We decided to compile a list of winning and losing cities
Even with the recession, some companies are announcing plans of expansion. But some are cutting jobs however. So we decided to compile a list of winning and losing cities in this very turbulent economy that are set to boom or go bust in 2010.
Winner: North Charleston, SC
Reason: Aerospace Goliath Boeing is set to locate its Boeing 787 assembly plant in this South Carolina area where more than 3,000 jobs will be available next year. According to Doug Woodward, economics professor at the University of South Carolina’s Moore School of Business, in a The Post and Courier interview, “Boeing is one of those rarefied companies which everyone knows and recognizes as a leader in the field, and to have that in South Carolina is an intangible benefit aside from jobs and income generated. It will help sell our state to other companies … and I think it will put Charleston on a lot of people’s lists of the hottest places to be in 2010. This could attract not only local residents but also those from other states to increase the demand for housing in the area.
Looser: Janesville, WI
Reason: If the current tide of automobile company bankruptcies doesn’t speak much of trouble in other cities than Detroit, then you should be worried. By next year, close to 3,000 people will be out of job when the General Motors plant finally shuts down. This is due to the very poor sales of the car company’s SUV line. Don’t expect the local property market to gain a positive momentum anytime soon.
Winner: Auburn Hills, MI
Reason: What will salvage Chrysler is a heavy lift from European car manufacturer Fiat. Now they’re bound to reintroduce Alfa Romeo in the U.S. market in the hopes of gaining American’s trust in this popular Italian brand. This could retain or add more jobs in Chrysler’s existing plants and ensure continuous market activity in the mortgage market.
Looser: Park Ridge, NJ
Reason: Guilty or not, car rental company Hertz is hitting the breaks in the market. But that remains disputable after the company filed a complaint in a New Jersey court against Audit Integrity Inc. after it was included in the latter’s list of the top 20 companies most likely to go bankrupt next year. But the negative publicity that the company has earned is enough to send its shares falling. By next year, we expect affected employees to be scrambling where to pay for their mortgage.