Log in to WRAL.com with one click using your favorite social network:
OR
Log in using your WRAL.com account:



Wrong email/password combination.

Forgot password?

Register with WRAL.com using your favorite social network:
OR
Register for a WRAL.com account using our web form.

Login Options

10:26 p.m. • 2-10-12

Weather Forecast for Raleigh

  • Sat: Mostly Cloudy.
    • Hi: 52° F
  • Sun: Clear.
    • Hi: 43° F
  • Mon: Mostly Cloudy.
    • Hi: 50° F

Other Locations

> 7 Day Forecast

Doppler Image

Marketplace Links

Social Links

Main Menu

State approves stimulus package of building projects


e-mail print friendly
RAL-nc-flag
RAL-nc-flag

The Council of State on Tuesday signed off on new debt for state construction projects in an effort to stimulate North Carolina's economy.

“This stimulus package will help keep North Carolinians on the job, even in the face of the troubled national economy,” Gov. Mike Easley said in a statement. “I continue to urge the new president and Congress to pass a federal economic stimulus package as soon as possible so we can get to work on more projects to keep us moving ahead.”

Easley, who serves on the Council of State with his successor, Lt. Gov. Beverly Perdue, and eight other statewide officials, wanted to accelerate building projects to be funded by borrowing already approved by the General Assembly or voters.

Two of the three Republicans on the council, Auditor Les Merritt and Labor Commissioner Cherie Berry, peppered the other members with questions as long as they could before the stimulus was passed.

"I'm thinking it's going to make a big difference in the economy over the next year," Easley told reporters after the meeting.

Interest rates are at historic lows, he said, so the bonds sold by the state could jump-start more than $744 million in construction on prisons and university and other state government buildings without a huge debt-service payment.

The stimulus will start work on the projects a minimum of 30 to 60 days earlier than previously planned.

"That may not sound like much, but if you're without a job, 30 days makes a big difference," Easley said. "We're trying to make sure people get re-employed in North Carolina."

Included in the list of projects are a library on North Carolina State University's Centennial Campus, an addition to the School of Dentistry at the University of North Carolina-Chapel Hill, a School of Nursing building at North Carolina Central University, a Department of Environment and Natural Resources complex in downtown Raleigh and a renovation to the polar bear exhibit at the North Carolina Zoo.

"Anything that creates jobs right now is a good idea," Easley said. "If you don't have a job, you don't care whether you're building a prison, a university building or a polar bear exhibit."

Easley said the projects could produce nearly 26,000 new jobs. Also, each $1 spent on the projects would pump $2.28 into the state economy, he said.

The Council of State also approved the state's purchase of Grandfather Mountain for $12 million as a new state park. The state will acquire 2,456 acres on the landmark and a conservation easement on another 749 acres that the family of Grandfather Mountain founder Hugh Morton will continue to own.

The council meeting was the last for Easley and three other council members who are leaving office. Perdue will be sworn in as governor on Saturday.

RELATED TOPICS: Beverly Perdue, Raleigh, Economic Stimulus, Job Losses

e-mail print friendly

41 Comments


WRAL.com welcomes your comments on this story. All comments are moderated prior to publication based on our posting guidelines. Please review them prior to posting and if your message is not approved.

View Comments VIEW ALL 41 COMMENTS

This story is closed for comments. Comments on WRAL.com news stories are accepted and moderated between the hours of 8 a.m. and 8 p.m. Monday through Friday.

Latest Comments
That is nice, NO money for the people

Just to kick the dead horse. I agree borrowing at a time of low interest is good...when you are a family needing a new car or house. When you are a gov't and borrowing in a time when they are telling all state entities to cut the budget and claiming that there will be no raises for the state and local gov't employees is hard to swallow. I started laughing when I read some of these importand jobs that will make the state so much money. They are a joke. They will not make the kind of jobs to sustain the growth we have. These jobs are all for doctors and professors and construction workers. The entities are all state funded in some form. Which means the operating budget gets our tax dollars. No state entitiy makes money. Don't take the money. Save as much as possible and weather the storm... it will get better and then when there is money in the pot build the new library and make the polar bears house bigger.

Restore credit. Everything else won't help.

Easley said the projects could produce nearly 26,000 new jobs. To all US citizens with or without a job make sure you go by and see who is building these buildings. I doubt if this stimulus package had legal US citizens in mind.

"I'm thinking it's going to make a big difference in the economy over the next year," Easley told reporters after the meeting.

I'm thinking Easley's right. Making things even worse is technically making a difference. But if this dodgy Keynesian craziness is good enough for Bush and Obama, it's "good enough" for NC governors who know diddly about economics: http://www.johnlocke.org/lockerroom/lockerroom.html?id=18080

View Comments VIEW ALL 41 COMMENTS

Experian Credit Center

Average Credit Score: 678. See Yours Free!
1. Make sure possible inaccuracies aren't hurting your credit
2. Detect potential identity theft
3. Stay on top of your credit without hurting your score

See your Free Credit Report online in seconds when you sign up for a free 30-day credit monitoring trial!

Multimedia

advertisement