According to the NCSU Index of North Carolina Leading Economic Indicators, there was a slight 1% decline in April. Despite this drop, the Index has remained within a narrow band for the past year. The only component that showed strength was building permits, which experienced an 18% gain.
The lack of strong trends in the Index suggests that North Carolina’s economy is not expected to see any significant positive or negative changes this year. Economic growth, including job growth, is expected to continue. The Index indicates that there will be little movement either up or down in the North Carolina economy for the remainder of 2024. However, unexpected events such as international developments, changes in energy markets, or Federal Reserve policy could potentially impact the economy and lead to changes.
The NCSU Index of North Carolina Leading Economic Indicators is composed of five components: the national leading index from the Conference Board, North Carolina initial claims for unemployment benefits, North Carolina building permits, average weekly hours of work of all North Carolina employees in manufacturing, and average weekly earnings of all North Carolina employees in manufacturing. All data is seasonally adjusted and modified for differences in price levels where appropriate. Dr. Michael Walden calculates these indicators and welcomes comments at michael\_walden@ncsu.edu
