The right time to invest: leaders say the Charlotte region can emerge from the recession stronger if it pumps up its infrastructure while times are still bad.

• Position: CHARLOTTE ROUND TABLE - Interview

Now is the time to invest, Charlotte region leaders say, despite the bad economy. Spending wisely on infrastructure will position businesses and organizations to thrive when the recession ends, they believe. The comments came during a round table on the region and its economy. Participating were Brett Carter, president of Duke Energy Carolinas; John Cox, president and CEO, Cabarrus Regional Chamber and Economic Development Corp.; David Dunn, vice chancellor for university relations and community affairs, UNC Charlotte; Bob James, president and CEO, Fifth Third Bank (North Carolina); and Joe Piemont, president and chief operating officer, Carolinas HealthCare System. Arthur O. Murray, BUSINESS NORTH CAROLINA'S managing editor for special projects, moderated the discussion held at the Charlotte headquarters of Fifth Third Bank (North Carolina). Following is a transcript, edited for brevity and clarity.

What parts of the Charlotte region's economy show promise despite the downturn?

Dunn: Education. UNC Charlotte is embarking, with the North Carolina Research Campus, to build the nation's largest bioinformatics program. But what makes us most excited is our participation in the energy industry. A significant energy cluster has gravitated to the region, and as a research university, we are central to advancing it. The university and the state are making an enormous investment--$75 million--in the Energy Production Infrastructure Center, which will produce engineers to build the next wave of energy production.

Carter: Roughly $40 billion of the stimulus package will be dedicated to modernizing the electric grid, increasing weatherization of homes and other energy advancements. The state can come out of this downturn ahead of the curve, from an infrastructure perspective, if those dollars are managed effectively.

Piemont: From a health-care provider standpoint, our enterprise has done well so far. We're sometimes the last to enter a downturn in the economy. We're often the first to emerge. As soon as something good begins to happen, I'll let everyone know.

James: Let me tell you where the economy is headed first. We're going to see continued slowing through '09. The only thing that could arrest some of that would be the stimulus package. But it's going to be six months before we see much effect. Currently, the unemployment rate in Charlotte is 8.3%. It's going to get to 10% by year-end, dependent on the continued layoffs at Wells Fargo and Bank of America, primarily. The housing market is continuing to decline.

That's a pretty grim picture.

James: In spite of that, the Charlotte economy is in much better shape than most of the rest of the country. The Fifth Third affiliate in North Carolina is in...