Coastal News

Microcell Brings 100 Good Paying Jobs to Martin County

Economic Developers Work to Bring High Tech Companies to Northeastern North Carolina

Oct. 23, 2007, Robersonville, NC - Economic Development Commissions, educators, and local officials were on hand Monday morning to celebrate the official announcement of Microcell’s 80,000 square foot fuel cell production facility opening in Martin County, NC.  The company's headquarters, including research & development, will remain in the Research Triangle Area.   Located in Robersonville, the facility, equipped with clean room production areas, will focus on manufacturing the company's automotive and distributed generation fuel cells to meet product orders from its strategic partners and other customers.

The new facility will also bring over 100 new jobs to North Carolina’s Northeast region, an area rich in workforce and educational resources, yet lagging in good-paying jobs.  “The new Microcell facility will provide an outlet for local technicians, engineers, and production workers.  Our trained workforce often leaves the area for higher paid technical jobs, but this is an opportunity in our backyard.  It’s an opportunity to allow our most well-trained people to remain in Northeastern North Carolina,” said Gene Rogers, Chair of the North Carolina’s Northeast Commission.

Abandoning traditional approaches to building fuel cells, Microcell’s technology focuses on extruded fiber technology which is easier to manufacture and can be used in many applications, including automotive alternative energy.  With its research beginnings at Centennial Campus of North Carolina State University in Raleigh, Microcell needed a manufacturing facility with access to plenty of space and good workers.  They found both in Martin County. 

Representative G. K. Butterfield, a member of the North Carolina House Energy and Commerce Committee, working to develop new energy policies and bring more fuel efficiency to the automotive industry, stated, “One of the greatest innovations to come along is the hydrogen fuel cell.”  Tommy Bowen, Chair of the Martin County Commissioners expressed his excitement that the new technology is being built in Martin County.  Microcell has “taken technology and made it a reality and provided 100 good-paying jobs for 100 families,” he stated.

Microcell employees are being trained in teams during the start-up operation with more employees being added every few months.  Once the plant is fully operational, they expect to employ 120 workers, the majority of those being local residents.

The new employees undergo intense training before making their first fuel cell.  Martin Community College and the Employment Security Commission are committed to developing additional training opportunities for Microcell.

“This is what it’s all about,” stated Vann Rogerson of North Carolina’s Northeast Commission.  “When we talk about diversifying our economy and expanding the capacity for new jobs, we are talking about businesses like Microcell, who bring to the table technology, research, good paying jobs, and the opportunity for more growth.  Northeastern North Carolina can supply the workers for high tech jobs, so we will continue to attract new businesses to the area.”  Microcell fits into the region’s automotive marketing cluster that includes the North Carolina Center for Automotive Research (NCCAR).  NCCAR, under development in Northampton County, will provide a site for automotive testing to be used by vehicle related industries.  “North Carolina’s Northeast region is ready to move forward, and this company is going to help us do that,” said Stan Crowe, Chair of the Martin County Economic Development Corporation.

About North Carolina’s Northeast Commission:

North Carolina’s Northeast Commission is dedicated to increasing the standard of living for citizens in its sixteen-county region through tourism, industrial, and business development. The 16 counties that comprise the regional Commission are: Beaufort, Bertie, Camden, Chowan, Currituck, Dare, Gates, Halifax, Hertford, Hyde, Martin, Northampton, Pasquotank, Perquimans, Tyrrell, and Washington. For more information about the North Carolina’s Northeast Commission, contact us at www.ncnortheast.com and www.visitncne.com.    

 About Microcell:

Microcell is the world leader in proton exchange membrane (PEM) microfiber fuel cells that operate on a cylindrical platform for applications ranging from back-up power to automotive.  The company’s extrusion-based scalable process for cost-effective, large-scale production distinguishes it from other fuel cell technologies.  For more information about Microcell, visit www.microcellcorp.com.

 North Carolina’s

Northeast Commission

119 West Water Street

Edenton, North Carolina 27932

27^th Annual North Carolina Oyster Festival BREAKS RECORDS

Record attendance on Saturday and Sunday

Oct. 23, 2007 - Ocean Isle Beach, N.C. – The Brunswick County Chamber of Commerce hosted the 27^th Annual North Carolina Oyster Festival on October 20 - 21 at Ocean Isle Beach.  The festival experienced tremendous growth from last year’s attendance of 30,000 people to over 45,000 people throughout this year’s weekend.  This is an increase of over 50 percent.

