North Carolina economy and employment looks positive for next five years
economy in North Carolina has been pretty sluggish in its recovery compared to other states across the country, one economist claims that things are looking very good indeed for the state’s future. “Despite everything that’s going on Washington (and) everything that’s yet to go on…the underlying fundamentals of the economy are dramatically improved,” says Michael Walden, professor of economics at NC State. Walden delivered the keynote address Wednesday at the Chapel Hill-Carrboro Chamber of Commerce’s annual Economic Outlook Briefing. The U.S. economy lost nine million jobs and six percent of its GDP during the “great recession” of 2008-09, but Walden says things have turned around on both fronts. The national gross domestic product is now above pre-recession levels—and the country has regained about six million new jobs, a trend Walden says is likely to continue. “We (North Carolina) have a bumpier economic ride,” Walden says, but “we’re going to see a big boost to North Carolina’s economy, starting this year,” he says. “In the next five years, (we’ll see) at least 400,000 net new jobs coming to North Carolina…(with the) unemployment rate at the end of five years down near six percent.” Walden projects North Carolina to add 90,000 new jobs in 2013 alone, up from 65,000 last year. That would drop the state’s unemployment rate to 8.2 percent by year’s end. If that prediction holds, it can’t come too soon for businesses. And as the economy rejuvenates and the job market improves, business owners will be turning to North Carolina background screening companies to assist with their hiring needs. This is where MYB can help. To ensure you’re making the right hires and avoiding risk, find out how an employment screening program can work for you.]]>
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