Textile companies moved South. Some were forced out of business because they were not competitive. Many New England communities lost their main employers and there was localized unemployment. Change was painful. Looking back, the change was good for New England.
Wages are now among the highest in the country and unemployment is low.
A similar situation is happening in the South today. The automobile and other high-paying industries, many foreign investments, are moving in. Unemployment is low. The textile industry in the South is being forced, once again, to become more competitive. The less efficient companies are going out of business with an impact upon local economies.