"Let's not kid ourselves, things are slowing down," says Andrew Brod, director of business and economic research, the Brian School of Business and Economics at University of North Carolina in Greensboro, the largest city of the eight-county Triad. "But I think it's important to remember that while we're seeing slower growth, we're not seeing a recession."

"It's also a part of the consumer confidence index," Brod tells GlobeSt.com. "When people are happy, they go out and buy. But what we're seeing is that a set of sour expectations on the part of consumers is helping to drive these numbers down."

In its latest report, the school found that economic activity only rose 0.1% in January, measuring results in building activity, employment gains and other areas.

Brod made the point, however, that as recently as April of last year the economic upswing was up by 0.5% a month, which translated into a 6% growth rate per year.

"We have what I see as a pretty sound fundamental economy," he says, citing, among other factors, a rise in housing prices and numbers of residential housing permits.

The Triad, which is the most manufacturing intensive region in North Carolina, has been affected by the decline of what Brod calls the "sunset industries" that include textiles and others. But the Triad area has been intensifying efforts to attract high-tech and other diverse industries in recent years, he says.