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Exports continued to be an important part of North Carolina's economy in 2010 Despite the global recession and its impact on North Carolina's economy, exports continue to be one of the state's key drivers for economic growth. In 2010, North Carolina's exports grew in nearly every sector and export value surpassed the 2009 level. Export value — North Carolina is currently the 17 largest state in the nation in value of exports. • The total value of North Carolina's goods exported in 2010 was $24.8 billion, a 14 percent increase over the previous year. U.S. exports rose 21 percent to $1.28 trillion. • The state's exports in 2010 have nearly returned to peak levels that were reached in 2008 ($25.1 billion). Exported Goods — Most sectors grew but the largest sector did not. • Chemical exports were down 14 percent. Even so, Chemicals remained the state's leading export good at approximately one -fifth of the state's overall exports. • Machinery (except Electrical) exports grew 51 percent from 2009 and is the 2 nd largest exports in the state. Export Destination — Exports to major trading partners experienced double digit growth rates. • Canada is North Carolina's top export market with North Carolina companies exporting $5.4 billion worth of goods, up 19.9 percent from 2009. • China and Mexico are the second and third export markets with increases at 25 & 30 percent, respectively. Rising temporary hiring in North Carolina is a possible sign of future permanent job growth Before employers hire full time workers they often hire temporary workers for needed positions. This allows employers to increase production while navigating an uncertain economic environment by not committing to permanent hiring. Examining industry employment for temporary hiring agencies provides a sense of temporary hiring in North Carolina. Temporary agency employment is available until June 2010, and we use other state and federal labor data to project temporary hiring through December 2010. The graph to the right shows temporary hiring has steadily increased since April 2009. This strong upward trend is a possible indication companies are interested in increasing employment and waiting on sustained demand before converting temporary workers into permanent full -time positions. Leading Index shows little change since Spring 2010 The NCState University Index of North Carolina Leading Economic Indicators (the "Index'), a forecast of the economy's direction four to six months ahead, declined slightly in December from its level in November. Among the Index's individual components, the national leading index rose, while North Carolina initial claims for unemployment benefits jumped and building permits dropped. Hours and earnings in the State's manufacturing sector did not change. Since last spring, the Index has moved in a narrow band, suggesting very little change in the future pace of economic activity. The significant drop in building permits, both in the Policy, Research & Strategic Planning; February M,1cp"Optnber 1 1 -1 Page 258