Even though North Carolina currently has one the highest unemployment rates in the country, “North Carolina and Wilmington are positioned well for long term growth,” said Dr. Matthew Martin, Economist for the Federal Reserve Bank of Richmond, Charlotte Branch, at an event hosted by the Cape Fear Chapter North Carolina World Trade Association on February 18th. Martin presented economic data to back his assertion that the current recession is more sever than the previous two and even if the recession officially comes to an end this year, recovery will take some time.
“North Carolina entered 2008 better than the US and exited worse,” said Martin, “due in large part to impacts on the state’s still-large manufacturing sector and a late, but sharp, pull back in construction activity.”
House Prices Year To Year
Wilmington is coming down from 6% GDP growth, the highest in the state, said Martin. Martin presented data from the Federal Finance Housing Agency, that showed Wilmington’s year to year change in home prices peaked in 2006, at approximately 24%, and have basically fell to zero in Q4 2008.
This compares to a national peak of 11% change in 2006 and national average rate change of -4% in the same period. Wilmington is not the same as Phoenix or Las Vegas or other markets, said Martin, but there is “still room for house prices to decline in this region in 2009.” Martin also presented data from Bureau of Labor Statistics that show that Wilmington’s total nonfarm employment grew faster than the national rate since 2002 and has fell at a lower rate than the national average in 2008. Martin’s data has year to year change in nonfarm employment in Wilmington around -1% and -2% nationally in 2008. Martin stated, the Fed is using it’s balance sheet to provide liquidity to various financial markets with an aim of stabilizing financial markets and promoting growth and that with core inflation at 1%, “the Fed has some room for expansionary monetary policy”. Martin stated that there is nothing to indicate that the long-term growth prospects of the US economy have been permanently damaged. Additionally he said there is already significant monetary stimulus in place, with significant fiscal stimulus likely in the coming months. As the year progresses, these will begin to have their effect.
“The event exceeded everyone’s expectations and was very well attended, we are looking forward to our next event March 25th where the CEO of GE Hitachi Nuclear Enrichment will be our guest speaker at the The Balcony on Dock,” said Corey Heim, President, Cape Fear Chapter North Carolina World Trade Association.
North Carolina World Trade Association
Cape Fear Chapter
President & CEO of GE- Hitachi Global Laser Enrichment
The North Carolina World Trade Association is pleased to host keynote speaker Tammy Orr, President & CEO, Global Laser Enrichment for GE Hitachi. Tammy will discuss current events and recent progress of GE global nuclear programs.
Tammy earned a B.A. degree in Chemistry with honors from the University of North Carolina at Wilmington. She began her GE career as an intern with GE Nuclear in 1986.
After graduation, Tammy joined GE as a senior control systems engineer. In this role, she provided technical support of the fuel manufacturing facility and was a key member of the team that designed, installed and operated a new $80M Dry Conversion Process. Following roles in manufacturing, Tammy progressed through several commercial leadership roles including account management and sales. In 2005, she became the General Manager, Quality for GE Nuclear Energy, with responsibility for all aspects of manufacturing, product and service quality for the global $1B nuclear business, which serves customers in North America, Europe and Asia. In June 2007, Tammy was named President & CEO, Global Laser Enrichment with responsibilities for licensing, commercialization and project execution.
Tammy is an active member of the GE Volunteers. She lives in Wilmington, NC with her husband Rodney and two children, Watson and Kyna.
Wednesday, March 25th, 12:00 PM -2:00 PM
The Balcony on Dock
Overlooking Historic Downtown Wilmington
33 S. Front Street
Wilmington, NC 28401
Driving Directions Click Here
Choose from the finest selections from a gourmet buffet provided by The Balcony on Dock. Guests will pay for only their own meal costs which is $12 plus tax and gratuity. Tea, coffee and soft drinks will be included.
Reply to CoreyHeim@gmail.com by Monday, March 23rd, 2009, Please RSVP with the full name of those who are attending so a printed name badge can be made up prior to the event.