It is undeniable that the economy is in a downturn. The word "recession" is becoming more and more applicable to the situation, but is Charlotte's economy really as bad? Is it bad at all?

It is if you listen to the media reports it is. But I believe Charlotte's economy is not in a dire situation... and further, the more the media drowns us with negative reports, the worse things seem, and will in turn become.

Here are the facts: houses are being foreclosed, banks are laying off workers, and the stock market tumbles daily. We are certainly facing some tough times. However, in reality the real cause of the negative feelings is daily negative media accounts scaring people from spending the money they normally would on the things they want and need. While some of us have lost our jobs, or faced decreased incomes, many have not. Yet we are all holding on tight to our wallets, running scared, and making things worse.

Money magazine recently compared 2008 with 1932.  In 1932, the GDP was -13 percent versus 1.6 percent in 2008; unemployment was 23.6 percent compared with 6.1 percent; inflation was -9.9 percent compared with today's 4.2 percent.

The nation is a long way from the recession of the 1930s-and the reason it took so long for the experts to consider this downturn a "recession" is because we are still experiencing positive growth. And in Charlotte, we are considerably better off than much of the rest of the country. Charlotte still boasts a strong and growing community, new and thriving business and a high quality of life.

The housing market has seen a price decline of nearly 17 percent over the past year country-wide, but in Charlotte our decline totals only 3 percent. Admittedly not a "boom," but not something we haven't seen before, and not something from which we can't recover.

Here are some other positives about Charlotte:

--> The cost of living in Charlotte is 7 percent less than the national average.
--> Approximately 40,000 people moved to Mecklenburg County this past year.
--> More people are employed in Charlotte today than were employed a year ago, with an increase of 12,000 new jobs in Charlotte in 2008.
--> Each week an average of 10 new companies seek information about the city from the Chamber of Commerce, and the Chamber staff hosts four visits by companies looking for more info about our area.
--> Charlotte continues have a strong banking community, and surrounding industries. In the beginning of 2008, Charlotte was the nation's #2 banking center, and it still is.

I believe we should be focusing on these positives-and celebrating the community in which we live. I believe that Charlotte is strong and will make it through the nation's recession faster, and stronger-and in the meantime will be the growing and prosperous city that it is.

 (c) 2009 Rich Ferretti