As the NAED South Central Regional Conference is about to begin, we are looking at the economic forecast for the region for 2016. And there is some good news to report.
In the 17 states that make up the region, each performed better than the national average in at least two of these five categories: unemployment, population, gross domestic product, construction employment, and state revenue.
In nearly every state in the NAED South Central Region, the unemployment rate was within one percentage point of the national average. And with a couple of major construction projects launching in the region for natural gas delivery, that rate will probably drop even more in 2016.
With so many states in the region seeing an increase in both the gross domestic product and population, the states are going to see an economic stimulus. That should also increase the demand for electrical products.
Plus, the state tax revenue increases is an essential category because the added state revenue means more money is available to upgrade government buildings and schools, which again will lead to a demand for electrical distributors to supply products.conference, NAED, tED