RALEIGH, N.C. – Inflation and supply chain issues have hit Americans' wallets and dominated dinner-table conversation in recent months.

What You Need To Know

  • Inflation and supply chain issues were key topics of President Joe Biden’s visit in North Carolina on Thursday

  • Campbell University economics professor Mark Steckbeck lists several factors driving current inflation rates

  • North Carolina’s economy has fully returned to pre-pandemic levels, according to state economists

They were also the key topics during President Joe Biden’s visit to Greensboro, N.C. this week. He expressed confidence that inflation rates would stabilize soon.

Mark Steckbeck, an economics professor and Lundy chair of business philosophy at Campbell University, said there are multiple factors playing into inflation.

“There's so many different things driving current inflation,” Steckbeck said. “You have supply chain issues, you have labor issues, you have the government spending issues… You have the Federal Reserve with extraordinary low interest rates, which have all really contributed.”

Those issues are not easily rectified in the short term; however, Steckbeck said he expects rates to fall below 4% within 2 years.

North Carolina’s economy is booming, with companies such as Apple, VinFast, Boom Supersonic and others planning on opening up in the Tar Heel state.

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“We're going to see a lot of growth here,” Steckbeck said. “We do need to keep up with housing. There's about a four million housing unit shortage across the country.”

“Builders have been a little reluctant to get back and build at the same pace they were before 2007, 2008. But I think in North Carolina, we're actually seeing quite a bit of building happening,” Steckbeck said.

Despite increasing inflation and high gas prices, North Carolina’s economy has fully returned to pre-pandemic levels, according to state economists.