Shot of hope Vaccinations come as virus cases surge Page 6
January 8 - 21, 2021 Vol. 22, No. 1
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wilmingtonbiz.com
WEB EXCLUSIVE Flight path
ILM officials hope for better year wilmingtonbiz.com
Bike break
Store owner keeps up with demand Page 9
Real estate outlook Commercial, residential predictions Page 11
Index Banking & Finance .............................4-5 Health Care ........................................6-7 Economic Development.......................... 8 In Profile................................................. 9 Real Estate ..........................................11 The List ..........................................14, 18
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Coming attractions: This year is expected to include some of the same themes as 2020, from what will become of the county’s proceeds from the sale of New Hanover Regional Medical Center to more COVID-19 news.
A CLOSER LOOK AT THE YEAR AHEAD W STAFF REPORTS
hile COVID-19’s impact on the economy will remain a focus this year, other expected newsmakers in 2021 include New Hanover Regional Medical Center, the film industry and the Port of Wilmington.
BIG PICTURE
Although 2020 is in the rearview, its effects are expected to linger with the potential for even rockier economic times this year. “I am optimistic that in 2021 our small businesses will begin to see more of a recovery beginning in the third quarter of 2021 if we can turn the tide of the pandemic with the
vaccine and a comprehensive strategy to eliminate it,” said Jerry Coleman, director of the Small Business Center at Cape Fear Community College, in December. “The next several months, however, will present significant challenges for small businesses. No doubt, we will lose more businesses as the pandemic surges [during the winter] and additional restrictions are instituted as a result.” All along, certain sectors have been more vulnerable and will remain that way, he said. “I am most concerned for our local hospitality/tourism [accommodation and food service] industry who have had to overcome multiple impacts of hurricanes in recent years and now the pandemic,” Coleman said. “More federal, state and local
support is needed now to help small businesses over the next four to six months.” Near the end of December, Congress passed a $900 billion economic stimulus bill that includes aid for small businesses. When it comes to the way people do business, it’s not likely to completely go back to the way things used to be, said Adam Jones, regional economist with the University of North Carolina Wilmington. “But the evolutionary biology that led us to where we were probably hasn’t changed in nine months,” Jones said in December. “What’s really changed in nine months is the technological constraints on us. Now we have these new tools we can use to do those same things differently, and better.” See YEAR, page 10
