Charlotte becomes an Olympic city hosting Olympic trials for the US, Canadian and 5 other national teams at the still new US National White Water Center – winners here will next be seen in Beijing.
And lets not forget Charlotte’s growing International reputation- a great airport, plus great rail ines make Charlott a favorite. “Over 487 foreign-owned firms, representing 41 countries, provide jobs to nearly 26,000 workers in Charlotte-Mecklenburg County. Another 253 foreign-owned firms operate in the 15-county metro region surrounding Mecklenburg County.” More on Charlotte’s international business appeal from the Charlotte Chamber of Commerce
Considering a move to Charlotte? Would you like to Search All Charlotte homes? Please don’t hesitate to call me direct at 704-351-1519.
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Hi Terry,
Great hearing the good news about Charlotte’s economy and housing market.
It sounds like a great place to live. How are things going with blogging?
Hilary
Terry, you give clear and verifiable proof that the Charlotte area is in good shape economically right now. Not a bunch of “Hey the market is great” stuff.
Kudos
Thanks Charles- If I can’t support it, I don’t write it.
Blogging is excellent Hilary, thanks for asking!
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Hey great work Terry. I love the overview of Charlotte. I have lived here about 11 years and am also a buyers agent. I have lived in Delaware, SC, Chicago, Houston and Nashville, and I think Charlotte is where I will stay,for many of the reasons you mentioned.
Hello there:
If you are looking for commercial financing, we might be able to help.
We are private commercial lenders who help real estate developers in need of financing.