| 116th Year, 29th Issue | Thursday, February 24, 2005 | Sparta, North Carolina |
Western North Carolina has lost nearly 10,000 jobs in the past year. But despite those losses, worker productivity and other factors have contributed to a slow but steady rise in the region’s economy.
The region’s economic activity grew 0.3 percent in December 2004 to 112.3, according to the Western North Carolina Economic Index compiled by Appalachian State University’s Walker College of Business. Todd Cherry, an author of the report, expects the region’s economy to continue to grow at a modest pace. Cherry is the Harlan E. Boyles Professor in the Walker College of Business.
“The regional economy has performed well over the past year but has lost some steam in recent months,” he said. “While the regional economy grew 3.7 percent in 2004, it only grew at an annual rate of 1.2 percent in the fourth quarter of 2004. Early signs suggest the region’s economy may continue this slow but positive performance in the first quarter of 2005.”
Cherry says the labor market remains weak, especially in the region’s
foothills area. The seasonally adjusted employment for the 25-county
region declined .12 percent in December, the fifth consecutive month of
decline. Western North Carolina has seen a 1.3 percent total decline in
employment during the past 12 months.
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