One of the main reasons that Charlotte continues to grow, even in our current economic downturn, is the local intelligence of our companies. The real estate bubble has taught us a great deal, even though many around the country have not changed a thing.
The debt crisis that claimed Lehman Brothers Holdings Inc. and threatens American International Group Inc. has forced even non-financial Charlotte companies to play defense.
Local telecom FairPoint Communications Inc. has borrowed $200 million months ahead of schedule to make sure the money would be available.
Cogdell Spencer Inc., which develops and owns medical office space, sold stock to pay down debt and raise working capital.
Neither company faces any crisis themselves. But both have taken measures to avoid issues in what is clearly a dicey credit market. *
New Home construction in Charlotte has dramatically slowed, and at the same time people continue to migrate here, causing an overall reduced new home inventory.
Both real estate and non real estate industries in Charlotte are taking powerful steps to stay profitable and continue to grow. This city certainly has a very bright future!
* information gathered from http://www.bizjournals.com/charlotte/stories/2008/09/22/story12.html
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