Raleigh leads North Carolina in economic growth

January 6, 2012 by  

At a meeting hosted by the Greater Raleigh (North Carolina) Chamber of Commerce Wednesday morning, representatives from Wells Fargo Securities and the Federal Reserve Bank of Richmond pointed out there should be an improvement in the economic growth and employment in the metropolitan Raleigh area during the 2012 calendar year.

The Chamber of Commerce used printing services to create brochures that detailed research done to highlight those areas where the highest growth is expected and what this will mean for the economic future of the Raleigh metropolitan area.

Several hundred business leaders attended the meeting last Wednesday to hear the reports of John Silvia of Wells Fargo Securities and Matthew Martin from the Federal Reserve Bank in Richmond. According to both men, although earlier economic forecasts had predicted a 3.2 percent growth for 2012, the more likely figure will be around 2 percent. This is in line with another economic forecast announced the previous day by the North Carolina Bankers Association.

Silvia pointed out that Raleigh has been leading the state in the overall growth rate and in job increases. He noted the unemployment rate in the Triangle area was under 8 percent in November and during that same month, there was a 1.8 percent increase in jobs in the Raleigh area alone. Although the growth rate is not outstanding, he also pointed out Raleigh’s jobless rate is below the national average of 8.6 percent and the metropolitan area leads the state in jobs and economic growth.