“We are truly excited about the growth in this year’s festival,” said Kristin Coffey, Festival and Events Director at the Brunswick County Chamber of Commerce.  “We had great weather throughout the weekend; we tried some new marketing efforts and had a great committee to help organize the festival.  We look forward to more growth next year.”

Not only was attendance up, but last year’s road race record of 243 runners was beat as well.  This year’s road race had 322 participants, an increase of 32.6 percent.  Each year the road race is held on Saturday morning featuring a one mile fun run, 5K race and 10K race.  The race results can be found at www.brunswickcountychamber.org

The Brunswick County Chamber of Commerce ordered twice the amount of T-shirts from last year, but still sold out of all adult sizes by Saturday afternoon.  The Chamber has issued a re-order of the shirts.  Please contact the Chamber at 910.754.6644 if you would like to purchase an Official 27^th Annual Oyster Festival T-shirt. 

The festival also featured live entertainment throughout both days, a surf contest, the North Carolina Oyster Shuckin’ Championship, Coastal Living Cooking Demonstration, Oyster Stew Cook-off and a kid’s area. 

For more information, contact the Brunswick County Chamber of Commerce at 910.754.6644 or visit our website at www.brunswickcountychamber.org.

The North Carolina Oyster Festival Sponsors included: Coastal Living, major sponsor; WECT 6, event media sponsor; ATMC, event media sponsor; First Bank, Road Race sponsor; Surf Unlimited, Surf Contest sponsor; VisitNC.com, Cooking Demonstration sponsor; The Sun News, Oyster Shuckin’ sponsor; Coldwell Banker Sloane Realty, Oyster Stew Cook-Off sponsor; The Brunswick Beacon, Oyster Stew Cook-Off sponsor; North Carolina Department of Agriculture and Consumer Services, Oyster Stew Cook-Off sponsor; Brunswick Community Hospital, Main Stage sponsor, Countrywide Home Loans, Main Stage sponsor; Waste Industries, Inc., Main Stage sponsor; The East Carolina Bank, Main Stage sponsor; Sunset Properties, Main Stage sponsor; Cape Fear Bank, Kid’s Area sponsor; Prudential Burroughs & Chapin Realty, Inc., Trolley sponsor.

The Brunswick County Chamber of Commerce is a membership driven organization, striving to enhance the quality of Brunswick County by providing leadership through strengthening and promoting business, industry and tourism.  The Chamber has been dedicated to creating a premier place to live, work and play for over 30 years.  For more information, call 910.754.6644 or visit www.brunswickcountychamber.org.

Contact: Erin Burneyko

Phone: 910-754-6644 ext.104

INNOVATION, COMMUNITY FOCUS LINK LATEST INDUCTEES

INTO THE NORTH CAROLINA BANKING HALL OF FAME

Oct. 23, 2007 - Pinehurst, NC - In ceremonies held in the tradition-laden Cardinal Ball Room at the Pinehurst Hotel in Pinehurst, North Carolina, five titans of the banking industry in North Carolina were formally inducted into the North Carolina Banking Hall of Fame.  Though each of the inductees had very different careers, two common threads emerged in the presentations leading up to each induction: all were innovators and all were deeply rooted in their own communities.

            The first to be honored was Mr. E. D. Gaskins, Sr., presented by his son, Ed Gaskins.  Gaskins was remembered for taking the reins of a small bank in Monroe and developing it into the statewide United Carolina Bank.  Monroe is the center of Union County.  Despite its proximity to Charlotte, one of the nation’s leading banking centers, Union County is an oasis of progress and development surrounded by counties displaying far less of either quality.  Much of this difference can be attributed to the commitment Gaskins showed to the developing businesses in his home county and his appreciation of the difference a bank can make in the capacity of its customers to improve their economic status.

            Tom Storrs, former chairman and CEO of NCNB, predecessor to Bank of America, was presented for induction into the Hall of Fame by his successor at the bank, Hugh McColl.  Among the dignitaries in the audience was current Bank of America chief, Ken Lewis.  McColl touted Storrs’ unwavering dedication to hiring and training as much young talent as the bank could recruit.  Storrs believed that the bank must grow rapidly and extensively to survive in the future and that such expansion would require depth of talent to manage the growth successfully.  McColl also credited his mentor with establishing a culture of fact based reasoning that is still the central facet of the decision-making process of the banking giant.  Both McColl and Lewis are products of the recruitment of young talent that Storrs espoused in the early 1960’s.

