N.C. ranks as one of most promising states for job growth

Despite a disappointing year for the N.C. economy, the state ranks as one of the most promising in the nation for job growth in 2014, according to a new report.

The report, released last week by the Pew Charitable Trusts, estimates that North Carolina’s economy will experience a nearly 2 percent growth rate as it bounces back from the recent recession. The report predicts North Carolina will have the 11th best job growth rate in the U.S. this year.

The state only saw a 1.4 percent non-farming job growth last year after it grew 2.2 percent in 2012, according to the U.S. Bureau of Labor Statistics.

John Quinterno, an analyst for South by North Strategies, said the state has had its fourth straight year of job growth, but he remains cautiously optimistic about North Carolina’s economic recovery in 2014.

“We are growing and netting jobs, but the current rate of growth is depressed and will not eliminate the jobs lost from the recent recession anytime soon,” Quinterno said.

Gov. Pat McCrory spoke at a Durham economic forum last week about the state’s economic prospects and what it needs to fuel the job growth.

“We have to have skilled labor. We are recruiting some incredible businesses to North Carolina right now, but the fact of the matter is the No. 1 question they ask is, ‘Do you have skilled labor?’ And we have to get better in this area,” McCrory said in the speech.

“We have to do better, especially with technical training and math and science, if we are going to have the labor force needed for the future.”

The skilled labor force is often composed of those with college degrees, but Quinterno said young people, including recent college graduates, are often the hardest hit by recessions.

“People with college degrees do have lower unemployment rates compared with those who have less formal education, but that rate is still relatively high due to the length of this recession and ensuing recovery,” Quinterno said.

Catalina Lopez, a senior philosophy and romance languages double major at UNC, said job prospects vary for college graduates depending on their field.

“As far as I can tell, plenty of companies are hiring, but a lot of these companies seem to me to be financial groups or banks, and so the situation lacks diversity in terms of which types of careers are immediately accessible,” Lopez said.

Quinterno said among college graduates, those with advanced degrees — beyond a bachelor’s or associate’s degree — tend to face lower unemployment than other degree holders, and students should keep that in mind when looking into the job market.

Lopez said she is applying to graduate schools in Germany and Canada while seeking jobs both within and outside the U.S.

“No matter what I do for a first job, it’s going to be an adjustment. It will likely be a position that doesn’t pay amazingly well, doesn’t fully recognize certain competencies I have, and it may not hold my interest all that much,” Lopez said. “But as a philosophy major, I’m aware that gaining some skills and solid networks is all part of the process.”

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