Regaining our relevance in the era of 10% unemployment

In early February, I discussed Greensboro losing its relevance. Comments, both positive and negative came in.

Now we have 10.5% unemployment in Greensboro. 10.5%.

Makes me appreciate my $9 and change night gig.

In a similar story, we see another example of the Triangle passing us by. Newly-released Census data shows the Raleigh-Cary metro area is the fastest growing in the country (more from the AP, via the N&R). And while Wake County proper has had its share of troubles (with its county schools set to make drastic cuts and threatened layoffs), it, along with the larger Triangle area, seems to weather these storms better than we can. Remember, the Triad has had a 10-year recession.

Local economist and UNCG professor Keith Debbage points blame recently at the national media and says the negative stories don't help the Triad's situation. Debbage also blames a revamped metropolitan statistical area (MSA) that no longer includes Winston-Salem, but now includes Randolph and Rockingham Counties, both of whom have double-digit unemployment numbers. Of course, lumping those two counties in an MSA with Greensboro and High Point means bleak numbers.

Debbage:

At the top of our region’s agenda should be figuring out ways to put Greensboro and Winston-Salem together again and persuading OMB to consider relaxing the MSA-based commuting thresholds that tie the region’s metropolitan counties together.

Back in the early 2000s, the Triad was caught off guard by new metropolitan standards and definitions that were ill-suited to our region. Rather than being left out in the cold this time around, the area needs to quickly put together a regional working group to develop alternative metropolitan definitions for OMB.

One approach might be to form a coalition with other metropolitan areas that have been similarly impacted by the 2003 definitions, such as the Raleigh-Durham and Greenville-Spartanburg areas. We need to act quickly because OMB will only consider feedback submitted before April 13.

One thing is for sure: If we do nothing, we are guaranteed to be hamstrung with metropolitan definitions that continue to hinder, not help, the Triad’s long-term competitive advantage. The time to act is now before it is too late.

We must redefine ourselves as a community, not only in labels, but in economic relevance. And fast.

No longer are we a manufacturing or a textile-dependent economy. Are we a green economy? Are we a service-based economy? Are we a transportation-based economy? (Note to self...FedEx fiscal 3Q profits down 75%, pay and job cuts are inevitable--is the PTI hub in trouble...)

What are we? Who are we?

If we don't act, we'll be the bulls-eye of central North Carolina, with double-digit unemployment.

E.C. :)