Orange County NC Website
Browse       Search
13 <br /> Statewide Sector Trends <br /> Using the broadest measure of economic growth —the growth rate in real Gross Domestic <br /> Product (GDP) -North Carolina's economy continued its upward trend in 2016 (Figure 1). <br /> With the exception of a drop in real GDP in 2012, the state's economy has expanded since <br /> 2010.1 In both 2015 and 2016 North Carolina's real GDP growth rate exceeded the national <br /> growth rates. North Carolina's growth rate exceeded the Southeast states' growth rate in 2015 <br /> but not in 2016. Although state level GDP data were not available for the first quarter of 2017 <br /> at the time of this report's preparation, wage and salary data show growth continued in the first <br /> quarter of 2017 at approximately the same rate for North Carolina, the US, and Southeast states. <br /> Figure 2 shows changes in production (real GDP)in key sectors of the North Carolina <br /> economy from the bottom of the recession in 2009 to 2015 (latest year available for state data). <br /> The top four sectors in growth have been professional and business services, information, leisure <br /> and food services, and durable manufacturing. Note, however, the decline in output of non- <br /> durable manufacturing. The contrast in growth between durable and non-durable manufacturing <br /> since the end of the Great Recession suggests the re-shaping of the North Carolina economy— <br /> especially in manufacturing—is continuing. Relative downsizing is still occurring in non- <br /> durable sectors like apparel and textiles, while durable manufacturing industries such as <br /> machinery and metals are expanding. <br /> Figure 1. Real GDP Annual Growth Rate (%)in the North Carolina, US, and Southeast <br /> States' Economies, 2010-2016. <br /> 3 <br /> 2.5 <br /> 2. <br /> 2010 201...1.. 012 2013.. 2014.. 2015 2016.. <br /> 0.5 <br /> N C US SF <br /> Source: U.S. Bureau of Economic Analysis <br /> 1 The decline of real GDP in 2012 was mainly due to a contraction in the pharmaceutical industry. <br /> 2 <br />