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N.C. jobless rate of 13% forecast

Mike Walden, an economist at N.C. State University, predicts North Carolina unemployment will peak at 13 percent in the first quarter of 2010, according to a forecast released Monday.

It will fall through the rest of the year at a faster clip than the nation overall and match the national unemployment rate of 10.3 percent by the end of 2010, Walden wrote. He expects the highest rates in early 2010 in Charlotte and the Triad. The Triangle will have the lowest peak rate.

"The dynamic Triangle should move forward in 2010, with employment, retail sales and home sales growth among the leaders in the state," Walden wrote. "Still, the area's unemployment rate will remain uncomfortably high at over 8 percent, and while home sales will rise, a 'buyer's market' in real estate will persist."

Blog puts words in mouth of candidate

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CORRECTION

A front-page story Tuesday incorrectly described campaign contributions received by Helen Tart, a candidate for an at-large seat on the Raleigh City Council. Tart has received donations from friends and supporters but not family members.

Marriott to build at Triangle Town Center

Marriott will soon begin construction on a $15 million Courtyard by Marriott hotel next to the Triangle Town Center mall.

The 109-room hotel should open toward the end of 2010.

Mall manager Jack Love said the mall sold a piece of property along Capital Boulevard near the existing Chili's and Macaroni Grill restaurants to MJM Real Estate Group, which is developing the hotel.

Another tough year projected for commercial real estate

WASHINGTON — Commercial real estate is expected to remain a drag on the U.S. economy through 2010 and beyond.

"You do see stress in the market. We've seen delinquency rates increasing; we've seen by a whole variety of measures increased stress in the commercial real estate market," said Jamie Woodwell, the vice president of commercial real estate research for the Mortgage Bankers Association.

Commercial real estate encompasses everything from shopping malls and storefronts to industrial parks and hotels. Delinquencies on bonds backed by pools of commercial real estate loans continue climbing to record levels.