Economists See Growth Potential for NC Amid Hurricane Helene and National Trends

Durham: North Carolina’s economy looks pretty solid, but there are some bumps ahead. Economists recently shared their thoughts at an NC Chamber forum. They pointed out that Hurricane Helene and some national policy changes could shake things up a bit this year.

Laura Ullrich, an economist from the Richmond Federal Reserve, mentioned that they aren’t seeing major shifts in economic patterns. However, the uncertainty from the upcoming election and the hurricane is making companies hesitate in their decision-making.

North Carolina has been growing fast, thanks to investments from both old and new industries, plus a surge of new residents in urban areas. This growth is expected to keep going, but outside factors could complicate things.

In western North Carolina, Hurricane Helene caused significant damage, affecting homes and small businesses. Gary Salamido from the NC Chamber called it “North Carolina’s Katrina.” Meanwhile, in Washington, new tariffs could raise prices on imports, and global conflicts are messing with trade.

John Connaughton from UNC-Charlotte noted that disasters usually lead to a slowdown followed by a recovery. But Helene’s unique damage might not follow that pattern. He doesn’t expect a quick recovery.

On a brighter note, the growth in key industries, especially pharmaceutical manufacturing in the Triangle, should help North Carolina stay strong. Travis Clark from Visa believes demand will keep rising, making it a key growth area.

In other news, the NC Chamber is rolling out a new health care plan for small businesses soon. This plan will be available for businesses with 2 to 50 employees and is set to launch for open enrollment in 2026. Salamido mentioned they’re working on getting everything ready this year. The plan aims to help small businesses provide quality benefits to their employees.