My take on Charlotte, Maybe too heavy.

[Ssstern]

With all the lay offs, I think Charlotte is going to become more and more a "bank" city. All that will be left are the people who work for the "bank" and the service people who supply them the goods. Charlotte is going through a recession regardless of what the media would have you believe.

This in turn will to a two tier city with the people(middle managment) who work for the banks and are stuck in the tidy little job and the rest of the people who will kowtow to their every given whim.

This in the end will make Charlotte even more of a backwater little town that everyone with big money will praises but will have no backbone to keep afloat if it doesn't benefit them. Just wait until the deep pockets of the town feel the crunch. Beware, the Big Banks of this town would love to be somewhere else, say like, NYC. So they can play with the big boys.

[VOR]

Originally posted by Ssstern
With all the lay offs, I think Charlotte is going to become more and more a "bank" city. All that will be left are the people who work for the "bank" and the service people who supply them the goods. Charlotte is going through a recession regardless of what the media would have you believe.

This in turn will to a two tier city with the people(middle managment) who work for the banks and are stuck in the tidy little job and the rest of the people who will kowtow to their every given whim.

This in the end will make Charlotte even more of a backwater little town that everyone with big money will praises but will have no backbone to keep afloat if it doesn't benefit them. Just wait until the deep pockets of the town feel the crunch. Beware, the Big Banks of this town would love to be somewhere else, say like, NYC. So they can play with the big boys.

they kinda have to, they made thier money by being local terminals for all the international investment in this city during the late 70's and 80's. That has stopped and all the local capital is pretty much drying up. It's only a matter of time.

[Ssstern]

VOR this is the first time I agree with you. I really feel this town is a house of cards waiting to fall. I'm sure you watch the city council meetings on 16. We have some of the most out of touch board members I have every seen, let alone the county gov't. Hell the Mayor is doing LANCE IN YOUR PANTS commercials!

Good luck and god speed.

[lj4three]

Originally posted by Ssstern
With all the lay offs, I think Charlotte is going to become more and more a "bank" city. All that will be left are the people who work for the "bank" and the service people who supply them the goods. Charlotte is going through a recession regardless of what the media would have you believe.

This in turn will to a two tier city with the people(middle managment) who work for the banks and are stuck in the tidy little job and the rest of the people who will kowtow to their every given whim.

This in the end will make Charlotte even more of a backwater little town that everyone with big money will praises but will have no backbone to keep afloat if it doesn't benefit them. Just wait until the deep pockets of the town feel the crunch. Beware, the Big Banks of this town would love to be somewhere else, say like, NYC. So they can play with the big boys.

I TOTALLY disagree. the charlotte economy is much more diverse today then ever before.

the airline industry: plans for a new runway and the consolidation of US airway service from pittsburgh to clt is underway. lufthansa is possibly moving here and we'll be a hub for their american operations.

the manufacturing industry- yes, a lot of the remedial blue collar jobs are being eliminated, but with new major companies like General Dynamics moving in (400 new jobs) and with companies like Nucor, BF Goodrich (Aerospace parts manufacturer), plus the new Gun-manufacturing corporation and a new security HQ here- we have really beefed our entourage their. Lowes is opening a huge complex that will employ hundreds in Huntersville i believe.

The communications sector- TWC is moving more operations from atlant to charlotte, to serve the region. many news programs depend on charlotte for media and capabilities. Nextel is moving more operations here too.

The IT Field- this is what is struggling, and I am not sure how to read our future in this. Companies like InfoSys have moved into the city, but we all know that IT is an everchanging field

The Universities- the new institute of technology is just starting to be constructed at UNCC- the campus bordering 49 will have 13 buildings and will have facilities for IT training, research, and projects. The DoD (dept of defense) has given UNCC a grant to develop Homeland Security software and do research for cyber-terrorism. New doctoral programs are coming out of the woodwork- we are the first in the state to offer and MS in Finance. Also, Nursing will always be strong, engineering is undergoing a total overhaul with construction of the mammoth GERB (grad eng & research buidling) and new optical labs are being constructed. Johnson & Wales will add to the hospitality and service industry, and the talk about both Queens & UNCC pursuing Medical and Law programs will both bolster the city's services.

