Study: N.C. economy to contract this year - Charlotte Business Journal:

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percent below the 2008 level, according to UNC Charlott economistJohn Connaughton. He foresees outputr declines for nine ofthe state’s 11 economi sectors this year. The sectors with the largest expectedr declinesare construction; agriculture; finance, insurance and real retail trade; durable-goods manufacturing; wholesalde trade; nondurable-goods manufacturing; warehousing, utilities and information; and services. For 2009, North Carolina is likely to lose 123,500p net jobs, Connaughton says. The sectors that are expected to displag the greatest employment declinesare construction, durable-goods manufacturingt and nondurable-goods manufacturing. The N.C. economy contracted by 0.
3 percentt during 2008, he says. That compares with a 2.4 percent increase in grossw state productin 2007, Connaughton state s in his quarterly forecast. Last year, the state’s economy lost 120,0009 net jobs. The sectors that saw the biggest employment declineswere durable-goods manufacturing, construction and nondurable-goodx manufacturing, the report states. For the North Carolina’s gross statr product is expected toincrease 1.9 percenty over the 2009 level, Connaughton says.
Seven of the state’zs 11 economic sectors are forecast to experience growth next The sectors with the strongestf expected growth forecasts are insurance andreal government; services; transportation, utilities and information; and wholesale