By the second half of this year, North Carolina's economy should start feeling more normal, according to UNC Charlotte economist John Connaughton. In his quarterly forecast Wednesday, Connaughton noted he's had little positive to say about the economy since the start of 2008. "I've kept trying to say, 'Well it's gonna get better, it's gonna get better,'" said Connaughton to an audience of about 50 who applauded when he added "Today we have good news! Not great news, just good news." Connaughton expects North Carolina to gain about 65,000 jobs this year, which is 12 times last year's number. Still, he says it will take four or five years to make up for the 320,000 jobs the state lost during the recession. Connaughton is also encouraged by signs of increased output in the state and predicts North Carolina's economy will grow 2.7 percent this year. Compare that to 2009 when the state's economy actually shrank by nearly one percent. Another positive sign? Connaughton says Americans have gone into debt each of the last four months. Until recently, people were more intent on paying down debt and saving their money. But Connaughton says the more consumers spend, the better off the economy.
Connaughton Sees Signs Of Economic 'Good News' For NC
