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June 29, 2009
New industries in reserve
The North Carolina economy has gone through a tremendous transformation over the past 30 years. Industries like finance, technology and vehicle parts have replaced tobacco, textiles and furniture as the state's leading economic sectors. Does this mean North Carolina can rest, knowing this change has occurred? Listen
Dr. Mike Walden, North Carolina Cooperative Extension economist in the College of Agriculture and Life Sciences at N.C. State University, responds:
"No, we really can't, and for a couple of reasons. Number one, the economic world is changing faster than ever before, so industries that are profitable now may not be profitable down the road. Secondly, even if you have as a region or state a profitable industry in your area, it may not stay there. Industries can pick up and move much more rapidly today than they ever did in the past. So I think what this means for a state like North Carolina as well as other states is you have to constantly be thinking about new economic sectors. You really can't rest on your laurels. You really can't say, well, we think technology will always be here. We think motor vehicle parts will always be here. You have to always worry about, well, what if those industries leave? Or what if they shrink? What will take their place? And that means that we have to focus on innovation, productivity, attractiveness to inventors and entrepreneurs and creativity. And these really are the engines of a successful future economy."
Posted by Dave at June 29, 2009 08:32 AM