            John Medlin, retired Chairman and CEO of Wachovia Bank, presented the late Harlan Boyles, long-time State Treasurer of North Carolina, into the Hall of Fame.  Boyles, lovingly remembered as “The Keeper of the Public Purse,” in reference to the book of that name that he authored after his retirement, spent his entire career in public service.  After a short stint at the North Carolina Department of Revenue, he followed his mentor, Edwin Gill, to the Department of State Treasurer.  After 16 years as Chief Deputy for Gill Boyles, enjoyed an unmatched tenure of 24-years as Treasurer.  He is credited with helping establish the state’s triple A bond-rating which has been instrumental in enabling borrowing by the state and its municipalities at favorable rates.  Despite his many accomplishments, Boyles remained a humble man, answering his own phone whenever it rang.

            Rick Willetts, Chairman and CEO of Cooperative Bank, in Wilmington had the opportunity to put forth his father, Frederick Willetts, Jr., for induction.  Rick, who is in the queue to become Chairman of the new American Bankers Association following its merger with America’s Community Bankers, remembered his father’s dedication to his hometown of Wilmington and his generosity that needed no recognition.  He noted Fred’s willingness to chart a new course.  As an example, he recalled that under his father’s leadership, Cooperative Savings was the first thrift to branch in North Carolina…before any regulations existed for doing so.

            The fifth member of the 2007 class (inductions occur every three years), is William G. White, Jr., who guided First Federal of Winston-Salem for decades.  For most of that time, recognizing the need of the thrift industry to increase capital, he fought for authorization for federally chartered savings institutions to convert to the stock form of ownership.  He successfully accomplished such a conversion for First Federal and guided its growth until its eventual acquisition by BB&T.  Throughout his career, he has been a leader in many community undertakings and was especially active with the YMCA.  Since his retirement, he has pioneered the establishment of the Y Program in the former Soviet Union and in Ukraine. Mr. White was honored, additionally, by his friends and former business associates with a $75,000 North Carolina Bankers Association scholarship which will carry his name.

            These inductees bring to 15 the total membership in the Banking Hall of Fame.  They represent community banks, major national banks, thrift institutions and public service.  They helped lay the foundation for the metamorphosis that has turned North Carolina into one of the leading financial services centers in the nation.

P.O. BOX 19999/RALEIGH, NC 27619-1999

(919) 781-7979/FAX (919) 881-9909

TOLL FREE: (800) 662-7044

For More Information Contact:

Sam Atkins, sam@ncbankers.org 

North Carolina Center for Automotive Research (NCCAR) Participates in

North American Automotive Testing Expo

Company joins 370 of the world’s leading equipment and test service providers at three-day event

Oct. 23, 2007 - Novi, MI – Representatives of North Carolina’s Northeast Economic Development Commission and the North Carolina Center for Automotive Research (NCCAR) are among the 370 exhibitors at this week's Automotive Testing Expo North America at the Rock Financial Showplace.   The three-day event features the world's leading automotive testing equipment manufacturers and test service providers.   NCCAR Board member, Gary Brown said, "This is the third year we’ve participated in the Automotive Testing Expo.   Design validation was our focus the first two years.  The project has generated a lot of interest on the part of companies large and small, and they’ve provided us invaluable advice as to how we can best meet their research and development requirements.  Now, with NCCAR construction looming, our emphasis has shifted to business development."

Also representing NCCAR at the Expo is Ray White, Marketing Director of North Carolina's Northeast Commission.  "Automotive is one of the marketing clusters that we emphasize in our 16-county region.  By making contact with automotive suppliers and industry leaders, we bring more technology home to Northeastern North Carolina," said White.  Vann Rogerson, President/CEO of North Carolina's Northeast Commission stated, "Our goal at the commission is to diversify our economy and expand the capacity for creating new jobs.  The automotive industry provides opportunities in an area of the economy where we can expand and entice other similar companies to the region."  One recent addition to the automotive marketing cluster is the announcement of Microcell, a hydrogen fuel cell manufacturer opening its production facility in Robersonville, NC.  Microcell uses advanced technology to produce fuel cells as an alternative energy source for automotive and other uses.

