Lucent Lays Off Employees At N.C. State's Centennial Campus
Posted August 24, 2001
RALEIGH — More than 100 Lucent employees at North Carolina State University's Centennial Campus got their walking papers Thursday morning. About a dozen other workers will be transferred to Cary.
Lucent was a key tenant at Centennial, but N.C. State officials say the future of the campus still looks good.
"We're at a lease rate or occupancy rate of 97 percent, so we're doing much better than the market. Generally, we have a waiting list of folks who want to locate to the campus," said Bob Geolas of N.C. State.
N.C. State economist Mike Walden says the Lucent layoffs are another example of trouble in tech sector. He believes the economy is headed towards recovery, but high-tech companies may be slow to catch up.
"I just think that perhaps in the short run, companies expanded too rapidly. They need to step back before taking steps forward in the future," he says.
N.C. State plans to double the population at the Centennial Campus in the next five years. The university will also add 11 new buildings.