ECSU Prepares Northeast North Carolina Regional Economic Forecast Ahead of October 14 Regional Economic Summit

As the Elizabeth City State University Regional Economic Summit approaches on October 14, Economics Professor in the Department of Sports Business, Accounting and Management, Dr Kingsley Nwala, is putting together the final elements of a regional economic forecasting together for a presentation that will help as a catalyst for the future of the region. His work will calculate economic data taken from 2019 to 2021, giving local governments and economic developers a window into a possible future.

“2019 was the start of the COVID-19 period and 2020 is therefore strongly impacted,” explains Dr Nwala. “So you look at what happened and where it will take you. “

What has happened is a massive shutdown of public and private sector operations amid an ongoing pandemic. Closures throughout 2020 have had a lasting impact on the region, says Dr Nwala, but the outlook is not dire.

He says that, according to the Congressional Budget Office, due to widespread closures to slow the spread of COVID-19, there has been a collapse in consumer spending and many businesses have cut hours of operation and employees. His data will not only show the details of that impact, but also provide a vision of a possible economic future that looks really bright, he said.

“We know that the population of North Carolina has increased in 2020,” he said. “Unemployment is falling. There are growing industries in the state and they are expected to grow faster. So everything is fine.

The report will focus on the 21-county region that makes up northeastern North Carolina. Dr Nwala’s presentation, he said, will use all available economic data to “describe the economic activities in the state of North Carolina and these counties.”

The data used in its forecasts include real regional GDPs (gross domestic product), industry contributions, industry employment size, population growth, unemployment rates and regional labor force.

The forecast will provide a snapshot of which industries have declined and which have increased.

The summit, which requires pre-registration to attend, will be held at the KE White Center from 8 a.m. to 4 p.m. on October 14. Topics covered during the summit will range from economic forecasting, tourism and travel, transportation, renewable energy and more.

A list of speakers throughout the day will include experts in renewable resources, tourism, marketing, industry, transportation, business development and labor.

Machelle Sanders, secretary of the North Carolina Department of Commerce, will be the keynote speaker at the event.

The Regional Economic Summit is part of an initiative by ECSU to secure its position as a catalyst for regional economic, social and environmental development and to facilitate collaboration with industry and government to improve life in the Northeast from North Carolina.

To reserve a place at the top, a pre-registration can be made HERE.


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