Orange County NC Website
Browse       Search
11 <br /> FORECAST HIGHLIGHTS <br /> Annual Growth Rates In Real GSP •For 2020, NORTH CAROLINA real GSP is expected to decrease by 3.4 <br /> percent over the 2019 level. <br /> 4- <br /> 3— Twelve of the state's fifteen economic sectors are forecast to experience output <br /> 2— 4.5 <br /> [2.5] [2.6 2.0 decreases during 2020. The sectors with the largest expected declines are <br /> 1 hospitality and leisure services with a projected real decrease of 33.9 percent, <br /> 0— p� ty p j <br /> -1 — other services with a projected real decrease of 10.7 percent, durable goods <br /> -2 — J34 manufacturing with a projected real decrease of 9.3 percent, health services <br /> -3 — with a projected real decrease of 6.9 percent, and retail trade with a projected <br /> -4 — real decrease of 3.7 percent. <br /> -5 — <br /> •For 2020, NORTH CAROLINA establishments are expected to lose 224,100 <br /> 2017 2018 2019 2020f 2021 f net jobs during the year, a decrease of 4.8 percent. <br /> GSP/Gross State Product is a yardstick that measures • For 2021, NORTH CAROLINA real GSP is forecast to increase by 4.5 <br /> the total output of a state's economy for a given year. percent over the 2020 level. <br /> It is analogous to the U.S. Gross Domestic Product <br /> (GDP). All fifteen of the state's economic sectors are expected to experience output <br /> increases during 2021. The sectors with the strongest expected growth rates are <br /> Year-End Seasonally Adjusted North Carolina agriculture with a real growth rate of 21.7 percent, hospitality and leisure <br /> services with a real increase of 7.3 percent, educational and health services with <br /> Unemployment Rates a real increase of 6.8 percent, information with a real increase of 6.0 percent, <br /> 8 other services with a real increase of 5.6 percent, wholesale trade with a real <br /> increase of 4.8 percent, retail trade with real increases of 4.7 percent, and <br /> 6 business and professional services with a real increase of 4.6 percent. <br /> 4 <br /> 6.0 5 1 •For 2021, NORTH CAROLINA establishments are forecast to add 245,100 <br /> 2 4.2 4.0 3 6 net jobs, an increase of 5.4 percent. <br /> 2017 2018 2019 2020f 2021 f •The North Carolina unemployment rate peaked at 12.9 percent in April and by <br /> December 2020, the state's unemployment rate is expected to be around 6.0 <br /> percent. <br />