            While the company's project team is in Detroit, geotechnical engineering, final topographic surveying, and selective hydroaxe clearing is underway on-site in preparation for construction.  NCCAR is also soliciting candidates for the position of Chief Operating Officer for the corporation.  The solicitation has been published in automotive trade publications and through other means to reach a broad industry audience.  NCCAR board member Wayne Jenkins commented, “We’re seeking a uniquely skilled and experienced individual, someone with a strong background in automotive industry, particularly engineering, combined with exceptional business development and management talents.  Our intent is to wrap-up the recruitment process soon and have that individual on-board by year’s end.”
NCCAR, formerly known as the Advanced Vehicle Research Center, is an independent automotive research, development and testing facility situated near the Virginia border along Interstate 95 in Northampton County, NC.  Once completed, the facility will feature a 3.7 mile ride and handling course designed by Lotus Engineering; client garages with virtual office connectivity; vehicle dynamics area; and chassis dynamics laboratory. 
About NCCAR:
The North Carolina Center for Automotive Research (NCCAR) is a modern automotive testing facility for use in the design, development, testing and certification of advanced vehicle technologies, sub-systems and components.  NCCAR is a State funded initiative that is designed to combine the resources and skills of North Carolina's industries, academic institutions and strategies to put North Carolina at the front of advanced vehicle technologies and hence jobs The Research Center is a public-private partnership that matches the talents of multi-national automotive companies with those of North Carolina's leading universities.  NCCAR is world class and focused on next generation research and development in the automotive industry.  

For more information, www.nccar.us

About: North Carolina’s Northeast Commission

North Carolina’s Northeast Commission is dedicated to increasing the standard of living for citizens in its sixteen-county region through tourism, industrial, and business development. The 16 counties that comprise the regional Commission are: Beaufort, Bertie, Camden, Chowan, Currituck, Dare, Gates, Halifax, Hertford, Hyde, Martin, Northampton, Pasquotank, Perquimans, Tyrrell, and Washington. For more information about the North Carolina’s Northeast Commission, contact us at www.ncnortheast.com and www.visitncne.com.    

About:  Lotus:

Lotus Engineering is an internationally recognized automotive engineering consultant based in Hethel, Norfolk, UK. Its global facilities include those in Michigan and North Carolina, USA and Kuala Lumpur, Malaysia, and offices in Germany and China. It provides comprehensive and versatile consultancy services to many of the world's car manufacturers and tier one automotive suppliers, from initial concept and project design through development to
full production prototype build.

Contact:  Les Atkins 252-532-0073 

Greater Wilmington Chamber Foundation to Hold 2^nd Annual STATE OF THE SCHOOLS

The Greater Wilmington Chamber Foundation will host its second annual State of the Schools on Tuesday, October 16, 2007 from 7:30 am – 9:30 am at the Cape Fear Community College North Campus, McKeithan Center.  Speaking at the event will be: John Dornan, President and Executive Director, Public School Forum of North Carolina; Dr. Al Lerch, Superintendent, New Hanover County Schools; Dr. Katie McGee, Superintendent, Brunswick County Schools; and Allison Sholar, Superintendent, Pender County Schools. 

The Chamber Foundation will host this event as an effort to strengthen the link between the business community and public education in New Hanover, Brunswick and Pender counties.  Sponsors include RBC Centura, Cape Fear Community College and RSM McGladrey.

The agenda for the State of the Schools event is as follows:

 7:30 A.M.                                BREAKFAST

 8:00 A.M.                                WELCOME

                                                    Chris George, RBC Centura

                                                 JOHN DORNAN

President and Executive Director, Public School Forum of North Carolina

 8:25 A.M.                                INTRODUCTIONS OF SUPERINTENDENTS

Laura Leak-Cavagnaro, Greater Wilmington Chamber Foundation

 8:30 A.M.                                DR. AL LERCH

                                                   Superintendent, New Hanover County Schools

 8:45 A.M.                                ALLISON SHOLAR

                                                   Superintendent, Pender County Schools

 9:00 A.M.                                DR. KATIE MCGEE

                                                  Superintendent, Brunswick County Schools

 9:15 A.M.                                SPECIAL PRESENTATION

                                                  Chris George

 9:20 A.M.                                Q&A

 9:30 A.M.                                CLOSING REMARKS

                                                  Laura Leak-Cavagnaro

 The Greater Wilmington Chamber Foundation, established in 1973, began its active support and sponsorship of educational programs in 1996.  Since then, the Foundation has become southeastern North Carolina’s catalyst of promoting excellence and equity of education, and workforce development.  The Foundation’s continuum of initiatives utilizes a community-based partnership, among people, businesses, the community, and public schools.  The Chamber Foundation’s programs include the Teacher Scholarship and Minigrant Program, Leadership Wilmington and Hands on Wilmington. 