Tourism- Charlotte is becoming a pretty big tourist draw, the new construction of the white water park, our downtown improving by leaps and bounds, the nascar races, panthers games, and now bowl games. Our convention bookings have increased and the new westin hotel is opening new opportunities for our convention industry. The arena is gonna improve nightlife downtown too.

Transportation- charlotte is the 4th biggest transportation for ground shipping in the country- our shipping industry is huge and goods will always need to be shipped. High speed rail is forecasted to connect CLT with Atlanta and DC by 2025.

Banking/Finance- BofA cant expand anymore, therefore i cant see them leaving charlotte in the near future. Wachovia and BofA are diversifying their services and our currently raising productivity at their offices- i expect them to be a constant in our economy for the future.

Major Fortune 500's- BofA, Wachovia, SPX, Nucor, BF Goodrich, Family Dollar, Sonic Automotive and one more that i forget are centered in charlotte.

For a city with 1.5 million people- charlotte has a great future in my opinion. Our international presence is huge- we have over 300 international firms here. Our quality of life is great compared to most of the country- our avg income is higher than most cities, we've been voted as #2 city for black americans, our taxes are low compared to other cities with comparable population, and our ability to diversify our economy will prove to be successful.

[HPCatFan]

I agree with lj4three.

Try looking at the Triad, people. This place sucks in many ways. Everyday another plant closes. Last week it was RJR, king pin of the area. Now Cone is going Chapter 11 to be bought by the dude who bought BI. Its depressing as hell. There is no banking or much of anything else up here, folks. One of the largest employers now is Cone Hospital, and we all know the crap that the health field is going thru.

I hope this job thing works out and I can get back to Charlotte finally (after 15 years). I'll buy one of you a beer if I do, the first person from this board that I actually meet in person. :)

[Ssstern]

Airline Industry, We are a hub and not a destination. Not alot of money staying in Charlotte with that. Service/No product produced.

Tourism? Perhaps NASCAR but a water park is not a vaction destination for the majority of people out side 100 miles of Charlotte. You forgot Caro-winds.

NuCor had finacial problems, BFG also. The bank are feeling the pains of the low interest rate. They just had lay offs in there financial services division.

Universities? Charlotte U right. OK. The DOD give alot of schools grants. I'm sure did doesn't compare to Duke's grant. Johnson Wales training service industry jobs.

Tansportation=trucking. Another service industry. No products produced to move no truckers. Go ask Yellow Freight.

As for the banks leaving. your right probably not BUT the service perations ( just like the IT business) can be moved?

The enviroment is good because of the banks. Diversity because of the recruiting from the banks. Again the median income is high because of all the AVP bankers in town. What does it take now about two years with a bank to become another AVP?(joke). The international presence is due to the banks. My point was that there will be two diffent classes of society in Charlotte. Those that work for the banks or supply services for the banks and the rest of Charlotte. I know this is a sweeping statement that is a generalization but as a whole that is what I see happening more and more.

Don't get me wrong I have lived in Charlotte for 15 years and have enjoyed my stay and the future looks good. The question is are you going to be one of the haves or have nots?

[ezy ryder]

Ssstern, in one post you say Charlotte is a house of cards and the next you say the future looks good.

This is the first time in many years that a recession has hit Charlotte along with the rest of the country. Charlotte has been immune up to this point.

[Ssstern]

The house of cards thing was a little over the top I will admit. My point was more the divide between the bank economy and the rest of the business in Charlotte.

BTW The British company Royal Sun Alliances (NA headquarters in Charlotte) is shutting down. 1000 people will be let go 1/1.

[chipshot]

What does it take now about two years with a bank to become another AVP?(joke).

I'm an AVP, it didn't even take 2 years. I worked here for 1 1/2 years, quit and then came back with a big raise and was an AVP.

