PNC Forecasts Strong Economic Outlook For NC

PNC Forecasts Strong Economic Outlook For NC

North Carolina’s population growth, which exceeds the national average, continues to drive the state’s economic expansion, according to Gus Faucher, chief economist for PNC Financial Services Group. His remarks came during a mid-November luncheon at Charlotte’s Quail Hollow Club. “It becomes a chicken and egg thing where you have strong job growth that leads to strong population growth and that in turn encourages further job growth,” said Faucher. “So, as long as the area continues to see population growth above the national average it will continue to see economic growth that is well above the national average.” Weakness in global manufacturing is a cause for concern in North Carolina, Faucher said, though declines in the factory sector seem to have leveled off. “If we’re not experiencing a contraction in manufacturing, it’s at least flat,” he said.

 

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