A Little Light Reading from Wells Fargo: NC Economic Outlook

This Wells Fargo report from April, 2014 is pretty interesting reading if you’re into things like jobs, economic growth, etc. If not then it could be a great sleep aid.

Greensboro data can be found on page 10 and Winston-Salem on page 12. A couple of highlights:

After suffering larger jobs losses during the recession and enduring a more problematic battle with long-term unemployment, North Carolina’s economic recovery finally got moving during the second half of 2013. Labor market conditions improved dramatically, with overall job growth outpacing the nation and all major industry groups posting year-over-year employment gains on a three-month moving average basis. One driving force behind this turnaround is that several persistently weak spots around the state have finally turned around. Construction payrolls swung from being a huge drag on overall growth to making a solid contribution, reflecting gains in both residential and commercial building. Employment in manufacturing and government has also
improved. In addition, the state’s stubbornly high unemployment rate finally began to decline in a major way, plunging 2.2 percentage points over the past year to just 6.4 percent in February…

Greensboro’s recovery should gain momentum as hiring picks up across a broader assortment of industries. The region’s furniture industry should make further strides, as the housing market strengthens and the industry consolidates in High Point. Growth in the region’s promising technology and aerospace industries should also quicken…

Growth in Winston Salem should continue to move ahead at a modest pace. The region’s manufacturing sector appears to be gaining momentum and construction activity is strengthening after a long lull. We expect overall
job growth to strengthen during the coming year and look for at least modest gains across most major industries.