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Agenda 11-04-2021; 12-5 - Information Item - Financial Report - First Quarter FY 2021-22
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Agenda 11-04-2021; 12-5 - Information Item - Financial Report - First Quarter FY 2021-22
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10/28/2021 2:46:42 PM
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BOCC
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11/4/2021
Meeting Type
Business
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Agenda
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12-5
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Agenda for November 4, 2021 BOCC Meeting
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10 <br /> Figure 2. Sector GDP as a Percentage of 2019 IV Level, US and NC. <br /> SECTORSBUT ALL RATE <br /> OF <br /> us <br /> NC <br /> 202011 022021 1 <br /> FARMING 95% 04% 58% 111% <br /> CONSTRUCTION 93% 103% 94% 104% <br /> MANUFACTURING 88% 102% 89% 101% <br /> TRADE 90% <br /> TRANSP/WAREHOUSING <br /> PROFESSIONAL SERVICES 96% 104% <br /> • <br /> HOSPITALITY/LEISUREHEALTH CARE 83% 97% 84% 97% <br /> .0 <br /> PERSONAL <br /> Source: US Bureau of Labor Statistics. <br /> The two columns in Figure 2 labelled"20211" show the strength of the recovery in the <br /> sectors. For the US, several sectors—farming, construction, manufacturing, trade, and <br /> professional services—actually exceeded their level of production of 2019 IV. Education and <br /> health care were not far behind. The sectors lagging the most were the same sectors that had the <br /> deepest declines—transportation/warehousing, hospitality/leisure, and personal services. The <br /> same pattern occurred in North Carolina. Interestingly, the North Carolina sector that <br /> experienced the deepest decline—farming—also had the strongest economic rebound. <br /> The depth of the Covid-19 recession and the strength of the recovery also varied <br /> geographically within North Carolina. Figure 3 uses total employment data instead of <br /> unavailable local GDP data to measure these differences. Total employment in April 2020, at <br /> the height of the pandemic, and in July 2021, the latest month available, are shown as a <br /> percentage of pre-pandemic total employment in February 2020 for the nation, state, and the <br /> state's major regions. <br /> North Carolina had a slightly lower relative loss of jobs during the pandemic, with 88% <br /> of the state's jobs remaining in April 2020 from the pre-pandemic level compared to 85% for the <br /> nation. However, several regions in North Carolina were below the 85%national rate, including <br /> Asheville, Wilmington, and Rural NC. Asheville and Wilmington are very dependent on <br /> tourism, and tourist activity was hard-hit during the pandemic. Jobs in Rural NC were likely <br /> adversely impacted by the large contraction in the state's farming sector. <br /> By July 2021,North Carolina's total employment had recovered to 99% of the pre- <br /> pandemic February 2020 level, compared to recovery of 96% for the nation (Figure 3). <br /> 4 <br />
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