Wilmington, North Carolina

FEATURED MARKET - WILMINGTON, NC
WILMINGTON SUBMARKETS

Economic Overview
Wilmington is one of the fastest growing areas in the state with a population that has grown more than 60% since 1990. According
to the North Carolina Employment Securities Commission, employment has grown 4.2% over the past year and the unemployment rate is now 4.1%.

In addition to being a popular tourist destination, Wilmington remains a popular relocation destination. UNC Wilmington, the Port of Wilmington, the average cost of living, strong economic growth and an educated workforce are all supporting the population and employment growth.

Employment/Economic Announcements
• The Port of Wilmington has increased its tonnage trade by 55% since 2000, from 2.2 million tons to 3.5 million tons in 2006.
• Wilmington MSA’s population has grown by nearly 20% or over 50,000 residents since 2000. The population in 2006 was estimated at 326,166 by the census bureau.
• Enrollment at UNC-Wilmington has grown 17% since 2000. There were nearly 12,000 enrolled at UNCW in the fall of 2006. By 2015, enrollment is projected to reach nearly 15,000 students.
• PPD, a pharmaceutical services company, opened its $80 million downtown headquarters on North Front Street in January. The new headquarters will create 1,000 whitecollar jobs and bring another 1,000 existing employees from other offices. It is expected to increase the number of daytime workers in downtown Wilmington by 40%.

Communities Under Construction
There are currently 403 units under construction in the Wilmington market.
• Platinum Realty Services began construction on an additional phase of 24 units at Birch Pond off Highway 17 Business in Brunswick.
• NRP Group began work on 72 tax credit units in a third phase at Cardinal Pointe in Brunswick. The first units are expected online in August.
• NRP Group started construction on 64 tax credit units at Egret Pointe in Brunswick. The first units are scheduled for delivery in July.
• Century 21 Sweyer & Associates is completing construction on the final 63 units at Park at Village Oaks on Village Road, past Highway 17 in Brunswick. Completion is expected by the end of this summer.
• Southern Pinnacle Development began construction on 180 units in the first phase at Avalon in the North submarket. This community is located on approximately 30 acres on Darlington Avenue. The first units are expected in August.

Market Data Information Source: © June 2007 Real Data Aptindex