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July 09, 2008

State economic growth

The national economy has been slowing, but the individual states often grow at their own pace. How is North Carolina's recent economic growth compared to the growth of other states? Listen

Dr. Mike Walden, North Carolina Cooperative Extension economist in the College of Agriculture and Life Sciences at N.C. State University, responds:

"Of course, this is very, very important right now, not only because we're in a national slowdown - a recession - but because obviously a state's economic growth has an impact on the state budget. And of course we have legislators in town in Raleigh now talking about and making decisions about the state budget, and how much money they have available is due in part to how the state is doing economically. So that all said, the news is actually very good for North Carolina. In 2007, we were in the top 40 percent of states in term of economic growth. If you look at the 12 southeastern states, and that's ranging from Louisiana up to Kentucky and Virginia and down to Florida, North Carolina, among those 12 states, had the fourth fastest rate of economic growth in 2007. Now, in terms of which state was the fastest and which state was the slowest in 2007, actually, interestingly, New York state - New York - had the fastest rate of economic growth for any state in 2007. And not a surprise, Michigan, due to problems in the auto market, had the slowest rate of growth. But this, indeed, is good news for North Carolina. Typically, during economic slowdowns, we don't do very well, but we're actually doing fairly well comparatively during this slowdown."

Posted by Dave at July 9, 2008 08:00 AM