Charlotte NC Still Suffering From Recession; Household Income Declines

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Median household income declined more in Charlotte NC than it did in any other major city. The citizens are still suffering from job loss and poverty and trying to move past the upset of the recession.

Before the recession wreaked havoc on the North Carolina community, jobs were plentiful and residents lived fairly comfortable.  Since the major recession in 2008, the NC economy is still struggling to find its way back.    


To bring the state back to where it was, almost half a million jobs are required.  The number is so high because of a burst in population in the state.  In 2013, the population growth rate for Charlotte was 1.92%, making it the 8th fastest growth city in the USA.   


According to a report released late August, it would take approximately nearly five years to close the gap.  The problem is two-fold; there is a continual job deficit yet an increase in low-wage positions.  More than likely, minimum wage salaries aren’t enough for people to live a comfortable life, free of money-stresses.


These stats line up with recent reports that the 2013 median household income has decreased since 2010.    In addition; 14.8% of people live below the poverty line while 19.8% of children do.  These are not statistically different from 2010. In other words, no improvements have been made.


The 2013 ACS annual report released by the US Census Bureau identified that Charlotte-Concord-Gastonia had the greatest decline in median household income, down 3.8%.  


With the amount of job loss, decline in household income coupled with inflation and the increased expenses associated with basic survival more people are forced to look at riskier and short term options for loans.  


These loans often come at the sacrifice of long-term stability.  However, for most people exploring their options cash advance and loans to bridge paychecks in Charlotte NC are the only option.  


Although the city has not seen a major decline in living standards, nothing has improved.  This is a bigger sign of what’s to come.  Recession still exists and with it comes indirect financial consequences like high-interest loans for quick cash.  


Major companies and governments need to do their part to increase prosperity, give the people of Charlotte NC a chance and bring the city back to where it was pre-recession.


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Release ID: 65255