Experts Give Insight into North Carolina’s Economic Forecast for 2024

Friday, January 5, 2024

The NC Chamber of Commerce and the North Carolina Bankers Association hosted the 22^nd Annual Economic Forecast on Friday, January 5, 2024. A recap of the event can be viewed via ABC11, the media sponsor of the event.

Some of the key takeaways from the event included that:

• Unemployment rate is expected to rise next year, above 4%
• Consumer spending will likely slowdown
• With it being an election year, economist note that could impact job growth and the overall economic environment
• The Central Bank could be cutting interest rates, but not likely until Q3 of 2024
• North Carolina is better positioned to weather the economy compared to other states
• As growth continues to take place in North Carolina, there was an expressed focus on childcare and affordable housing, including starting with preparing students for career pathways as early as middle school.
• From the State, project activity has slowed and we will not see the announcements that we saw over the past 3 years. Continue to see interest from clean energy sectors, wind, solar, electric vehicles

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