August 06, 2009
North Carolina's rebound
Most people are down in the dumps today about the economy. The recession has hit us hard, especially here in North Carolina. Do you see any signs of economic hope for the future?
Dr. Mike Walden, North Carolina Cooperative Extension economist in the College of Agriculture and Life Sciences at N.C. State University, responds:
"Recessions can actually be a period of rebirth. If you look at history, many of the new companies and technologies and ways of doing things were actually developed during recessions or shortly thereafter. And North Carolina has a tradition of rebuilding or transforming its economy. As most people know, we went from a very low-wage economy based on things like textiles, tobacco and furniture - all excellent industries, but they paid low wages - to an economy today that's really mixed. We're a mix of high wages and technology and information and health care. We still have some of our low-wage industries, of course, but overall, our economy has made big strides. Our per capita income as a percent of national per capita income has gone from 80 percent a generation ago to 90 percent today. And I think this change will continue. I think as we look ahead, there are lots of ideas about new industries in areas like food and nutrition, health care, communications, even in manufacturing. People are excited about areas like nanotechnology, precision engineering and smart materials. This is all very hard to predict and guide about where the economy will go, but I'm very optimistic that our North Carolina economy will continue to move ahead."
Posted by Dave at August 6, 2009 08:00 AM