Study: local economy to grow, but slowly - WECT, weather & sports Wilmington, NC

Study: local economy to grow, but slowly

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WILMINGTON, NC (WECT) - The local economy will continue to grow at a slow pace over the next year, according to economic forecasters at UNC Wilmington.

Woody Hall, a senior economist for the Cameron School of Business, and Ravija Badarinathi, chair of the Department of Information Systems and Operations Management, project the Wilmington Metropolitan Statistical Area will grow 2% in 2013.  That's ahead of the state forecast of 1.5% growth. The Wilmington metro area is currently comprised of Brunswick, New Hanover and Pender Counties.

Hall says the projected growth won't make much of a dent in the unemployment rate in the area, with all three counties showing a higher percentage of unemployed citizens than the state average.

Hall pointed out a couple positive factors in economic growth, including:

  • A more stable real estate sector.
  • Retail sales have rebounded, with sales up 5.5% in Brunswick, 6.1% in New Hanover and .7% in Pender.  Statewide, sales are up 4%.

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