If you read previous blog
entries, you know the Federal Reserve of Richmond produces wonderful data,
analysis, reports, and articles. This is
an outstanding example of the latter. It
includes two links.
The first link is a story
about the furniture manufacturing industry in North Carolina. The author is Mr. John Mullen and is part of
the economic history.
As you read the piece, you
will see the growth of the furniture industry in NC from a cottage industry to
a powerhouse. This was due mainly to raw
materials and lower costs. Then the
impact of the World Trade Organization and automation that cost approximately
60,000 jobs over 20 years. And finally,
the steps NC took to restore some of the glory of this industry.
The second part is commentary
by the Richmond Fed president, Tom Barkin.
He does an excellent job noting the various mismatches based on a video
roundtable with key industry leaders and stakeholders. It is worth a read and certainly compliments
Mr. Mullen’s story.
