Economic activity in Western North Carolina dropped by 0.3 percentage points in November, according to an index released yesterday. The index of 25 counties includes Alleghany, Ashe, Watauga and Wilkes.
The index fell to 116.5 and has declined on an annual rate of 2.8 percent since June. The region also has lost more than 20,000 jobs in 2008, including more than 8,000 in November.
"While the downturn in regional activity began some time ago, we began to see a significant decline near the end of 2008," said Todd Cherry, a co-author of the index and a professor of economics at Appalachian State University.
The index found that 24 of the 25 counties in the region had a loss of jobs in November, with only Alleghany having a net gain.
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