[lj4three]

Originally posted by Ssstern
Airline Industry, We are a hub and not a destination. Not alot of money staying in Charlotte with that. Service/No product produced.

Tourism? Perhaps NASCAR but a water park is not a vaction destination for the majority of people out side 100 miles of Charlotte. You forgot Caro-winds.

NuCor had finacial problems, BFG also. The bank are feeling the pains of the low interest rate. They just had lay offs in there financial services division.

Universities? Charlotte U right. OK. The DOD give alot of schools grants. I'm sure did doesn't compare to Duke's grant. Johnson Wales training service industry jobs.

Tansportation=trucking. Another service industry. No products produced to move no truckers. Go ask Yellow Freight.

As for the banks leaving. your right probably not BUT the service perations ( just like the IT business) can be moved?

The enviroment is good because of the banks. Diversity because of the recruiting from the banks. Again the median income is high because of all the AVP bankers in town. What does it take now about two years with a bank to become another AVP?(joke). The international presence is due to the banks. My point was that there will be two diffent classes of society in Charlotte. Those that work for the banks or supply services for the banks and the rest of Charlotte. I know this is a sweeping statement that is a generalization but as a whole that is what I see happening more and more.

Don't get me wrong I have lived in Charlotte for 15 years and have enjoyed my stay and the future looks good. The question is are you going to be one of the haves or have nots?

True we are not a destination. However, if you've paid attention to the wire we're becoming the gateway to the carribean for US Airways- along with anchoring eastern operations. Tourism isnt our strong point- but the point is that its not stagnating, its improving. Our cultural programs are getting recognized year after year for improvement. Trucking is service- but its damn big and holds a lot of money and a lot of jobs. Its concrete as a job-producer/holder. About avp stuff- i dont know what that is.

About us developing into haves and have nots- i disagree yet again. Our city is predominantly middle class- look throughout the spectrum. I feel our service industry isnt totally dependent on the banks- there are many other companies that are under the radar that carry weight- coca cola, pepsi, lance, sunbelt industries etc..

[VOR]

Originally posted by lj4three


True we are not a destination. However, if you've paid attention to the wire we're becoming the gateway to the carribean for US Airways- along with anchoring eastern operations. Tourism isnt our strong point- but the point is that its not stagnating, its improving. Our cultural programs are getting recognized year after year for improvement. Trucking is service- but its damn big and holds a lot of money and a lot of jobs. Its concrete as a job-producer/holder. About avp stuff- i dont know what that is.

About us developing into haves and have nots- i disagree yet again. Our city is predominantly middle class- look throughout the spectrum. I feel our service industry isnt totally dependent on the banks- there are many other companies that are under the radar that carry weight- coca cola, pepsi, lance, sunbelt industries etc..

trucking industry was always here and that may go to mexico yet.
airlines are not a big employer here there is the us air maintenance facility and thats it the rest just keep a small ground support staff. the money in airlines is in maintenance and administration. basically banking healthcare and government services are the biggies here now.

[lj4three]

Originally posted by VOR


trucking industry was always here and that may go to mexico yet.
airlines are not a big employer here there is the us air maintenance facility and thats it the rest just keep a small ground support staff. the money in airlines is in maintenance and administration. basically banking healthcare and government services are the biggies here now.

and pittsburghs maintenance facility is moving to charlotte.

[VOR]

Originally posted by lj4three


and pittsburghs maintenance facility is moving to charlotte.

but that's only us air, to be an airline town you need 3 or for of them. anyway they'll stay here as long as they are bankrupt, the banks are buying those jobs.

[lj4three]

lufthansa has narrowed its choice for american hub to being charlotte and orlando. that would make 2 airlines.

and just to put this discussion in broad terms- considering the size of this town and the amount of big business (8 forturne 500's)- i feel very comfortable if you pit us against most cities our size.

the one thing we can do better at and need to be better at is venture capitalism though.

[Savio]

Here's what comes to my mind about Charlotte.



No identity.

[lj4three]

Originally posted by Savio
Here's what comes to my mind about Charlotte.



