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CNN Sunday Morning
One Neighborhood Thrives in Recession
Aired January 27, 2002 - 11:55 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
WHITFIELD: Well, here's an overstatement. The troubled economy continues to hold a firm grip on much of the country. But guess what? Not in one community.
CNN's Garrick Utley takes us to a neighborhood that continues to thrive with virtually no unemployment despite the U.S. recession.
(BEGIN VIDEOTAPE)
GARRICK UTLEY, CNN CORRESPONDENT (voice-over): If you're looking for the global village, look here on Main Street in the community of Flushing in Queens in New York City, Chinese, Koreans, Pakistanis, Indians, the list goes on.
NARENDRA WALIA, SHOP OWNER: We feel like a home here. You live in Flushing, you don't miss India. You see all of the people living like Indians. There is Indian food and Indian culture.
UTLEY: This is not that other New York, where commuters head to work in the morning, Manhattan with its economic and human anxieties. Nope, in this part of the city, there are far fewer signs of recession.
WELLINGTON CHEN, URBAN PLANNER: We are now the most diversified company in the United States, probably the world.
UTLEY (on camera): In Manhattan, rents are going down, office space is standing empty, fewer people are coming to the city.
CHEN: Right.
UTLEY: It's the opposite here.
CHEN: Right.
UTLEY: Why?
CHEN: I think, you know, I like to mention, the last time we had a recession here, in my opinion, was '75, '76, and these particular types of ethnic enclaves tend to be more resilient.
UTLEY: What is it that makes an immigrant community so vibrant? First and foremost, of course, are the life stories of the people who have come here. For example, across the street there, the yellow awning of the hardware store, founded by a couple from Taiwan who arrived here 10 years ago. Next to it, 99 Cent City, run by some Pakistanis. Next to it, a Vietnamese restaurant founded by a couple that came from the old South Vietnam.
Then, there is the matter of knowledge, of learning, the local public library. What's special about it? Well, this local library lends, each year, more books and videos than any other branch library in the United States. And finally, there is the money.
Along this Main Street, USA, within 1,000 feet, there are now more than 30 banks -- 30.
(voice-over): The result, a micro economy that generates its own growth.
ADAM BEREL, HOME DEPOT: It's fantastic. Real estate is booming, and business is always good. And there's an Asian culture that is bringing in lots of money, and they have their own kind of close-knit economy, and bringing in money to Home Depot.
UTLEY: In fact, the local Home Depot in Flushing claims the highest sales volume in the nationwide chain.
LAWRENCE YEH, BUSINESSMAN: Asians overseas believe that there is a much better life here.
UTLEY: Lawrence Yeh grew up Flushing. His mother is Chinese; his father, Italian.
YEH: And what's driving the community is the constant flow of new immigrants. We also have second and third generation American-born Asians, which is driving the community to the next level.
UTLEY: That next level in Flushing is the new mall. All right, it's pretty modest. There is no anchor tenant. The brands are mostly local. And there is virtually no unemployment.
IRWIN THEISER, GEN. MANAGER, FLUSHING MALL: This community does have a very strong entrepreneurial spirit, and if they can't find a job doing what they wanted to do, they'll find something. They'll create a job. They are not going to sit back and, "Woe is me, woe is me." The family -- the family structure of this community is quite strong.
UTLEY: And perhaps that's another reason behind the better economic times here. The culture is not corporate. There are no share prices to drive up, to please Wall Street across the river, just the work of building new lives and businesses, step by determined step.
Take the main local newspaper, the "World Journal." You have probably never heard of it if you don't read Chinese, but its national circulation puts it among the top 25 newspapers in the United States. Its publisher sees more change coming with more immigrants pursuing their dreams. UNIDENTIFIED MALE: When you walk on the street, you know, every day, especially during the weekend, you know, you see the people, it's crowded. Sometimes you can tell from their dress, you know, these are the new coming immigrant.
UTLEY: Americans may disagree whether that's good news or troubling news, but it's a fact. This is where globalization comes home.
CHEN: I always admire these entrepreneurs. They land with $5 in their pocket. Their back is against the water. It's sink or swim, and they try to make something with their lives. In a very short time, they come out and emerge as the middle class, and I have to give them credit for that.
UTLEY (on camera): That what drives this?
CHEN: That's what drives it.
UTLEY (voice-over): As it always has driven American life, and will.
Garrick Utley, CNN, Flushing, New York.
(END VIDEOTAPE)
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