Any North Carolinian who watches cable news, reads newspapers or even skims headlines on social media knows that economic and employment forecasts vary. Some experts say we are on the path to growth, some predict impending doom and gloom, and still others say we are running stagnant. So just what is the employment outlook in the Charlotte, Winston-Salem, Greensboro areas?
North Carolina Is On the Move
Economists at North Carolina State University recently published a comprehensive study on the state of the economy as 2016 closes, and the outlook for 2017. According to their findings:
- After a sluggish start to its recovery, North Carolina has gained momentum, posting the 10th fastest output gain in the U.S. in 2015.
- Across the state, the labor market is improving. Jobs are being added, and more people are rejoining the labor force.
- Charlotte and Raleigh are experiencing an incredible 4% unemployment rate, which is considered “full employment.”
- Charlotte has expanded its job base by 20% since the end of the Great Recession.
- 90,000 New jobs are predicted for 2017.
Recent data from Wells Fargo economists shows that Greensboro and Winston-Salem have also experienced growth, though at a slightly lower rate than Charlotte. However, the aging population in this area will leave many jobs open as baby boomers begin to retire in large numbers.
Where Is Job Growth Most Likely?
There has been a lot of talk about manufacturing in the US and whether or not the sector is growing. North Carolina – like much of the rest of the country – is seeing a net loss in non-durable manufacturing. However, durable manufacturing is expanding here. The region’s information technology, professional and business sectors are also growing at a pace that rivals the rest of the country.
With more jobs opening up and more North Carolinians going to work, wage rates are expected to improve at a slightly faster-than-average rate. However, the biggest growth will be seen at the high end and low end of the wage scale, while middle incomes are more likely to see growth that keeps pace with inflation.
Are looking for a job or looking for talent?
These forecasts are good for North Carolina and its businesses. However, the region can only truly capitalize on growth when companies can connect with talented and qualified candidates to fill their open positions. If you are a job seeker in North Carolina looking for new challenges in the Charlotte, Winston-Salem, and Greensboro areas, or if you are a business looking to connect with talented candidates, Bonney Staffing Center is here to help. We work closely with both our clients and our talent to make strong matches that ensure positive outcomes for both employer and employee. Contact us today to see how we can help you achieve your goals.