The Carolina Business Review recently hosted a panel of top economists for an Economic Year in Review. They looked back at the stories that had the biggest impact on the Carolina economy in 2015 and how events will shape business and policy debates in 2016.
Panelists included Frank Hefner, College of Charleston; Doug Woodward, University of South Carolina; John Connaughton, UNC Charlotte, and Harry Davis, Appalachian State University.
The economists also discussed the biggest surprises of the year.
Appalachian resident economist Harry Davis believes the biggest surprise was "energy prices going below $50/barrel, the fact that they're staying under $40 and perhaps going even lower."
"Another surprise for North Carolina was the dramatic growth in apartment-building in Charlotte and Raleigh," said Davis. "That's been huge this year for the economy."
The panel also discussed deflation and commodity prices, consumer spending, sales taxes and an upcoming state bond referendum.
As far as expectations for growth in 2016, Davis commented that "North Carolina will grow a little bit quicker in 2016 than in 2015, "but he added that "we need to get our [unemployment rate] down."
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Harry Davis - 2015 Economic Year in Review
Harry Davis - 2015 Economic Year in Review