Monday, January 9, 2012

Local Economic Activity

Be on the lookout for the upcoming quarterly Economic Barometer Newsletter!

by Dr. Woody Hall
Professor of Economics
UNCW Cameron School of Business

Gross Domestic Product
Real (inflation-adjusted) gross domestic product (GDP) in the Wilmington, North Carolina Metropolitan Area (MSA) composed of Brunswick, New Hanover, and Pender Counties fell 0.3 over 2008 and 1.5% over 2009. Real GDP rose 2% over 2010 and is forecast to rise 3% over 2011 and 2% over 2012.
Unemployment
The November 2011 seasonally adjusted unemployment rate in Brunswick County was 10.5%, below both the October 2011 rate of 11.6% and the November 2010 rate of 11.3%. The November 2011 seasonally adjusted rate in New Hanover County was 9.3%, below both the October 2011 rate of 10.2% and the November 2010 rate of 9.5%. The November 2011 seasonally adjusted rate in Pender County was 11.9%, down from 12.6% in October 2011 but up from 11% in November 2010. The November 2011 seasonally adjusted rate in North Carolina was 10.4%, the same as the October 2011 rate but above the November 2010 rate of 10.1%. The November 2011 seasonally adjusted rate in the nation was 8.6%, below both the October 2011 rate of 9% and the November 2011 rate of 9.8%.
 Retail Sales
          Brunswick County retail sales rose 6.9% between 2009 and 2010 to $960.1 million. They rose 9.2% in New Hanover County to $2.7 billion and 9.2% in Pender County to $245.7 million.  Statewide, sales rose 0.9% to $95 billion.
            For the year ending September 2011 (October 2010-September 2011), Brunswick County retail sales were up 7.1% to $1.02 billion. They were up 13.9% in New Hanover County to $2.99 billion and 12.6% in Pender County to $275.4 million. Statewide, sales were up 4.6% to $98.4 billion.
Air Traffic
Air passenger traffic at the Wilmington International Airport rose 1.9% between 2009 and 2010 to 819,440. Passenger boardings were up 1.8% to 411,010, and passenger deboardings were up 2% to 408,430. Air cargo traffic rose 4.5% between 2009 and 2010 to 1,875.5 tons. Cargo loadings were up 8.7% to 817.6 tons, and cargo unloadings were up 1.6% to 1,057.9 tons.
For the year ending November 2011 (December 2010-November 2011), air passenger traffic was down 1.4% to 805,340. Passenger boardings were down 1.4% to 403,970, and passenger deboardings were down 1.3% to 401,370. For the year ending November 2011, air cargo traffic was down 1.7% to 1,847.1 tons. Cargo loadings were down 7.5% to 758.1 tons, but cargo unloadings were up 2.8% to 1,089 tons.
State Port Container Tonnage (NSA)
            Container tonnage through the state port facilities at Wilmington rose 15.6% between 2009 and 2010. For the year ending October 2011 (November 2010-October 2011), tonnage was up 14.9% from the comparable year-earlier period to 2.24 million short tons.
Tourism
New Hanover County levies two 3% room occupancy taxes. The revenues from each tax are earmarked for different purposes.
Collections from the two taxes combined (not seasonally adjusted) rose 4.9% between 2009 and 2010 to $7.5 million ($124.8 million in rental revenues). Growth was especially strong during the second and third quarters of the year. For the year ending September 2011 (October 2010-September 2011), tax collections were up 7.2% to $7.95 million ($132.47 million in room rental revenues).
Wilmington Real Estate Market

            Data on sales of existing single-family homes (five-month centered moving average) in the area served by the Wilmington Regional Association of Realtors, viz., southern Pender County, all of New Hanover County, and northern Brunswick County, show a general decline over the period mid-2005 through the first quarter of 2009. Since then, they have shown an annual cycle with virtually no trend. At its peak in mid-2005, the moving average was approximately 900. At its low point during 1Q09, average sales were approximately 250, a decline of more than 70 percent.
            The average price peaked during  late 2007 at approximately $291,000. The subsequent low of $199,800, which was reached during early 2011, was 30 percent lower.
Brunswick County Real Estate Market
            Data on sales of existing single family homes (five-month centered moving average) in the remainder of Brunswick County show a general decline over the period mid-2005 through the fourth quarter of 2007. Since then, they have shown  a slight upward trend imposed an annual cycle. At its peak in mid-2005, the five-month centered moving average was approximately 380. At its low point during the fourth quarter of 2007, average sales were approximately 90, a decline of more than 75 percent.
            The average price peaked at approximately $369,000 during mid-2007. The subsequent low of $206,000, which was reached during early 2011, was approximately 45 percent lower.

Tuesday, January 3, 2012

Welcome 2012

Here's hoping that 2012 has better things in store than 2011. For one, you can finally take that educational class you have been planning, right? Click below for our January--May 2012 schedule of courses available:
http://csb.uncw.edu/cbes/profdev/index.htm