Newspapers recently have expressed concern about Charlotte's health. A [Raleigh] News & Observer story was headlined "Queen City's crown slips." A recent Business Journal headline was less alarmist: "Charlotte at the Crossroads."

The stories, and conversations around the state, have a common theme: Charlotte's bubble is about to burst. Its star is about to dim. Or, as some perpetually disgruntled critics say, Charlotte, the booster capital of America, is about to get its comeuppance.

True? Nah. Here's my status report for Charlotte.

First the positives.

The most important referendum for Charlotte this year wasn't the one on a new coliseum and arts facilities. It was the vote by Wachovia stockholders to merge with First Union. The merger solidifies Charlotte's position as a national banking center and stabilizes First Union's status as an independent institution headquartered here.

Also important was the recent report that Duke Energy Corp. may build a new headquarters here. That would mean one of Charlotte's oldest and best businesses will stay in Charlotte.

Our school system is hit by a lot of criticism, much of it involving where students go to school. That's politics. But in the classrooms of our 143 schools, students are doing better and better.

The best public school students here are equal to the best anywhere. My son graduated from Myers Park High School last year. Among the top students in his class, three will go to Harvard this fall, one to Princeton and several to Duke and UNC Chapel Hill on full scholarships.

The achievement gap between black and white students is narrowing. More students are taking advanced courses. And educators from all over America come here to see our Bright Beginnings program for low-income 4-year-olds.

And the school board has agreed on a pupil assignment plan that guarantees each student a slot in a school near home, with an opportunity to transfer to another school if there's room.

Yes, city voters in a referendum said no to a package of sports and cultural facilities. But Charlotte still is building.

Work is under way on a $143 million convention center hotel. Work will soon begin on what ultimately will be a $1 billion transit network. The new Museum of the New South is due to open in October across College Street from Spirit Square. Before long a splendid Children's Learning Center, a joint project of the county library and the Children's Theater of Charlotte, will get under way, funded by $27 million in bonds approved by voters in 1999.

To see what the private sector is doing, visit Gateway Center, Bank of America's urban office, retail and residential mega-complex on West Trade Street. In fact, look at residential development throughout the center city. It has sparked a restaurant and entertainment boom that's bringing vitality and money.

Outside the center city, SouthPark shopping center will soon make a dramatic leap forward with the addition of Nordstrom and several other high-end stores.

If the Hornets decide they can't make it here without a new arena, well, that's business. But don't wave goodbye yet. What city offers greater potential? Not Louisville, not New Orleans.

Then there's the exciting growth of UNC Charlotte, an institution of the utmost importance to this region, and of the invaluable Central Piedmont Community College.

Now some challenges.

No. 1 is leadership. Pat McCrory has been a good mayor, but he can be testy. His handling of the "livable wage" issue was simply inept. A Republican, he is trying to lead a City Council dominated by Democrats, no easy task. Would Ella Scarborough, Susan Burgess or Ron Morgan be better? The campaign should help us judge.

Another challenge is health of US Airways, whose merger attempt with United recently failed. Charlotte-area companies do business all over the world. Our economy benefits greatly from good air connections. If US Airways and its employees can't agree on ways to make the airline profitable, it's in trouble.

Charlotte had a setback in the defeat of the referendum. We'll have another if the Hornets leave.

But we're paying attention to the important things - to schools, transit and the economic climate, to building affordable housing, preserving open space and protecting the environment.

How's Charlotte doing? Fine, I'd say. Just fine.