Dec. 28--DURHAM -- Take a deep breath, pour yourself a drink and just repeat, "The worst is over. The worst is over. The worst is over."

Well, the worst may be over. When it comes to the economy, no one is sad to see 2008 end and many are probably hoping 2009 would hurry up and end as well.

Although the housing downturn beat down the nation's economy in 2007, when the effects of the subprime mortgages and waves of foreclosures began to impact consumer spending, 2008 was the year that it seemed the economic apocalypse was near.

Gas prices and food costs soared in the spring and summer. By October, the real storm had hit. The financial institutions of Wall Street, names like Merrill Lynch, AIG and Lehman Bros. that were once seemingly as solid as the Corinthian columns on the New York Stock Exchange building, fell one by one like dominoes.

Even Wachovia, the bank of choice for many Triangle residents, is expected to be folded into San Francisco-based Wells Fargo by year's end.

When the National Bureau of Economic Research finally declared the U.S. was in a recession on Dec. 1, the nation's unemployment rate was 6.7 percent, a 15-year high; North Carolina's was even higher, at 7.8 percent. Various economic indicators in the holiday season have delivered even more bad news as retail sales remained limp despite aggressive discounts.

The downturn, which received many comparisons to the Great Depression, did not spare the Triangle or Durham. GlaxoSmithKline announced an across-the-board cut of 1,800 jobs, as did Nortel, by 1,300 jobs. Neither Nortel nor Glaxo, which made Research Triangle Park its U.S. headquarters, released details on how the cuts would impact local operations.

In Durham, New Jersey window maker Silver Line announced it was shutting down the Durham plant, a loss of 428 jobs. Most recently, Qualex, a subsidiary of Eastman Kodak Company, announced it's cutting about 50 jobs from its headquarters in Durham.

But with all the doom and gloom, there are some silver linings for the Triangle.

The housing bubble never impacted the area as it did in hot spots like California and Florida, so when it cooled and collapsed from subprime mortgages, the Triangle was never as hard hit.

The area's economy also rested on what some would call recession-proof industries. There are the three research universities, Duke University, UNC and N.C. State University, and several smaller higher-education institutions, such as N.C. Central University and Meredith College.

Hospitals in the area also continue to hire people. The state government, although facing down a budget crisis, also has not visibly cut back. And there is the Research Triangle Park, where such biotechnology and pharmaceutical companies continue to thrive.

In the Bull City itself, there are favorable economic developments that propel the city forward. Two companies, Cheminova and Patheon Inc., relocated their headquarters to the city. IBM announced it would spend $362 million building a "cloud computing center" in Research Triangle Park. Merck is also planning a $300-million expansion in the Treyburn Corporate Park.

Still, when Bill Kalkhof, president of the booster organization Downtown Durham Inc. recently asked a panel of business leaders when the recession will end, they disagreed. Half said the third quarter of 2009, and the other half said the fourth.

But the message was clear: Expect most of 2009 to deliver some more bumpy rides.

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