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January 27, 2006

State income growth

While North Carolina’s economy has undergone considerable change in recent years, it did relatively well in 2005 compared to other states, says N.C. State University's Mike Walden.

"We actually did rather well, which I think may be surprising to many people," says Dr. Walden, a professor and extension economist with the College of Agriculture and Life Sciences. "If we look at one of the broadest measures of economic performance, the growth in personal income in three quarters of 2005 (We don’t yet have the data for the fourth quarter, so we can only look at three quarters.) First of all, we had positive income growth in North Carolina in those three quarters and secondly in two of those three quarters income growth in North Carolina actually exceeded income growth in the nation.

"So I think this is very good news especially considering the fact that our North Carolina economy, as many people know, is continuing to transform -- shrinkage of our traditional manufacturing, growth in other areas," he says.

"So we really seem to be staying on track and in fact doing better on average than the nation."

Posted by deeshore at January 27, 2006 08:00 AM