No identity.

no cultural identity- yes. no permeating soul and character- yes. we're a new city- our uptown was razed and is now just being built back again- when your town center loses its pull, your city loses what its about. we're slowly gaining it back.

[Savio]

Originally posted by lj4three


no cultural identity- yes. no permeating soul and character- yes. we're a new city- our uptown was razed and is now just being built back again- when your town center loses its pull, your city loses what its about. we're slowly gaining it back.



Of course what comes to mind is Atlanta, which in term has no identity either.

[Ssstern]

LJ, with all due respect. Being a hub means people fly in by a hot dog and fly out. Charlotte grosses a net $2 on that hot dog. Give me a break. Also site the source where Pitt is coming to Charlotte. That is the typical blackmail senerio that corps use all the time. Pay Us or we will move. The Air Port authority would love to move all the operations here but in the end it doesn't mean more flights it means 100 or so maintainance workers. WHOOO.

[lj4three]

Originally posted by Ssstern
LJ, with all due respect. Being a hub means people fly in by a hot dog and fly out. Charlotte grosses a net $2 on that hot dog. Give me a break. Also site the source where Pitt is coming to Charlotte. That is the typical blackmail senerio that corps use all the time. Pay Us or we will move. The Air Port authority would love to move all the operations here but in the end it doesn't mean more flights it means 100 or so maintainance workers. WHOOO.

being a hub helps us attract more business. thats all i care about. and i dont eat hotdogs.

pittsburgh has proven to be the most cost-INeffective airport on the east coast- and i think within the next year you'll see the move to charlotte.

[VOR]

Originally posted by lj4three
lufthansa has narrowed its choice for american hub to being charlotte and orlando. that would make 2 airlines.

and just to put this discussion in broad terms- considering the size of this town and the amount of big business (8 forturne 500's)- i feel very comfortable if you pit us against most cities our size.

the one thing we can do better at and need to be better at is venture capitalism though.

nah lufthansa would only have a couple of flights a day here. You need the headquaters or at least an A&S center here. The local station station staff'll be about 50 60 workers top if that many most of those will be temps.

[Ssstern]

New City? I have been here since 1989 and it is still the same lost city. The Banks are it's only identity. In my travels that is the only thing I could hang my hometown hat on. "I'm from Charlotte." to which I would get 1) "It must be great living on the coast" ie Charleston. or 2) How do you like WV like. (Again the Charlotte/Charleston mis-connection).

I would have to always defend Charlotte saying" Oh By the Way we have two of the top 5 banks in the country there!" Which really did not gain much reponse.

:rolleyes:

[Savio]

I can't deny the fact that business will move here, it's a given especially from big cities to cut opeating expenses. My company I work for moved their offices from Sunnyvale, CA here to Charlotte and they're over 60% in OE. They also kept their salaries...

[lj4three]

who gives a fuck about identity- i certainly dont. i care about jobs, i care about livability, i care about good weather, and i care about entertainment. all these areas, IMO, will continue to improv in the future. we are the only metro our size to have a fully comprehensive transit plan planned for our region- our revenue streams TOD (transit oriented development) and zoning laws all are layed out along our corridors.

despite how bad the clt market is- our city unemployment rate is hovering around 4.5%- our metro wide unemployment rate is about 7%. 7% is high- but i think we've seen the worse of it.

[Savio]

Originally posted by Ssstern
New City? I have been here since 1989 and it is still the same lost city. The Banks are it's only identity. In my travels that is the only thing I could hang my hometown hat on. "I'm from Charlotte." to which I would get 1) "It must be great living on the coast" ie Charleston. or 2) How do you like WV like. (Again the Charlotte/Charleston mis-connection).

I would have to always defend Charlotte saying" Oh By the Way we have two of the top 5 banks in the country there!" Which really did not gain much reponse.

:rolleyes:



If I was on the outside looking in, I would say Charlotte is an overhyped city. We try to market it as a "World Class" city though we are not there yet.

[VOR]

Originally posted by lj4three


being a hub helps us attract more business. thats all i care about. and i dont eat hotdogs.

pittsburgh has proven to be the most cost-INeffective airport on the east coast- and i think within the next year you'll see the move to charlotte.

