Economic outlook conference held in Downtown Wilmington

NEW HANOVER COUUNTY, NC (WWAY) — With inflation high and job growth slowing — the U.S. Economy is in a strange place right now. 

Thursday, hundreds of people gathered in Wilmington to look at economic trends and what to expect moving forward. 

The WilmingtonBiz Conference Expo was held at Wilmington’s Convention Center. 

Many of those attendees are business owners and they said they’re anticipating the year ahead. 

The Wilmington area continues to grow as more people move to the Cape Fear.  

Swain Center Regional Economist, Mouhcine Guettabi, said despite rising interest rates and a national real estate slow down — the Port City is benefiting from increased traffic from both visitors and new residents.   

One economic trend we’re seeing as a result of those coming to the area, is a spike in job growth and wages.  

“We have, roughly speaking, about 10,000 more jobs than we did pre-pandemic,” Guettabi said. 

Guettabi said the migration of folks from outside the area into the Cape Fear has continued to fuel our labor market resilience — ultimately helping to power our local entrepreneurs and their businesses.  

One of those businesses in the area said they keep an eye out for these trends in their numbers.  

Chief Illuminating Officer, JC Chanowski, with Patriot Illumination, said it’s difficult being a business owner and knowing an ever-changing economy can reflect in his business.  

“As a small business owner, it’s a huge concern for us on our growth track for 2023 going into the holidays,” Chanowski said. 

Looking ahead, Chanowski said he feels reassured as a company in this economy after Thursday’s conference. 

Guettabi urged businesses in the Cape Fear to remain positive while we navigate these rising interest rates and the national real estate slow down. 

He said to remember that locally, these current economic trends are beneficial to the area.