Visions of Charlotte – Bob Morgan

Bob Morgan, President, Charlotte Chamber of Commerce
Bob Morgan was named president of the Charlotte Chamber of Commerce in November 2005. From 2002 to 2005, Morgan held the office of president at the Gaston Chamber of Commerce.

Is Charlotte still a competitive city?
Absolutely. Since around Christmastime we’ve seen our largest corporate relocation in 20 years. US Airways has announced new daily flights to Rio, Honolulu, Rome, and a new third parallel runway has opened. On January 1 the Bechtler Museum of Modern Art opened, and we all know that on May 11 the NASCAR Hall of Fame is scheduled to open. Charlotte remains very competitive notwithstanding the current challenges in the economy.

What is the state of Charlotte’s economy? How do we compare with similar cities across the region and the nation?
We are still very challenged by the downturn in the national economy, and we are still seeing the loss of dividend income from our banks. Access to capital continues to be a challenge for small businesses, and the unemployment rate is too high. Our construction and homebuilding industries have taken severe hits. At the same time, there is new activity in the commercial real estate market. Economic development activity remains encouraging, and as many good announcements as we’ve had in the last few months, there are more coming.

What are we doing to encourage folks and businesses to come to Charlotte, and what do we have to offer them?
There are three consistent competitive advantages that Charlotte has to offer: the first is our work force. We have a large population; we have a growing population. They know that our work force is capable, it’s relatively young, and they know if they can’t find people here they can recruit them. Second, our cost of doing business is 94 percent of the national average. And the third is Charlotte-Douglas International Airport.  Our airport is the ninth biggest. That gives companies doing business in Charlotte a level of connectivity that few others our size offer.

Is fear having an effect on the economy?
Absolutely. I was part of a trip that Mayor Fox organized to the White House, where we talked about this. There is a lot of cash that’s on the sidelines right now because of fear. There’s uncertainty about the direction of the economy, about financial regulatory reform and health care, so it’s not being invested in small business. So part of our message to Washington is clarity. Currently their fear outweighs their greed. We need to make their greed outweigh their fears. We need to find ways to encourage investment to take place again.

What does Charlotte lack, and what do we need in order to have a healthy, stable economy?
We need a medical school in Charlotte. We are very fortunate that UNCC is in the business of Ph.D. level research. We need to continue to grow the research programs because that research fuels the economy with technology and patents, helping Charlotte to grow and expand. And unfortunately one of the things the economy has done is push back plans to move AAA baseball to the city. With that, the sports calendar would be complete in terms of making Charlotte a year-round draw.

What do Charlotteans have to be hopeful about? What can we expect in the coming years?
Notwithstanding the challenges of the current economy, Charlotte continues to attract. People want to live here, and long term I have no doubt we will resume our growth. We are particularly excited about what we are seeing in the energy sector. We’ve seen announcements from companies like Siemens, who will be constructing a new facility that will bring about 800 jobs. We intend to make Charlotte one of the energy hubs of the United States.

How does Charlotte match up with the rest of the region in terms of unemployment and job creation?
I think it’s safe to say that Charlotte remains the economic engine of the Carolinas. There’s no doubt that with what’s happening at our airport, our population, we’re growing. We’ve seen banks like Fifth Third plant in Charlotte. Morgan Stanley would like to do the same. Charlotte remains firmly the economic engine of the Carolinas.

~Clay Whittaker