If they do shut down the pittsburg hub and move those flights here it would be ok, you'd be picking up about 4 500 jobs wit the maintenance base and stuff probably move inflight services here too.

[lj4three]

Originally posted by Savio




If I was on the outside looking in, I would say Charlotte is an overhyped city. We try to market it as a "World Class" city though we are not there yet.

overhyped by many boosters- yes. but what city isnt?

[lj4three]

Originally posted by VOR


If they do shut down the pittsburg hub and move those flights here it would be ok, you'd be picking up about 4 500 jobs wit the maintenance base and stuff probably move inflight services here too.

its very well a possibility. mcrory has been mum on it- which usually means something good is happening.

[Ssstern]

When people advertise for "Regional" Jobs here is the list, and I quote: NY, Boston, Philadelphia, ATLANTA, St. Louis, Chicago, Detroit, Dallas, LA, Seattle. No where have a seen someone looking for a regional position in Charlotte. When I say regional position I mean a responsibilty over 4-8 states.

[lj4three]

Originally posted by Ssstern
When people advertise for "Regional" Jobs here is the list, and I quote: NY, Boston, Philadelphia, ATLANTA, St. Louis, Chicago, Detroit, Dallas, LA, Seattle. No where have a seen someone looking for a regional position in Charlotte. When I say regional position I mean a responsibilty over 4-8 states.

whats the big deal? our population is 1/4 of atlanta. obviously, atlanta is the regional powerhouse.

[WilliamJ]

lj, your original post is how i see it, it is interesting to see how minor negative economic trends get extrapolated into doom and gloom woes. ez, was right, this is this worst charlotte has faired in some time and all i see around me is growth and new development.....yup it is dying here.

[Ssstern]

Did I mention I graduated with a International Economics/Political Science degree. Charlotte will never be a regional busines hub with ATL 4 hours away. (Yeah and if men should fly they have been born with wings):) But those are the facts. Charlotte is at it's critical mass or close to it. Growth will slow and has slowed drastically. And with any major changes will continue to be slow if not stagnet.

[lj4three]

Originally posted by WilliamJ
lj, your original post is how i see it, it is interesting to see how minor negative economic trends get extrapolated into doom and gloom woes. ez, was right, this is this worst charlotte has faired in some time and all i see around me is growth and new development.....yup it is dying here.

e-x-a-c-t-l-y. look around downtown- people bitch and moan about no new skyscrapers being built- but look whats goin on people! new cultural centers(ImaginOn), a new arena, a new courthouse, new condos, new college campus, and a new dorm building are underworks right now- plus many other projects (hal marshall development, convention center development) are being finalized now.

[lj4three]

Originally posted by Ssstern
Did I mention I graduated with a International Economics/Political Science degree.

that doesnt change the fact that i disagree with you. everyone has opinions.

[Ssstern]

Yeah New Condos! It is great how the could sell the the NEW condos in 1st ward and have had to turn them back into gov't supported housing. Check out the vacancy rates of those NEW condos downtown.

[Ssstern]

NEW ARENA Whoo. Guys the NBA is dead and this from a NBA basketball fan. You will get some good concerts and monster truck events there though.

[lj4three]

Originally posted by Ssstern
Did I mention I graduated with a International Economics/Political Science degree. Charlotte will never be a regional busines hub with ATL 4 hours away. (Yeah and if men should fly they have been born with wings):) But those are the facts. Charlotte is at it's critical mass or close to it. Growth will slow and has slowed drastically. And with any major changes will continue to be slow if not stagnet.

thats a valid point. but, arent DC and baltimore 45 minutes apart? what about philly and NY, baltimore-NY, cincy-cleveland?

atlanta will be the number 1 city in the SE- no disputing that. but it will become more expensive and less attractive for many people as its size burgeons out of control- the next big city with the same amenities as an atlanta potentially is charlotte. i see us continuing our growth for sometime- a good way to judge if a city is doing well is by the immigrant influx, and right now, charlotte is depending on many immigrants for hired work. we had one of the highest hispanic population increases in the country here.

