From its thirty-one miles of pristine shoreline to the golden waters of the Cape Fear River, this area welcomes you! Sandy island beaches, a historic riverfront town, lovely gardens, museums, national landmarks, art galleries, unique architecture, a lively arts scene, festivals, year-round golf, all types of fishing, and the largest film studio outside of Hollywood … are just a few of the reasons to live here.
The following is a current article written about
our area:
Area
economic outlook 'stellar'
Housing market, full employment
among highs for
Southeastern N.C.
By
Bonnie Eksten
Business Editor
WilmingtonStarNews
"Housing
bubble? Not here. Unemployment? Not a problem. Ray Owens, a Fed
economist, addressed business and political leaders Thursday at the
annual economic forecast sponsored by RSM McGladrey, The Greater
Wilmington Chamber of Commerce and the Committee of 100. The senior
economist with the Federal Reserve Bank of
Richmond
recapped 2005 and laid out the economic picture for 2006 before a full
house. Owens told the invitation-only crowd that “2006 looks
stellar.”
This is the 14th year a speaker from the Richmond Fed has ventured
this far south to discuss the economic outlook for the year. Owens has
a fairly good record for economic prognostication. Last January he
said the housing market in
Southeastern North Carolina
was solid. It still is. For example, local real estate agents said
there was a shortage of million-dollar properties. By summer, the
Wilmington Regional Association of Realtors reported record-high sales
numbers and prices for single-family homes sold in June. He said the
Fed’s short-term interest rates would continue to rise. They did. In
a process that had started in the summer of 2004, the Fed continued to
raise interest rates 13 times, reaching 4.25 percent by the end of
2005. Owens predicted the area’s economy would grow. It has. General
Electric plans to expand both its nuclear and jet engine business
here. Fortron and DAK Americas each will invest $65 million in new
construction. PPD is building a new world headquarters and says it
will add another 1,000 workers in
Wilmington
.
Economists, he said, are paid to worry, but there wasn’t a sour note
sounded when it came to this year’s economic predictions, especially
for the greater
Wilmington
area.
Owens said the local outlook for this year includes: HOME SALES: This
area is the top of the food chain, and as long as the underlying
fundamentals are strong, there is no housing bubble. Sales should
level out this year. But because there is a limited amount of lots
with water views, supply and demand will continue to fuel sales. The
housing market will continue to grow but won’t be as robust as last
year as prices level off rather than drop. Coastal areas will still
attract homebuyers, especially wealthy baby boomers, who often can pay
cash for vacation homes on the water.
INFLATION: With about one in four households living on retirement
and/or fixed incomes, inflation is a source of concern for residents
of
Southeastern North Carolina
. With the exception of energy prices, inflation is under control and
within the Fed’s “comfort zone.”
JOBS: Job growth in this part of the state mimics other hot job areas,
such as Northern Virginia and the
District of Columbia
.
Wilmington
has statistical full employment – almost everyone who wants a job
has one. Employers are concerned about finding enough workers to fill
jobs. If job opportunities flatten in home construction, other
businesses that are growing will be able to absorb affected workers.
MANUFACTURING:
North Carolina
’s reliance on manufacturing jobs has hurt its overall employment
picture. Because manufacturing is the weakest sector in the economy,
the state’s unemployment rate has been higher than the
U.S.
rate. That is changing as the influx of venture capital into
North Carolina
business is on the upswing, and the high-tech sector is beginning to
show signs of life again.
CONSUMER SPENDING: As long as consumers feel confident about the
economy, they will spend.
North Carolina
residents are showing a great deal of confidence, outspending the rest
of the nation."
To view
past articles, visit our News Archives.
North Carolina’s Cape Fear Coast encompasses the city of Wilmington and the island communities of Carolina Beach, Kure Beach, and Wrightsville Beach. In Wrightsville Beach, island life is distinguished by its village charm and cosmopolitan lifestyle. Picturesque Wilmington embraces one of the largest historic districts in the country, covering approximately two hundred and thirty blocks (and growing).
This is a place of uncommon beauty and a legacy that spans centuries. Today the area is a busy port, the home of the University
of North Carolina at Wilmington, a vacation destination, a retirement community, a filmmaking mecca, and so much more!
Click here for a “Welcome to Wilmington” guide.
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