RESEARCH TRIANGLE PARK -- Despite a turbulent economy nationwide, experts say North Carolina’s economy will grow in 2008. The housing crisis will likely dominate headlines again this year according to those at the annual economic forecast forum in Research Triangle Park on Wednesday.
If you're looking to sell a home in 2008, economists say you may want to wait six months or more.
“I am looking at a bottoming out sometime in the middle of the year and then some improvements in the second half,” said David Seiders, a member of the National Homebuilders Association. “But as a year as a whole the numbers in total will be lower than 2007.”
Despite a turbulent economy nationwide, experts say North Carolina’s economy will grow in 2008, but the housing crisis will likely dominate headlines again this year.
Full interview with the Western Carolina University chancellor.
Full interview with the president of the North Carolina Citizens for Business & Industry.
Full interview with the chief economist for the National Association of Home Builders.
Full interview with the chairman and CEO of RBC Centura.
Full interview with the comptroller general of the United States.
Full interview with the economist and chairholder of the N.C. Bankers Association.
That could have an impact on the rest of the economy, as well.
“Because there's so much tied to it when you think about the home building purchase construction, so much tied to it that when that sector goes into a downturn, it has a big peripheral impact,” explained Scott Custer, the CEO of RBC Centura.
But there is good news in North Carolina compared to the outlook in other states across the country.
“I think the North Carolina housing market and economy are actually among the best in the country, maybe the best at this point,” said Seiders.
Economists say the continued growth in population has helped keep the housing market and economy stable.
Beyond the housing industry in North Carolina, economists say certain job sectors in the economy will do very well also.
“We've had a pretty good growth in financial services, health care services, tourism is a very strong area, construction is a very strong area,” added Harry Davis, an economist with the N.C. Bankers Association. “Military is a very big part of our state, so all of those areas will continue to be the stronger areas. The tech area has come back nationwide and in North Carolina and is a pretty strong area.”
The key message from economists at the forum is that despite a rough start to the year, they believe the economy will stabilize by late 2008 and avoid a recession.
If you'd like to see the entire interviews with the economists and experts, just click on the video links above.