2013 Economic Outlook for North Carolina

2013 Slight Economic Uptick

Dr. John Connaughton, a Babson Capital professor of financial economics, reports quarterly forecasts for North Carolina. In December, according to the Belk College of Business’s webpage, “he presented his quarterly forecast to more than 130 members of the Charlotte business community and the media at a luncheon held at UNC Charlotte’s Center City Campus”.

Connaughton discussed his 2013 projections, which included an expectation that North Carolina’s economy will expand “by an inflation-adjusted rate of 1.8 percent”. He also expects 14 of North Carolina’s 15 economic sectors to experience output increases, with the strongest growth expected in the business and professional services sector and the transportation, warehousing and utilities sectors. The agriculture, retail trade, and information sectors and the durable goods manufacturing sector are also expected to experience strong growth at approximately 2.3 and 1.9 percent respectively. He also expects employment increases in 10 of North Carolina’s 14 nonagricultural sectors of the economy, during 2013.

According to Connaughton, “for 2013, the economy is expected to continue the 2012 pattern of modest GSP growth”. Overall, he reports the state “will have its fourth year of slow, but uninterrupted economic growth in 2013”.