History with ‘Hud’: 95 years since The Great Depression impacted Wilmington and the world
WILMINGTON, NC (WWAY) — This month marks nearly a century since the United States was plunged into the worst and longest depression in its history. 95 years ago on October 29, 1929 the stock market plummeted, as more than 16 million shares were traded in a panic, on a day which became known as ‘Black Tuesday’. Millions of shares became worthless, losing half their value over ten weeks, leading to an equal number of people without jobs.
Wilmington was no exception to the hard times, but residents did their best to stay afloat.
The Port City was doing well in the first part of the 1900s, with commerce expanding. But The Great Depression put a halt to the growth, shattering the region’s economy and resulting in countless layoffs.
From 1929 to 1933 North Carolina cotton and textile industry wages declined 25 percent, with decreasing pay and mass unemployment leading to substantial labor unrest across the state.
Unemployment figures were not formally kept in the 1930s, but were well into the double digit percentages. Along came the Wilmington Relief Association, formed by local citizens after the stock market crash, attempting to subsidize the cost of public works projects.
People took any available job they could find, and helped build and renovate structures around the city, including a 4.75 mile new road around Greenfield Lake. Clearing vegetation from the alligator-infested swamps and undergrowth around the lake began in the winter of 1930, with workers exposed to swarms of mosquitoes, chiggers and venomous snakes.
While the job opportunities helped struggling families a little bit, it wasn’t until the opening of the North Carolina Shipbuilding Company during the Second World War that things really began to turn around.
By January of 1941, Great Britain was in desperate need of supplies, but the U.S. lacked the large numbers of merchant vessels needed to transport cargo overseas. At the request of President Roosevelt, the U.S. Maritime Commission ordered the construction of two hundred new ships, many of which came from Wilmington.
The shipyard transformed the city into an industrial hub and spurred people to move to the Wilmington area, resulting in the city’s population increasing from 33,000 to 50,000. By 1943, the shipyard employed approximately 20,000 people.
Recovery continued in the years to follow, with the United States seeing several bad recessions since but thankfully nothing like The Great Depression.
Through the ups and downs, Wilmington has always found a way to power through and come out the other side continuing to grow and thrive.
Meteorologist Matthew Huddleston (‘Hud’) has always had two major loves – weather and history. While you can watch him talk about weather each morning on WWAY, he looks forward to bringing you a little piece of history each Thursday on WWAY’s website.
To read other History with ‘Hud’ segments, click HERE.
