Wednesday, January 22, 2003

Wilmington, NC –Economic activity in the three counties of Brunswick, New Hanover, and Pender in Southeastern North Carolina will rise 4.5 percent to $7.3 billion over 2003, according to a forecast released at a news conference this afternoon by UNC Wilmington economists Claude Farrell and William W. Hall, Jr.

Farrell and Hall noted that after “seesawing” during second and third quarter 2002, local economic activity rose dramatically during the fourth quarter of the year. The fourth-quarter growth was fueled mainly by growth in retail sales. The economists forecast relatively strong growth in the traditionally strong second and fourth quarters of 2003.



The economists forecast slower growth over 2003 in other areas of Southeastern North Carolina. The 11-county North Carolina Southeast (NCSE) region will see economic growth of around 2 percent. In addition to Brunswick, New Hanover, and Pender Counties, this region includes Bladen, Columbus, Cumberland, Hoke, Richmond, Robeson, Scotland, and Sampson Counties.

Separately, the economy of the three counties of Cumberland, Hoke, and Sampson in the northern part of the NCSE region is forecast to grow 1.5 percent over 2003. Economic activity in the five counties of Bladen, Columbus, Richmond, Robeson, and Scotland in the western half of the NCSE region is forecast to grow 1 percent over 2003.

Both economists anticipate slow growth in the state economy. The outlook for the state economy indicates a slower rebound and a rebound that lags that of the local and national economies.

For additional comment and analysis, contact Dr. Farrell at 910.962.3511 or Dr. Hall at 910.962.3419.