NC Economic News and Opportunities

The awful economy worldwide and nationwide has done no big favors for the North Carolina tourism industry this year, but things aren’t as bad at mid-summer as they could have been. The swine flu has delivered a bit of a blow to some of the western mountain region’s summer camps, but those camps that have not been hit by sick campers are doing fine. Visitors on the Blue Ridge Parkway look to be as numerous as in most other years, and the Great Smoky Mountains National Park is hosting its fill of hikers and campers as well.

Tourism in North Carolina accounts for over 190,000 jobs across the state, from the Outer Banks through the midlands and into the mountains, making it one of the most vital industries year after year in the state. Visitors spend more than $18 billion (yes, that’s a “b” on that number) in the state, contributing greatly to our tax revenues, to the tune of over a billion dollars a year.

So… tourism is still doing okay, but how’s the general NC economy doing? This question is significant for those from out of state who may be contemplating purchase of vacation property or would dearly love to relocate here – many from states with economies worse off than ours, who would like to get jobs or start new businesses. Columnist Michael L. Walden of the Raleigh area News and Observer wrote about the state of the state’s economy on the 9th of July.

Walden notes that North Carolina’s unemployment rate is the nation’s seventh highest, and will likely go higher before the year is out. A quarter million jobs have been lost in the state since the recession began, and property values have been sinking. While that’s bad news for old timers, it’s pretty good news for those in the market! And it’s not all bad news. Recessions provide opportunities for change that NC’s people are quite adept at taking advantage of, so we may come out of this one better off than we were before.

Tourism will still be a major industry, and serves to help protect our abundant natural resources because those are why people come to our state. We don’t cut the tops off our mountains because our mountains are worth more intact. We don’t grotesquely pollute our waterways because those waterways are much more valuable in a pristine state. The traditional jobs that have been steadily moving out of state, to other countries, or disappearing entirely are primarily of the low-wage variety that led to NC a generation ago being one of the poorer states in the Union.

Textiles, furniture manufacturing and tobacco. While fine hardwood furniture is still crafted in the western piedmont – thus is still a going industry – many old-time artisans are doing it for themselves these days rather than working on an assembly line. Their fine pieces still sell, and custom furniture returns a bigger paycheck to those woodworkers than the factory ever did. Tobacco growing is no longer the guaranteed income the base system was a generation ago, but inroads by the biotech industry and the move to agritourism, organic produce and fine wines is returning more for our farmers too.

And as the older ways fade, new things take their place. High tech concerns are moving in, including a new plan by Apple to build a $1 billion data center in Maiden, near Hickory and Gastonia. Construction could begin as early as next month. They’ll employ at least 50 people in high-tech positions, and could generate another 250 jobs servicing the plant. Optimistic estimates is that another 3,000 jobs could be generated in related areas in the region surrounding the site.

The strong banking industry in Charlotte has lost some jobs due to the crisis, but those are slowly coming back. In the Triangle Park area, jobs in biotech, pharmaceuticals, nanotechnology and other cutting-edge developing technologies are picking up as well.

So keep on making those plans for the future, consider that making the move may be more rewarding sooner rather than later due to better real estate prices, and bring your ideas with you! We here in North Carolina have a strong entrepreneurial spirit, useful skills and ample imagination. We’ll help get things going.

Related Ads:

Filed under Development, Furniture Making, NC Land, NC Living, North Carolina, Tourism, Vacation Homes | Comment (1)