Editorial - June 2003

Lincoln’s future looking brighter

Published June 23, 2003

The message last week from leaders at the annual Lincoln County Economic Development Association meeting was upbeat. Lincoln County has lost jobs this past year, around 700, but not nearly as many as neighboring counties. Gaston County for example, reported 7,000 lost jobs. The future is actually looking positive as prospective industry visits to Lincoln have been picking up, according to executive director Barry Matherly. Cabinet maker RSI is considering another expansion that would mean a $7.5 million investment and at least 30 jobs. Matherly also told LEDA members that an international company has put a long term option on a shell building at Indian Creek Industrial Park. An announcement is expected to be made in November.

But the fact is a prolonged downturn has left its mark on Lincoln County for the past two years and many still fear they may lost their jobs. Unemployment ranks have swelled three to four percentage points above normal during that time.

The banking industry seems to have coped well with the economy, thanks to the availability of low interest loans and a surge in refinancing. Automobile sales have not been too sluggish, probably because of the smart sales pitch from dealers on low interest loans and “cash back” deals. But most businesses have  seen sales decline and had to cut back on employees. The manufacturing sector continues to suffer a debilitating year, and many in the beleaguered textile industry still fear they will lose their jobs.

But it is encouraging to hear our economic development leaders hit positive notes. The stock market now looks like it’s back on track and the news from national gauges is more often positive these days than negative

The war in Iraq was definitely a stumbling block for the U.S. economy as investors held back for fear of unforeseen difficulties on a global scale. With that behind us, the large corporate investments may get back on track.

One of the great disappointments of the past year has been the revelations of corruption at the top levels of our corporate community. It wasn’t a case of a few, but many, and it took a toll on some very wealthy companies. When you look back on the highly salaried, top executives who treated investors so carelessly you wonder what went wrong in a nation that is supposed to have the smartest business leaders on the globe.

But that, too, seems to be fading as law enforcement officials crack down on such practices. Hopefully, Martha Stewart may be among the last big names we hear about in this sorry chapter on our business community.

Like the LEADA officials who gathered here last week, we are optimistic about the future of Lincoln County, where we have seen very little evidence of any corporate corruption.

© 2001 Lincoln Times-News  

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