North Carolina Economy to Continue
Slow Recovery Through 2013
Source: UNC Charlotte
The North Carolina seasonally adjusted unemployment
rate began 2012 at 10.2 percent, almost two
percentage points higher than the United States rate.
By October the North Carolina rate had fallen to 9.3
percent, while the national rate had fallen to 7.9
percent. Both the U.S. and North Carolina
unemployment rates are expected to remain constant
throughout the rest of the year
Connaughton expects the North Carolina economy to expand by an inflation-adjusted rate of 1.8 percent during 2013. For 2013, first quarter GSP is expected to increase at an annualized real rate of 1.8 percent. During the second quarter, GSP is expected to increase at an annualized real rate of 1.6 percent. In the third quarter, GSP is expected to record an annualized real growth rate of 1.7 percent. In the fourth quarter of 2013, GSP is expected to grow at an annualized real rate of 2.3 percent.
Fourteen of the state’s 15 economic sectors are forecast to experience output increases during 2013. The sectors with the strongest expected growth are:
Business and Professional Services with a projected real increase of 6.2 percent;
Transportation, Warehousing and Utilities with a projected real increase of 2.4 percent;
Four sectors – Agriculture, Retail Trade, Information, and Other Services – each with projected real increases of 2.3 percent and
Durable Goods Manufacturing with a projected real increase of 1.9 percent.
Seasonally adjusted nonagricultural employment in North Carolina is expected to reach 4,027,200 persons in December 2013, an increase of 1.4 percent over the employment level in December 2012. The state is expected to gain 56,700 net jobs during the year.