Wednesday, April 1, 2015

Wells Fargo: 'North Carolina’s economy has clearly shifted into high gear'

Wells Fargo & Co. (NYSE:WFC) says North Carolina’s job market is operating at full-tilt.
The San Francisco-based lender, which has its East Coast hub in Charlotte, recently released an economic update on the state.
The gist: “North Carolina’s economy has clearly shifted into high gear,” senior economist Mark Vitner and his team wrote in the report.
Here are 5 takeaways to remember:

1. The unemployment rate (5.3%) in North Carolina is below the national average.“The quality of jobs being created has also improved, with growth led by gains in the professional & technical services industry,” Wells says. “Hiring in the construction and manufacturing sectors has also sprung back to life, which is particularly good news for manufacturing-intensive areas, such as Greensboro, Winston-Salem, Hickory, Charlotte, Raleigh and many rural parts of the state.

2. People here are making things. Wells says goods-producing jobs have increased 4.7% over the past 12 months, a net gain of 28,800 jobs. Construction jobs have surged 9% over the past year, producing a net gain of 15,300 jobs, while employment in manufacturing is up 3.1%, producing a net gain of 13,600 jobs. Manufacturers employ 458,300 workers in North Carolina, which equates to 10.9 percent of the state’s employment base.

3. The more we make, the better for everyone.“Construction and manufacturing have very high multiplier effects, helping drive gains in wholesale trade, transportation and other parts of the service sector. These knock on effects are apparent in the latest data.” How much? Wholesale trade (+4.2%); transportation, warehousing & utilities (+4%).

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