Latest news with #MikeWalden
Yahoo
24-03-2025
- Business
- Yahoo
NC State economist Mike Walden on the first two months of Trump 2.0
Prof. Mike Walden (Photo: NC State University) Over the past few decades, one of North Carolina's best known and most prolific economists has been Prof. Mike Walden. Walden, the Reynolds Distinguished Professor Emeritus of Agricultural and Resource Economics at NC State University, is an outspoken champion of free markets and a longtime regular contributor to the pages of the conservative John Locke Foundation. As with a lot of traditional economic conservatives, however, Walden is not necessarily a cheerleader for the roller-coaster economic policies that President Trump has pursued since his return to office, and recently, Walden joined NC Newsline editor Rob Schofield to share his assessment of what's been going on thus far and some concerns about what Trump's trade policies could mean for North Carolina.
Yahoo
04-03-2025
- Business
- Yahoo
How will the Canada and Mexico tariffs impact North Carolina?
RALEIGH, N.C. (WNCN) — U.S. tariffs on goods imported from Mexico and Canada are now in effect and they could impact North Carolina wallets. 'Some people say tariffs are just a money maker for the country because the exporter pays the tariff,' North Carolina State University economist Mike Walden said. 'That's actually not correct.' Walden explained how tariffs impact importers when they buy products. 'If I have a toy company and I buy toys from China, I pay the tariff, not the toy manufacturer in China,' he said. 'That means that I'm likely going to raise my prices to my customers.' Walden said some of the biggest impacts consumers could see are oil from Canada, which could impact gas prices, in addition to motor vehicle parts and lumber. Prices at grocery stores could also increase. 'We could see impacts on housing prices, housing construction prices,' he said. 'From Mexico, we also import vehicles. Mexico is a big vehicle assembly country and we also import a lot of fruits and vegetables.' In addition to North Carolina consumers, some North Carolina-based companies will also be impacted. 'Companies in North Carolina most impacted would be some agricultural companies and food processing companies,' Walden said. 'We export poultry. We have a lot of companies in North Carolina that manufacture auto parts. We're a state that exports pharmaceuticals and a variety of other things.' According to Walden, North Carolina residents could see prices on some of these products like gas go up within the next couple of weeks. North Carolina residents could also see the inflation rate rise by a full percentage point as a result of the tariffs, which worries some economists. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
08-02-2025
- Business
- Yahoo
Here's NC's projected housing deficit over the next 5 years — and a silver lining
Even with a post-pandemic construction boom, North Carolina is struggling to build enough houses for its surging population, new data shows. The number of households in the state is projected to increase by 5% (218,160 households) between 2024 and 2029, according to analysis by Bowen National Research. The result: an estimated housing gap that will grow to 764,478 units — 322,360 rental units and 442,118 for-sale units, the report found. The findings highlight 'the barriers and gaps' in housing across the state, said Meredith Archie, president of the N.C. Chamber Foundation, who unveiled the report at N.C. Chamber's west Raleigh office earlier this week. It should be used 'to inform both local and statewide policy discussions and solutions,' she said. The report — commissioned by N.C. Chamber, North Carolina Home Builders Association, and NC Realtors — examined rental and for-sale housing supply inventory and demand in each of the 100 counties for a five-year projection period. Among other key findings: The state has an overall for-sale availability rate of .8%. — 'well below the 2% to 3% range of a healthy market.' Only nine counties, representing less than 10% of the state's counties, have a median list price under $200,000. The statewide vacancy rate for multifamily rental units is 5% — within the 'healthy market' range of 4%-6%. Affordable rental programs show 'near-zero' vacancies. Over 44,000 households are on waitlists for affordable rental housing. The report's analysis offered a silver lining. Mike Walden, a distinguished professor and extension economist with NC State University, examined the economic impact of closing the housing gap in North Carolina. Constructing these units (both rental and for-sale) would generate an estimated $489 billion in 'aggregate economic impact,' or gross domestic product (GDP), he said. It would also create nearly 2.2 million jobs in the state. That's a staggering figure when compared to the annual GDP of the entire North Carolina economy, which was $788 billion in 2023, he said. 'Of course, the construction required to close the state housing gap would require several years of activity,' Walden said. Ultimately, it will require a collaborative approach, said NC Realtors president John McPherson. 'One that brings together business, community, state and local elected officials,' he said. It may also require land-use policy changes at the state level to allow for higher-density building, said North Carolina Home Builders Association executive vice president Tim Minto. 'The numbers don't lie. We need to do this,' he said. 'This is a statewide crisis.' To read North Carolina's Housing Supply Analysis and Economic Impact Report, go to
