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July 09, 2007

North Carolina's economic comeback

While a severe recession and downsizing in North Carolina's traditional industries have challenged the state's economy this decade, numbers just in for 2006 indicate that the state is staging an economic comeback, says N.C. State University economist Mike Walden.

"This measure ... is something called gross domestic product, and we have a value for every state as well as for the country. Gross domestic product measures the value of everything produced –- products as well as services -- in a state in a given year," says Dr. Walden, a North Carolina Cooperative Extension specialist.

"And the good news is, for 2006, North Carolina's increase in gross domestic product came in at 4.2 percent, much better than the national increase of 3.4 percent," he says. "Also, that rate of 4.2 percent for North Carolina was the 14th fastest rate of improvement in the country, and we were tied with Florida for the highest rate here in the Southeast.

"So this is a very good number," he concludes. "It's an impressive number. It's probably the number that economists look at most in order to gauge a state economy. And it is hopefully a signal that the North Carolina economy is coming around."

Posted by deeshore at July 9, 2007 08:00 AM