RICHMOND, Va., Oct. 10 /PRNewswire/ -- In the early 1970s, textile makers
employed nearly 500,000 people throughout Virginia and the Carolinas. Today,
that figure has dropped to just over 200,000. In the recently released issue
of Region Focus, Charles Gerena examines the major reasons for that decline in
employment -- including increased foreign competition and the adoption of
labor-saving technological advances -- and assesses the prospects for the
industry's future. "The glory days of the textile industry have probably
passed," Gerena writes. "But talk to most textile executives, and they say it
is premature to count them out." The painful restructuring plans the industry
implemented during the last decade may just be starting to pay off.
Also in this issue:
* Mobile Manufacturing: Tracing the Textiles Trail
* The Revenue Game: More States Look to Lotteries to Provide Additional
Revenue
* The Immigrant Alternative: Newcomers Continue to Shape the Economic
Landscape of the Fifth District
* Economic History Feature: A Century of Catch-Up: The Southern Economy
Lags the Nation Following the Civil War
* Federal Reserve Feature: Minding the Banks: Banking Supervision and
Regulation Works to Maintain Stable and Competitive Financial System
Region Focus, a quarterly business magazine published by the Federal
Reserve Bank of Richmond, covers the economy and business activities of the
District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and
most of West Virginia.
For free copies of Region Focus, contact the Bank's Public Affairs
Department at 804.697.8109. The articles are available online at
http://www.rich.frb.org/pubs/regionfocus.
SOURCE Federal Reserve Bank of Richmond
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Related links:
http://www.rich.frb.org
CONTACT:
Aaron Steelman, Senior Editor, Region Focus,
of the Federal Reserve Bank of Richmond, +1-804-697-2658, or
aaron.steelman@rich.frb.org
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