Study: N.C. economy to contract this year (Char Biz Journal)
The N.C. economy is expected to decline 1.5 percent below the 2008 level, according to UNC Charlotte economist John Connaughton.
He foresees output declines for eight of the state’s 11 economic sectors this year. The sectors with the largest expected declines are construction; finance, insurance and real estate; durable-goods manufacturing; retail trade; wholesale trade; nondurable-goods manufacturing; agriculture and government.
For 2009, North Carolina is likely to lose 102,700 net jobs, Connaughton says.
Last year, the state’s economy lost 120,000 net jobs.
The N.C. economy contracted by 0.3 percent during 2008, he says.
That compares with a 2.4 percent increase in gross state product in 2007.
For 2010, the North Carolina’s gross state product is expected to increase 1.5 percent over the 2009 level, Connaughton says.
Six of the state’s 11 economic sectors are forecast to experience growth next year. The sectors with the strongest expected growth forecasts are services; retail trade; wholesale trade; finance, insurance and real estate; transportation, warehousing, utilities and information; and government.
