Economic study shows Cape Fear economy steadily growing but slowdown is expected

WILMINGTON, NC (WWAY) — As the US dockworker strike continues into its second day, local business owners and elected officials gathered at the Wilmington Biz Expo on Wednesday to learn more about how the economy is doing.

UNCW Economics professor Mouhcine Guettabi gave a presentation at the Expo about a study he conducted that showed that overall growth in the Cape Fear region continues to increase but at a slower rate compared to previous years.

“Growth will continue but we’re going to be growing a little bit slower over the next few years,” Guettabi said. “Migration will continue but we’re going to be growing a little bit slower. Wages are higher but wage growth is gonna be a little bit slower over the next few years.”

During the presentation, Guettabi said despite the dockworker’s strike that began Tuesday, foot traffic in transportation and warehousing was more than two times higher in 2024, compared to 2019, due to growth at the Port of Wilmington and Wilmington International Airport.

In terms of population, Brunswick County is now the fastest-growing county in the state, with Pender County coming in at 2nd place.

According to the study, people who moved into Brunswick County last year had a much higher income than people already living there, which meant nearly $500 million in income moved into the county, the largest amount in the entire state.

While the growth rates the Cape Fear has experienced in recent years is slowing down, Guettabit said people shouldn’t be worried.

“There is no recession in sight, the region is growing, we’re healthy, the economy is healthy, but its important to do away with the growth rates of the last few years cause its not realistic to keep growing at 5, 6, 7 percent,” Guettabi said.

New Hanover County Commissioner Jonathan Barfield Jr was at the presentation and said making sure the region’s infrastructure can handle the continued growth is important.

“Have to make sure that your infrastructure is meeting the demand, especially when it comes to housing and development,” Barfield said. “To make sure the water and sewer lines are in palce, that your schools can handle the capacity, that your roads can handle capacity. I think DOT has done a great job in some of the things they’re doing to increase mobility in our region.”

The study also found that healthcare is the fastest-growing industry in Wilmington and the Port City was the second fastest-growing metropolitan area in North Carolina between July 2019 and July 2024.