Those are lessons from the Carolinas 100, The News & Observer's annual ranking of 100 public companies based in North Carolina and South Carolina.

Every year, the newspaper reviews the performance of those businesses, which employ thousands and shape their communities through philanthropy. The health of the companies affects the well-being of cities from Wilmington to Columbia, S.C.

Last year wasn't a good one for many of the companies, which struggled because of the slowing national economy. Almost three quarters had stock declines.

Banks -- save RBC Bank, which rose to No. 1 on our list -- were among the hardest hit. The biggest, Bank of America and Wachovia, didn't make the top 10.

Instead, six manufacturers are at the top the list, showing that the industry remains an economic force. Some benefited from the weak dollar, which helps exports. Others logged more demand in their core markets.

"We're on a very positive trend," said SPX's chief executive, Chris Kearney. The Charlotte company gets about half its revenue by selling equipment that is used in the energy industry. The sector is growing amid rising demand in developing countries and a push to modernize aging infrastructure in the U.S. and Europe.

SPX's first-quarter earnings nearly doubled. Its stock has risen 26 percent this year.

Indeed, 2008 is a rebound year for several businesses on the list.

Shares of Tekelec, which declined 15.7 percent last year, have risen 41 percent in 2008. The Morrisville company makes gear for handling traffic on phone networks. As more people have added services, demand for Tekelec's products has gone up.

"Once that traffic is on the network, the carrier doesn't have the option of not servicing it," said Bill Everett, Tekelec's finance chief.

The best bet for your money last year was Kewaunee Scientific, which sells engineering, computer and lab workstations: Its stock shot up 126 percent.

But it illustrates the ups and downs of our annual list. This year, Kewaunee shares have dropped 5 percent.