Cook says economic recovery coming, but will be slow

Cherokee County Development Board Director Jim Cook on Monday began his remarks to a group of local business leaders on an optimistic note, predicting the local economy will begin to rebound late this fall.

But he cautioned the recovery won't be dramatic.

"I think the recovery will be slow because there is already a flood of housing and the industrial capacity has been reduced," said Cook, speaking at the Cherokee County Chamber of Commerce's annual Legislative Session Review Breakfast.

Cook pointed out that industrial capacity has dropped to about 60 percent, meaning companies must first increase capacity to preeconomic downturn levels before expanding.

Cook said the state Department of Commerce and the Upstate Alliance, a regional marketing group, have fielded a combined 25 requests for information from companies looking to locate in Cherokee County.

Cook also boasted about the recent debut of a virtual spec building, which allows companies to view a computerized spec building on an actual site in Cherokee County.

Cook added that local industries have been relatively immune from the devastating effects of the slow economy.

"We've been very fortunate, we still have a lot of people working," Cook said.

Cook noted that Romeo Rim was the lone industrial facility to close its doors during the economic downturn. About 50 workers lost their jobs last year when the Michigan-based company closed its plant at the Cherokee County Corporate Park.