[Ssstern]

Don't even get me started on (what I think is great idea) the damn trolley system that is "planned" to run through South End.

[lj4three]

Originally posted by Ssstern
NEW ARENA Whoo. Guys the NBA is dead and this from a NBA basketball fan. You will get some good concerts and monster truck events there though.

my point isnt to brag. im laying out facts. charlotte will continue to diversify, from entertainment options, to living options to work options. and you want to talk about vacancy rates?? look at our class A space vacancy- we're hovering around 11%, the national average is about 17%. i'll take that "shitty" number anyday.

[VOR]

Originally posted by lj4three


its very well a possibility. mcrory has been mum on it- which usually means something good is happening.

it's merely ok LJ it's no really big thing 4 500 jobs is nice but considering all the money that the city is going to have to spend to support those jobs it's gonna take a hell of a lot of landing fees.

[Ssstern]

CLEVE AND CINY? I grew up in Cleveland They had there Regrowth and if you have been back is heading back to the critical mass it was once at. The boom came from again the BANKS and BPoil. BP had its NA headquaters in Cleveland and BOOP GONE. Back to square one.

I went School outside of CINCY. TWO WORDS PROCTER AND GAMBLE. They on the other hand are producers of house hold goods and very stable unless you produce those good and your job might be overseas.

Man I never thought VOR and I would be on the same side of an arguement. :D

[lj4three]

thats my point. 2 cities w/in short distances can be successful.

[Ssstern]

Neither of them are you knuckle head!

[lj4three]

Originally posted by Ssstern
Neither of them are you knuckle head!

i'm sorry, with your odd sentence structure, it was hard for me to grasp what you were saying. :)

dc and baltimore seem to be doing ok- philly and new york are power houses. indianapolis and chicago, what about milwaukee? all these cities are successful.

[Ssstern]

I am done. I wish you all well and I hope I am wrong. Perhaps the economy will turn around. Godd luck to all. Regardless Charlotte is a good family place to live. Nice and quiet.

PS Just for kicks, check out the foreclosures on Million Dollar houses around Charlotte, I think you will be surprised.

[lj4three]

pray for me stern. :)

[Ssstern]

I hear ya brother. 6 months out for me. Keep the faith and if you have to move just do it. I have really enjoyed Charlotte but I got a better deal somewhere else. Its hard to feel sentimental when you have a family to feed.


PS Don't get down. Sometimes the jobs you don't get are the ones you probably shouldn't have gotten because you would just be unhappy anyway. I truely believe things work out for a reason. God Speed and Good Luck!

[lj4three]

classy post man- good luck with your new job in tennessee and hope you dont have to move again.

[Ssstern]

Not to kick a dead horse here. But here is one more of your International Companies in Charlotte going down the tubes. I know people over there so this is not to make fun it is really sad. The worst part is that the German co. was sucking all the profits out of Jones!

J.A. Jones files in bankruptcy court
Company has tried to sell construction firms for past 5 months
CHARLES LUNAN & STAN CHOE
Staff Writers

Starved for cash, J.A. Jones Inc.'s storied construction companies limped into bankruptcy court late Thursday.

J.A. Jones Construction Co., Rea Construction Co. and their parent company J.A. Jones Inc. filed for protection from creditors under Chapter 11 of the U.S. bankruptcy code, said Carl Powell, a vice president and chief administrative officer for the Charlotte-based J.A. Jones Inc.

The filing comes after five months of trying to sell off the construction companies, which are building everything from the World War II memorial in Washington to sections of Interstate 77 and Interstate 485 around Charlotte.

Powell confirmed the companies wouldn't meet some payrolls due today, but said he expected creditors to advance them the money in coming days. Employment at J.A. Jones Inc.'s Charlotte locations has already fallen from 1,500 as recently as April to 800.

Founded in 1890, J.A. Jones' projects dominate skylines from Charlotte to Malaysia. In its headquarters city, the company built the 42-story Wachovia tower, the Duke Energy building and the Westin Charlotte hotel uptown.

