Tuesday, August 05, 2003

Wilmington, NC –Economic activity in the three counties of Brunswick, New Hanover, and Pender in Southeastern North Carolina is forecast to grow 5 percent to around $7 billion over the next year, according to a forecast released at a news conference this morning by UNC Wilmington economists Claude Farrell and William W. Hall, Jr.

Farrell and Hall noted that the local economy showed robust growth during third quarter 2002 and moderate growth during the fourth quarter. Growth was especially strong during first quarter 2003, and preliminary evidence shows healthy growth during second quarter 2003. Both construction and retail sales were up substantially over the first half of 2003.

The economists forecast slower growth over the next year in other areas of southeastern North Carolina. The 11-county North Carolina Southeast (NCSE) region will see economic growth of around 3.5 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 4 percent over the next year. 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 2 percent over the next year.

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 three-county coastal area composed of Brunswick, New Hanover, and Pender Counties.

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

For the complete presentation view on the Web http://www.uncw.edu/news/powerpoint/forecast_0803/