 For more information, contact Megan Winslett, Executive Director, Chamber Foundation at 762-2611 ext. 213.

Scott Czechlewski

Director of Communications

Greater Wilmington Chamber of Commerce

One Estell Lee Place

Wilmington, NC 28401

910.762.2611 ext. 216

910.762.9765 (fax)

czechlewski@wilmingtonchamber.org

www.wilmingtonchamber.org

Carolina Crossroads Plans Inaugural Corvettes & Classics Car Show

Event to Benefit Local Charity October 13 in Roanoke Rapids 

Oct. 6, 2007 - Roanoke Rapids, NC - Interstate 95, Exit 171 will become a car lovers’ paradise Saturday, October 13 for the inaugural Corvettes and Classics Car Show at Carolina Crossroads.  A wide variety of Corvettes, classic cars & trucks, customs, antiques and street rods will be on display.  Additionally there will be a special interest class for vehicles 1988 and newer.  “We’re planning a great family event complete with dozens of classic cars, live entertainment, and plenty of food.  The show will also be free for spectators, however donations will be accepted to raise money for Angel’s Closet, a local charity for at-risk children,” said Elizabeth Branham, Carolina Crossroads Entertainment Director.

The Show is sponsored by EMBARQ & White’s Chevrolet-Cadillac and is hosted by the Eastern Carolina Corvette Club. The ECCC will be in charge of the judging for the Corvettes and Classics and there will be three $1000 “Best of Show” cash awards for the top vehicle from each Category.  This type of monetary award is a first of its kind in North Carolina.  Awards will be given to the top 75 judged entries in the 1987 and older class along with Top 25 in the 1988 and newer “Special Interest” class. Additionally there will be special awards for Best Engine, Best Paint and Best Interior.

“It is expected that every decade Corvette, from the fifties up to the current year, will be represented,” Branham added. 

The competition will be fierce and each car will be at its best presentation at this event. Participants in this event will be helping to raise money for the local charity, “Angels Closet”, which provides clothing, shelter and furnishings to “at risk” kids in the Roanoke Rapids area.  Spectator fees will be a donation to this organization upon entry of the facility. 

The show, which will take place in the parking lot behind the Randy Parton Theatre, will start officially at 10 a.m. and conclude with the awards ceremony at 4 p.m.

Contact:  Les Atkins 252-532-0073

About Carolina Crossroads:  Carolina Crossroads is located off Interstate 95 in Roanoke Rapids, NC (Exit 171).   The entertainment, tourism, and retail destination located between Richmond, VA, and Raleigh, NC, will offer live performance theatres, shops, hotels, convention and conference facilities, recreation and amusements, and numerous dining options.  The Randy Parton Theatre anchors the Carolina Crossroads Music and Entertainment District and features country, pop, beach, and gospel music acts.  For more information, visit www.carolinacrossroads.com.

27^th Annual North Carolina Oyster Festival

Hosted by the Brunswick County Chamber of Commerce

Oct. 3, 2007 Ocean Isle Beach, N.C. – The Brunswick County Chamber of Commerce will host the 27^th Annual North Carolina Oyster Festival on October 20 - 21 at Ocean Isle Beach.  The festival will offer a variety of food, live entertainment, over 120 arts and crafts vendors and, of course, oysters.

The festival will begin on Saturday at 9:00 a.m. with the opening ceremonies.  Live entrainment from the following will be featured on both days throughout the event: Craig Woolard Band, The Embers, Billy Scott and Prophets, Band of Oz, Sammy O’Banion & Mardi Gras and Christian music. 

The North Carolina Oyster Shucking Championship will take place on Saturday from 4:00 – 6:00 p.m., where Amateurs and Professionals will compete on speed and accuracy. 

The annual Road Race will also take place on Saturday, including a Fun Run at 7:30 a.m. and 5K and 10K races beginning at 8 a.m.  Registration begins at 6:30 a.m.

Saturday will feature a new event, a Coastal Living Cooking Demonstration with Food Editor, Julia Rutland.  The demonstration will be at noon and 2:30 p.m. on Saturday, but come early for an North Carolina Wine Tasting at 11:30 a.m. and 2:00 p.m.  Julia Rutland will present the winning Oyster Recipe from a sweepstakes being held on VisitNC.com.  The winner of the sweepstakes will be awarded a two night stay at Ocean Isle Inn, dinner for two at Cinelli’s at Ocean Isle Beach, round of golf for two at Ocean Ridge Plantation’s Leopard’s Chase, dinner for two at Sugar Shack Jamaican Restaurant, free admission into the festival for both days, an oyster festival print, two official t-shirts, and two tickets for the Oyster Stew Cook-off.

