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.
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