Page 8 - Tree Line - North Carolina Forestry Association - Fourth Quarter 2021

NCFA 2021
ANNUAL MEETING
Originally Scheduled Speakers Present to Board of Directors
BY AMANDA MURPHY, DIRECTOR OF COMMUNICATIONS, NCFA
Unfortunately, we had to cancel the NCFA Annual Meeting this year due to factors surrounding the COVID-19 delta variant. We had several sponsors who decided to keep their sponsorship donations with us, and for that, we are grateful. Those sponsors and exhibitors are listed to the right.
We also decided to ask two of our originally scheduled speakers to present at our September 29 Board of Directors meeting. A recap of both of their informative and inspiring presentations is
included below. We hope you enjoy, and that the information our speakers provided helps you feel a little bit better about the situation we are in, and the future of our economy here in North Carolina.
North Carolina Economic Condition & Outlook, Q3 2021 Recession and Recovery During the Pandemic
Prepared by Dr. Michael L. Walden, William Neal Reynolds Distinguished Professor Emeritus, Department of Agricultural and Resource Economics, North Carolina State University. Released September 8, 2021.
CONTACT: (919) 219-8923; michael_walden@ncsu.edu
1]The North Carolina economy continues to recover from the COVID-19 recession. The worst of the recession was
during spring 2020. When data become available, aggregate production Gross Domestic Product (GDP) will have returned to pre-pandemic levels in summer 2021.
2]Among North Carolina’s major economic sectors, the recession was most severe in farming, hospitality/leisure,
transportation/warehousing, and personal services.
3]As of the first quarter of 2021, aggregate production had exceeded pre-recession levels in farming, construction,
manufacturing, trade, and professional services.
4]Using the percentage loss in total employment as the measure, the COVID-19 recession was most severe in rural
North Carolina, and in the Asheville, Greensboro-High Point, Hickory, and Wilmington metropolitan areas.
5]As of July 2021, aggregate employment reached 99% or more of pre-pandemic employment in the Burlington, Durham-Chapel Hill, Greenville, Hickory, Jacksonville, and
Raleigh metropolitan areas.
6]Although the state unemployment rate has fallen from close to 14% during the recession to almost 4% in summer 2021,
the state’s labor force participation rate is still well below its pre- pandemic levels.
7]The massive federal financial assistance provided during the pandemic pushed statewide personal income and retail sales
above pre-pandemic levels.
8]Three big issues emerging during the economic recovery are inflation, government debt, and labor market changes. The inflation rate has recently trended higher; the question is for how long? While the national debt has risen substantially, low interest
rates keep servicing the debt affordable, for now. The pandemic has already generated large changes in the labor market. The challenge will be for adequate training and retraining programs to accommodate these changes.
6 ncforestry.org / FOURTH QUARTER 2021