On Sunday, festival goers will have the chance to taste oyster stew made by restaurants competing in the Oyster Stew Cook-Off starting at noon.  Tickets for the Oyster Stew Cook-Off will go on sale at 10:00 a.m.; only 300 tickets will be sold.

In addition to the main events, there will be kids’ activities, a surfing contest and ethnic foods.  Admission is $5 and is free for children 12 and under.  All festival parking will be at the Ocean Isle Beach Airport.  Free shuttles and handicap accessible trolleys will transport attendees to the festival site. 

For more information, contact the Brunswick County Chamber of Commerce at 910.754.6644 or visit our website at www.brunswickcountychamber.org.

The North Carolina Oyster Festival Sponsors included: Coastal Living, major sponsor; WECT 6, event media sponsor; ATMC, event media sponsor; First Bank, Road Race sponsor; Surf Unlimited, Surf Contest sponsor; VisitNC.com, Cooking Demonstration sponsor; The Sun News, Oyster Shuckin’ sponsor; Coldwell Banker Sloane Realty, Oyster Stew Cook-Off sponsor; The Brunswick Beacon, Oyster Stew Cook-Off sponsor; North Carolina Department of Agriculture and Consumer Services, Oyster Stew Cook-Off sponsor; Brunswick Community Hospital, Main Stage sponsor, American Home Mortgage, Main Stage sponsor; Waste Industries, Inc., Main Stage sponsor; The East Carolina Bank, Main Stage sponsor; Sunset Properties, Main Stage sponsor; Cape Fear Bank, Kid’s Area sponsor; Prudential Burroughs & Chapin Realty, Inc., Trolley sponsor.

The Brunswick County Chamber of Commerce is a membership driven organization, striving to enhance the quality of Brunswick County by providing leadership through strengthening and promoting business, industry and tourism.  The Chamber has been dedicated to creating a premier place to live, work and play for over 30 years.  For more information, call 910.754.6644 or visit www.brunswickcountychamber.org.

Contact: Erin Burneyko

Phone: 910-754-6644 ext.104

 North Carolina Bankers Association Business Barometer

 “The Economy Will Dodge a Recession”

The key for economic growth continues to be employment growth which is the biggest driver for consumer spending.  Job growth for the year averaged 148,000 a month till the 4,000 decline for the month of August.  Jobless claims in September have been falling suggesting job growth.  The unemployment rate is 4.6% which is well under the average rate of the past 20 years of 5.5 percent.  Employment growth is slowing but is still strong enough to support spending.  Consumer spending accounts for about 67% of the U.S. Economy and it actually increased in August by the largest amount since October of 2006.  

 Another plus for consumers is the increase in household net worth to a new record level of $57.9 trillion at the end of the 2nd quarter of this year.  Most of the increase was attributable to increases in the value of stocks and bonds.   Housing contributed very little to net worth and will be a drag on the number for the rest of this year and into next. 

 A major plus for the economy so far in this expansion has been corporate profits.  Corporate profit growth has declined from the double digit rates of 2006 but has remained strong.  For the third and fourth quarters of this year we will see a further slowing of profit growth down to the 2-4% level.  The Federal Reserve (FED) will cut rates to 4.25% by the 1^st quarter of 2008.  Corporate profit growth, household income growth, additional FED action, and the level of household wealth will grow real consumer spending in the range of 3% which will keep the economy growing about 2.25% for the rest of the year.    

  The manufacturing sector of the economy is doing better than most economists projected.  The ISM Purchasing Managers Index has been above the important level of 50 for the past 7 months and 46 out of the last 48 months.  The credit crunch and problems in the global markets do not appear to be slowing manufacturing activity.  Much of this strength is due to the value of the dollar being at record lows against the euro and other currencies and the resulting growth in exports.

 The housing sector continues to be a drag on the economy.  New home and existing home sales continue to fall.  Existing homes sales in August were at the slowest rate since the summer of 2002 and home prices are falling.  Inventories of unsold homes are at 16 year highs.  Housing will hit bottom by the end of the year.

 North Carolina has experienced rapid population growth in this decade.  Between 2000 and the summer of 2005, our increase was 7.88 percent while only 5.33% for the nation. Even with the huge increase in population our unemployment rate has dropped over the last two years to the present rate of 4.8 percent.  Total employment has increased about 175,000 since January 2006. 

