March 9, 2020
Northeastern North Carolina economies should remain strong
Dr. James Kleckley speaks to Albemarle-area business and civic leaders
Dr. James Kleckley, director of professional services and research at ECU’s College of Business, recently presented an economic forecast for the Albemarle area of eastern North Carolina. The presentation, attended by 120 business and civic leaders, focused on leading U.S. economic indicators for the national economy, a national and statewide forecast for 2019-2020, and how the nation’s growth and outlook impact the northeastern corner of North Carolina.
Kleckley’s economic forecast also was presented by Atlantic Union Bank, the NCIDEA™ Foundation, the Elizabeth City State University office of the North Carolina SBTDC and the Elizabeth City Area Chamber of Commerce.
The purpose of the presentation was to:
- educate attendees on how the Albemarle-area economic data compares with national and state economies;
- show how economic variables like the national deficit, recent trade tariffs, and Federal Reserve interest rate changes are affecting northeastern North Carolina;
- reveal regional opportunities available to business and community leaders.
Dr. James Kleckley
“The College’s presentation to North Carolina communities shows that our economies don’t exist in a silo,” said Kleckley.
Takeaways from the event included:
- Northeastern North Carolina is well-positioned to keep its economy moving forward, particularly as it solidifies its economic relationship to the Port of Virginia and Virginia’s southeastern economy.
- The probability of a national recession this year is rising, but not guaranteed. If one does materialize, it should be mild by historical standards.
- Regardless of the pace of U.S. growth in 2020, the economies of North Carolina, Virginia, and the Elizabeth City Area should be relatively stronger than the nation.
The Albemarle-area economic forecast was the third in a series of presentations the College of Business has made available to counties in North Carolina. Along with providing actionable data, the College of Business wanted to highlight opportunities for growth and help communities develop strategies to make those opportunities become a reality.
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