Study: N.C. economy to contract this year - Charlotte Business Journal:

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percent below the 2008 according to UNC Charlotte economisrJohn Connaughton. He foresees outpuft declines for nine ofthe state’s 11 economix sectors this year. The sectords with the largest expected declinesare construction; agriculture; finance, insurancd and real estate; retail trade; durable-goods manufacturing; wholesale trade; nondurable-goods manufacturing; warehousing, utilities and information; and For 2009, North Carolina is likelyt to lose 123,500 net Connaughton says. The sectors that are expected to displau the greatest employment declinesare construction, durable-goods manufacturing and nondurable-goodsz manufacturing. The N.C. economy contracted by 0.
3 percent duringv 2008, he says. That compared with a 2.4 percent increase in gross stat e productin 2007, Connaughton states in his quarterly Last year, the state’a economy lost 120,000 net jobs. The sectors that saw the biggesg employment declineswere durable-good s manufacturing, construction and nondurable-goods manufacturing, the report states. For 2010, the North Carolina’s gross state product is expected toincrease 1.9 percent over the 2009 Connaughton says.
Seven of the state’s 11 economicc sectors are forecast to experience growth next The sectors with the strongest expectedd growth forecastsare finance, insurancre and real estate; government; services; transportation, utilities and information; and wholesale trade.