North Carolina’s economy will continue to grow at about 2.25% for the remainder of the year or at about the same rate as the national economy.  We are adding jobs and our unemployment rate should remain near its present level. 

For More Information Contact:

Dr. Harry Davis

NCBA Economist and Professor of Banking

Appalachian State University

(828) 262-6245

davishm@appstate.edu

North Carolina Bankers Association 

P.O. BOX 19999/RALEIGH, NC 27619-1999

(919) 781-7979/FAX (919) 881-9909

TOLL FREE: (800) 662-7044

North Carolina Bankers Association Management Team Conference in Pinehurst, Oct. 14 – 16

Oct. 2, 2007 - RALEIGH, NC – The North Carolina Bankers Association will hold its 2007 Management Team Conference in Pinehurst, October 14-16.

Speakers at this year’s Conference will include:

·         JOSEPH B. CHESHIRE V, Partner, Cheshire Parker Schneider Bryan & Vitale, Raleigh, who was one of the defense attorneys in the Duke lacrosse case. His speech is entitled, “Lessons Learned in the Duke Lacrosse Fiasco.”

·          COLONEL LAWRENCE B. WILKERSON, Harriman Visiting Professor of Government and Public Policy, Former Chief of Staff to former Secretary of State Colin Powell, the College of William and Mary, who will discuss “Six High Priority Actions for the New President.”

·          GEORGE SCHLOEGEL, CEO, Hancock Bank, Gulfport, Mississippi, will discuss “What is Your Role in a Major Disaster.”

On Sunday, October 14, there will be a Hall of Fame Banquet where the third class of five recipients will be inducted into the N.C. Banking Hall of Fame. They are:

·         Harlan E. Boyles (deceased), North Carolina State Treasurer

Tribute by John G. Medlin, Jr.

·         E.D. Gaskins, Sr., American Bank & Trust, Monroe

Tribute by E. D. Gaskins, Jr.

·         Thomas I. Storrs, NCNB Corporation, Charlotte

Tribute by Hugh L. McColl, Jr.

·         William G. White, Jr., First Federal Savings & Loan, Winston-Salem,

Tribute by F. Ed Broadwell, Jr.

Frederick Willetts, Jr., (deceased) Cooperative Savings & Loan, Wilmington
Tribute by Frederick Willetts III

The press is invited to cover the conference. A staff room will be available for interviews. There may be some time allotted for questions and answers following the speeches. A media packet is available with an agenda and directions. Please advise if there are any specific needs.

The North Carolina Bankers Association brings together all categories of banking institutions to best represent the interests of this rapidly changing industry. With 151 members, it has served all North Carolina bankers since 1897, and can be found on the World Wide Web at http://www.ncba.com.

Sam Atkins

Community Affairs Coordinator

NC Bankers Association

P.O. BOX 19999/RALEIGH, NC 27619-1999

(919) 781-7979/FAX (919) 881-9909

TOLL FREE: (800) 662-7044

North Carolina’s Northeast Ripe for Biotech Industries

Regional Development Commission forms alliance to help farmers and pursue additional biotech companies

Sept. 26, 2007 - Edenton, NC –North Carolina’s Northeast Commission is forming alliances with those in the biotechnology industry in an effort to help farmers diversify uses for their land and further attract biotechnology companies to the region.  In a meeting last week, the Northeast Commission led a forum with biotechnology consultants and regional stakeholders to validate a new industry niche in the biotechnology arena for North Carolina’s Northeast Economic Development Region.  “Our job at the Northeast Commission is to increase the region’s capacity for new jobs and to diversify our economy.  We have a tremendous number of assets and resources in our region that, when combined, offer us a world class niche in our economy,” says Vann Rogerson, Commission President & CEO.  “We even want to find ways for farmers to diversify uses for their land and identify our niche in supporting biotechnology development in the region.” 

         The group is also working to develop a plan for new technologies to be researched and to determine how to better link these resources together to collectively offer an enticing business venture to prospective bio companies.   Dr. Ron Heiniger oversees North Carolina State University’s agricultural research and support operating at the Vernon James Research Center in Roper and is a strong proponent of the regional initiative.  In 2005, the Northeast Commission, NCSU and North Carolina Department of Agriculture, along with many of the attending stakeholders, successfully recruited Ventria, a California biotech company, to grow rice in the northeastern region of North Carolina.  “This company asked our area to grow bio-engineered rice that produces proteins valuable to the nutraceuticals industry.  From this experience, we have seen a real opportunity for a new niche in plant-made biotech products for the northeast region,” says Heiniger.  The NCSU staff at the Vernon James Center grow plants for applied research to help farmers stay current in the latest technologies. 