The J.A. Jones' construction companies' main creditors in the bankruptcy filing are insurance firms that took over their projects when the companies were unable to meet such expenses as payroll and bills from subcontractors.

"We've had continuing difficulties in receiving timely funding from them," Powell said of the insurance firms that bonded their projects. "It's made it difficult for us to continue as an ongoing business."

By filing the petition, which wasn't available Thursday night, the companies hope to buy time with the creditors. J.A. Jones Inc., the holding company for the construction firms and several other businesses, was ranked the world's 14th largest construction contractor with roughly $3 billion in revenue last year. But sales have plummeted because it has been unable to buy the insurance, or bonding, required for many public works projects.

Powell said he expected employees of Rea Construction, which is widening I-77 north of Charlotte and building sections of Interstate 485, to show up for their jobs today.

"That's our hope," he said.

Negotiations continue with companies interested in buying Rea and J.A. Jones Construction as well as three other J.A. Jones Inc. units, Powell said.

J.A. Jones' financial problems stem from its German parent's, Philipp Holzmann AG. The Frankfurt-based company filed for bankruptcy protection in March 2002.

J.P. Buldoc, a Maryland investment banker and J.A. Jones board member for 10 years, became interim president and chief executive in April.

Even before March 2002, the struggling German construction company was siphoning profits from J.A. Jones Inc. to stay afloat, Bolduc said in an earlier interview.

After the German parent filed for bankruptcy protection, at least two bids to acquire J.A. Jones Inc. fell through, one by British giant Balfour Beatty and another from a Saudi bidder who didn't come up with cash in time to meet deadlines set by a German court.

J.A. Jones and German court administrators then decided they would sell the company piecemeal. But that's proved to be difficult.

In the past decade, under Holzmann's instructions, the company began to branch into other construction-related fields. By 2001, it had created a company with nine businesses that did everything from information technology outsourcing to real estate development.

J.A. Jones has already sold two of those businesses and hopes to sell five more and reorganize around two other companies to transform itself into a services company. The surviving entity would rely on Spartanburg-based Lockwood Greene, an engineering services company, and J.A. Jones Services Group Inc. in Charlotte, which builds and maintains everything from homes to power plants and military and industrial factories.

The two have historically been profitable.

Charlotte-area motorists have already begun to feel J.A. Jones' struggles. . Rea Construction says the money woes and heavy rainfall have pushed it behind schedule to widen I-77 to eight lanes between I-85 and the future I-485.

Tight money has kept Rea from hiring enough trucks to haul dirt and asphalt for the $83 million project.


--------------------------------------------------------------------------------

[DaveW]

Beware, the Big Banks of this town would love to be somewhere else, say like, NYC. So they can play with the big boys.

If the Big Banks wanted to be in NYC they would be in NYC.

[HPCatFan]

Dudes, its not just Charlotte, this sucky economy is hitting everywhere. The unemployment rate in Davidson County is around 11%, and in Rockingham County its up around 10%. Guildford County is somewhere around 8% I think. Charlotte is doing quite well compared to this area.
I saw some polls where the five major metro areas in the state were ranked in terms of job growth and employment rates. In one, Raleigh was #1, in the second, Wilmington (surprisingly) was #1. Charlotte was #3 in both, with the Triad bringing up the rear in both. Fayettenam was the fourth area in case you were wondering.

[Savio]

Originally posted by CharlotteDude


In my opinion, it is extremely doubtful.


My brother left JA Jones about a month ago. They worked him like a dog...he put in about 50-55hr week's.

[VOR]

Originally posted by CharlotteDude


That is typical for the construction industry - I've worked for a couple of other large general contractors as well.

The construction industry is a make hay while the sun shines type of industry, it's either feast or famine. So indeed you do bust ass while you've got work because you my be laid off for 2-3 months before the next job comes along. Bankers are the only ones who make money in construction.

[Ssstern]

The Completion Bond company certainly isn't gone make any money.