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Agenda - 05-04-2021;12-6 - Information Item - Memorandum - Financial Report - Third Quarter FY 2020-21
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Agenda - 05-04-2021;12-6 - Information Item - Memorandum - Financial Report - Third Quarter FY 2020-21
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4/29/2021 2:28:15 PM
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BOCC
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5/4/2021
Meeting Type
Business
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Agenda
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12-6
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Agenda for May 4, 2021 Board Meeting
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Quarterly Growth Rates In Real GSP 2020 GSP 11 <br /> Gross State Product (GSP) is expected to reach a level of $566,494.2 <br /> 30- 8 million in 2020. Real (inflation-adjusted) GSP is expected to decrease by <br /> 16- 9 2.6 percent over the 2019 level. The Covid-19 shutdown in early 2020 <br /> 3- £ 6 ended the 10-plus year economic expansion that the North Carolina <br /> 0 -3.0 £ economy had experienced since 2010. <br /> 3- 0 <br /> 6- 1 For 2020, first quarter GSP decreased by an annualized real rate of 3.0 <br /> 9- percent as the Covid-19 response slowly kicked in. During the second <br /> 12- - quarter, GSP decreased by an annualized real rate of 31.0 percent, during <br /> 30- which the U.S. economy was essentially shutdown by government action. <br /> In the third quarter, GSP increased by an annualized real rate of 36.8 <br /> 2020 I 2020 II 2020 III 2020 IV percent as recovery began. In the fourth quarter of 2020, GSP is expected <br /> 2020 Highlights to increase by an annualized real rate of 3.9 percent. <br /> 2020* Percent The North Carolina economy, like the U.S. economy, experienced its <br /> Current Dollars Change biggest decline in GDP since the Great Depression of the 1930s. The <br /> Total Gross Product 566,494.2 -1.0 decline was caused not by an economic disequilibrium, but by a designed <br /> Constant(2012 Dollars) action by the government to shutdown normal economic interaction to <br /> Total Gross Product 499,882.1 -2.6 save lives in response to an unprecedented pandemic. The third quarter <br /> Agricultural 5,023.3 -8.2 recovery of an annualized 36.8 percent, while impressive, did not recover <br /> Mining 630.5 -0.4 <br /> Construction 17,055.0 -1.9 the lost GDP experienced during the first and second quarters of 2020. In <br /> Manufacturing 89,110.9 -2.6 fact, by the end of 2020, real North Carolina GDP will be at 98.6 percent <br /> Durable Goods 40,724.3 -6.4 of the real GDP level recorded in the fourth quarter of 2019 before Covid <br /> Nondurable Goods 48,386.6 0.8 <br /> TWU 19,118.3 -1.9 hit, <br /> Wholesale Trade 29,857.4 0.7 <br /> Retail Trade 28,871.2 -1.9 Going forward, the number one question is how long before the economy <br /> Information 22,523.4 -1.3 <br /> FIRE 93,103.9 1.0 gets back to its 2019 level and will the unemployment rate again approach <br /> B&P 67,321.5 -0.9 "full employment." For GDP, the expectation is that North Carolina real <br /> E&H 39,977.0 -5.7 GDP will surpass the fourth quarter 2019 level of real GDP by the second <br /> H&L 13,118.5 -27.6 <br /> Services 8,933.8 -10.1 quarter of 2021. Unfortunately, the unemployment rate will take another 6 <br /> Government 65,236.4 -1.6 to 12 months before it again approaches 4.0 percent. By December of 2021 <br /> it is likely the North Carolina's unemployment rate will still be above 5.0 <br /> percent. <br /> *millions of dollars <br />
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