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Economy rebounding in NC

Vasilis Brouzoukis, Editor-in-Chief

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The 2007 recession was a hard hit to the US economy. However, total recovery is not as far off as you might think. Some of you have probably noticed that there is more money to spare. That summer trip to the Caribbean, that new car, that 40-inch plasma TV, that new iPhone…these are all signs that there is extra cash to be spent.

North Carolina’s real gross domestic product increased at the fastest pace in the Southeast in the third quarter last year. The 2.8 percent growth from the second to third quarter represents the 14th fastest growth rate in the nation, according to data released by the Bureau of Economic Analysis.

Overall, U.S. real GDP by state growth slowed to an annual rate of 1.9 percent in the third quarter of 2015 after increasing 3.8 percent in the second quarter, according to BEA. The third quarter marked the fifth straight quarter in which North Carolina outpaced the national average.

This change in the economy is not hard to notice. It is something that people witness during their everyday lives. It has affected everyone in our community, students and teachers alike.

“Things have changed a lot during the past five years and even students like me can see that,”  freshman William Johnson says.

During the 2008 recession and shortly after, many students were looking for a part-time job. The situation is not the same anymore.

Sharon Walker, the college and career counselor at Providence, says that “there are more jobs than there are students.” Looking back eight years,  part-time jobs for students were scarce. “There were not enough jobs to offer to all those students,” Walker adds. “Now that there are many employment opportunities, only a few students come to ask about them.”

Students, however, were not the only ones enjoying the benefits of a growing economy. Teachers also witnessed that things took a turn for the better.

According to Elizabeth Marquardt,  the AP macroeconomics and microeconomics teacher, North Carolina teachers took a hard hit during the recession. “Teacher salaries remained the same during the recession, without them receiving the expected raises,” she says. This stagnation of the salaries led those teaching during the economic downturn to be behind in their raises. For example, in 2007, a teacher with a bachelor’s degree and 20 years of experience would earn $44,140 annually, a higher number than the yearly salaries until 2014.

Marquardt has noticed the recent changes to the economy. “Teacher salaries have begun increasing over the last years,” she says, something  that goes hand in hand with the overall growth and can be witnessed by the fact that salaries for teachers have been rising since 2014.

The recession that affected citizens’ everyday lives and cost many their jobs was a major crisis.  While it appears that our state has control of this crisis and the economy is continuing to improve, there is much work to be done to ensure our economy has completely recovered.

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The student news site of Providence High School
Economy rebounding in NC