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May 03, 2006

Are the trends changing?

North Carolina’s economy goes through ups and downs, much like the national economy. N.C. State University's Mike Walden addresses the question, "Has anything changed recently in how we move compared to the nation?"

"Traditionally North Carolina’s economy has been more volatile –- we’ve had bigger ups but also bigger downs. Manufacturing," Walden says, "is one reason. Manufacturing helps us during economic expansions, but it has tended to hurt us in recessions.

"But one thing that’s changed recently is that although we still improve in our state economically when the nation improves, in the past our improvement has been much, much greater than the nation’s," says Dr. Walden, a professor of agricultural and resource economics. "Recently we have gained a little bit more than the nation. So the gap between our improvement during the expansions between North Carolina and the nation has gotten smaller.

"Some say that’s because of the massive restructuring in our economy, the downsizing of our traditional industries, the upsizing of new industries."

Posted by deeshore at May 3, 2006 08:55 AM