          A regional grant from the North Carolina Biotechnology Center along with funds from the Northeast Commission has enabled the region to look at the development of the biotech industry in the Northeast Region from a scientific and economic perspective.  RTI, a Raleigh based world renowned independent research organization with a distinguished history in scientific research and technology development, is studying the region and will make recommendations for biotech development specific to North Carolina’s Northeast.  RTI will assess the assets of the region and match the strengths of North Carolina’s Northeast to projects in the industry.  The recent meeting is an important step in this process. 

          “We expect that the RTI study will confirm the viability of biotech development in the region.  The farming community is excited about this opportunity that the Northeast Commission initiative offers,” said Joe Landino, a member of the Blackland Farm Managers Association. 

          Represented at the meeting were the North Carolina Biotechnology Center, The Bio Network, North Carolina Department of Commerce, NEED (Northeast Economic Developers), community colleges, NCSU, and Elizabeth City State University along with AVOCA, a world-recognized leader in plant extractions.

          “We certainly see opportunities in areas like plant-made products and biofuels, and we expect our consultant to verify this and other opportunities in Northeastern North Carolina.  This initiative will certainly help our local economy,” said Ernest Burden, Northeast Commission board member from Washington County.

          North Carolina’s Northeast Commission is dedicated to increasing the standard of living for citizens in its sixteen-county region through tourism, industrial, and business development. The 16 counties that comprise the regional Commission are: Beaufort, Bertie, Camden, Chowan, Currituck, Dare, Gates, Halifax, Hertford, Hyde, Martin, Northampton, Pasquotank, Perquimans, Tyrrell, and Washington. For more information about the North Carolina’s Northeast Commission, contact us at www.ncnortheast.com and www.visitncne.com. 

North Carolina’s

Northeast Commission

119 West Water Street

Edenton, North Carolina 27932 

CAPE FEAR FUTURE SURVEY SEEKS REASONS AREA IS ATTRACTIVE TO RESIDENTS

Initial Quality of Place Research Shows Commute Time and Housing Affordability Rankings

Sept. 25, 2007 - Wilmington, NC—What about Wilmington and the Cape Fear region attracts you to live here?  That’s the question that consultants working on the Cape Fear Future initiative want you to answer by participating in an online survey. 

    The survey will track views on everything from how important the quality of public schools and commute times are to you, to what things you would magically add or take away from the area.  Information derived from the survey will be used as part of a larger study that will develop a regional blueprint for sustained economic growth and greater prosperity for the region. 

    The survey takes approximately 10 minutes to complete.  A variety of age ranges and backgrounds are sought, as are participants who live in New Hanover, Brunswick and Pender Counties.  The survey can be found by following a link on the home page of the Greater Wilmington Chamber of Commerce website: www.wilmingtonchamber.org.

    In related Cape Fear Future project news, initial research on Wilmington’s rank against 25 benchmark cities (see list below) regarding quality of place/territory assets has been completed.  Data derived includes items such as average commute times, housing affordability, and arts establishments per 1,000 residents.

    The Cape Fear region fared well against the 25 benchmark cities for commute time, with an average of 21.7 minutes.  The benchmark average was 23.1 minutes, and the U.S. average 24.7.

    The area was average when it came to housing affordability, garnering a .83 score, versus a .82 score for the benchmark cities and .83 for the U.S. 

    The area is well below the benchmark average, however, when it comes to number of arts establishments per 1,000 residents.  The Cape Fear area has 22 per 1,000, versus 67 for the benchmark average.  The U.S. average is 23.  Two North Carolina cities were in the top three of the benchmark cities, with Charlotte in first at 230, Austin, Texas in second with 198, and Raleigh-Durham in third with 151. 

    The Cape Fear Future initiative was started by the Greater Wilmington Chamber of Commerce.  Its goal is to develop a blueprint for sustained economic growth and greater prosperity for the region by growing local talent and making Wilmington more attractive to entrepreneurs, technology workers and other knowledge sector members that are fueling economic growth in the 21st Century.  The initiative can aid all area residents by building a stronger economy and enhancing amenities that will increase quality of life.

    If you have questions, please contact Scott Czechlewski, Director of Communications, at (910) 762-2611 ext. 216.

 The Benchmark Cities