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April Regular Initial Claims increase over March, lower than a year ago Regular Initial Claims for Unemployment Insurance increased in April compared to March. Claims in April totaled 49,961; up 1,349 from the March total of 48,612. Regular Initial Claims were down 5,134 compared to April 2011. For more information on UI claims for North Carolina and its localities see the May 2012 edition of the NC Today', which can be found here Housing Authorizations show strong growth over last year, Foreclosures also increase Existing home sales for North Carolina improved 7.0 percent in April 2012 compared to April 2011. Housing authorizations, an indicator of future economic activity, were also higher in April compared to the same month last year, growing 3.3 percent in the period. Existing home sales and housing authorizations showed slower year- over -year growth than rates seen in the last 4 months. Foreclosure activity is also higher this month on a year- over -year basis, increasing 17.7 percent from the levels seen a year ago. Existing home sales are a key indicator to monitor during the upcoming summer home buying season. RealtyTrac; N.C. Assoc. of Realtors, Existing Homes Sales Data; U.S. Census, Table 2 -New Privately Owned Housing Units Authorized Index maintains growth from January behind improvements in Nation and manufacturing The NCSU Index of North Carolina Leading Economic Indicators (the "Index "), a forecast of the economy's direction four to six months ahead, declined slightly in March, but is still at a higher level than during the winter. Two of the Index's components — the national leading index and the state's initial jobless claims — improved, while building permits and manufacturing earnings retreated. Weekly manufacturing hours were unchanged. Compared to March 2011, the Index and each of the Index's components are at a more positive level. The Index suggests North Carolina's economic growth path will be better in the upcoming months compared to the progress at the end of 2011. NCSU INDEX OF NORTH CAROLINA LEADING ECONOMIC INDICATORS 100 95 90 85 so 75 70 Source: calculations by Dr. Michael Walden The index was developed by Dr. Michael Walden ( michael walden @ncsu.edu at NC State. Dr. Walden has a PhD in economics and over thirty years of experience studying the North Carolina economy. Special thanks to Dr. Walden for allowing the reproduction of the Index (April 2012, volume 3, number 4) in this publication. The complete online version of the index may be found here. 2 See page 18 of the NC Todayfor more detailed information on UI Claims information in North Carolina; Division of Employment Services, NC Commerce. Labor and Economic Analysis Division; May Mj(j )r &tuber 1 1 -1 Page 366 _n 7- W 7 - 3- bo 7 - 7 W 7 n T w 8 .0 bo 7 s1 LD m M a d M 7 O 11) m 7 d a) m 3 d e O 41 Q � E m c 4 - E m c — E m c — E m c — E m c 12 v O 8 0 0 ° O o `-' ° 0 0 CD O O p O `-' CD CD N O r14 N N O N N N O N N N CD N N N O N N N N N N N N North Carolina Ho using Market Statistics Previous Month Last Year -Same Month Mar -12 Apr -12 (4/12 compared to 3/12) (4/12 compared to 4/11) 12 Month Average (revised) (Preliminary) Change I %Change Change I %Change (Beg.of5 /11- Endof4 /12) Properties with Foreclosure Filings 3,698 3,276 (422) -11.4% 492 17.7% 2,828 Existing Homes - Units Sold 7,373 7,412 39 0.5% 486 7.0% 6,876 Housing Units Auth. by Bldg. Permit 1 2,605 2,207 (398) -15.3% 71 3.3% 2,133 RealtyTrac; N.C. Assoc. of Realtors, Existing Homes Sales Data; U.S. Census, Table 2 -New Privately Owned Housing Units Authorized Index maintains growth from January behind improvements in Nation and manufacturing The NCSU Index of North Carolina Leading Economic Indicators (the "Index "), a forecast of the economy's direction four to six months ahead, declined slightly in March, but is still at a higher level than during the winter. Two of the Index's components — the national leading index and the state's initial jobless claims — improved, while building permits and manufacturing earnings retreated. Weekly manufacturing hours were unchanged. Compared to March 2011, the Index and each of the Index's components are at a more positive level. The Index suggests North Carolina's economic growth path will be better in the upcoming months compared to the progress at the end of 2011. NCSU INDEX OF NORTH CAROLINA LEADING ECONOMIC INDICATORS 100 95 90 85 so 75 70 Source: calculations by Dr. Michael Walden The index was developed by Dr. Michael Walden ( michael walden @ncsu.edu at NC State. Dr. Walden has a PhD in economics and over thirty years of experience studying the North Carolina economy. Special thanks to Dr. Walden for allowing the reproduction of the Index (April 2012, volume 3, number 4) in this publication. The complete online version of the index may be found here. 2 See page 18 of the NC Todayfor more detailed information on UI Claims information in North Carolina; Division of Employment Services, NC Commerce. Labor and Economic Analysis Division; May Mj(j )r &tuber 1 1 -1 Page 366 _n 7- W 7 - 3- bo 7 - 7 W 7 n T w 8 .0 bo 7 s1 LD m M a d M 7 O 11) m 7 d a) m 3 d e O 41 Q � E m c 4 - E m c — E m c — E m c — E m c 12 v O 8 0 0 ° O o `-' ° 0 0 CD O O p O `-' CD CD N O r14 N N O N N N O N N N CD N N N O N N N N N N N N