[This story has been edited from its original version to fix two spelling errors.]

Growth and recovery were two buzzwords floating around the room this morning at the Economic Outlook Conference hosted by the University of North Carolina Wilmington. However, no panelist suggested significant growth or recovery in the near future.

With Chancellor Rosemary DePaolo on hand, UNCW senior faculty Thomas Simpson and Woody Hall opened the discussion. Simpson spoke in real terms about the prospects for the national economy.

“People wonder why we call economics a dismal science. This is going to be a sluggish expansion,” Simpson said. He cited high housing inventory and vulnerable prices as two reasons for the uneven recovery. “I wish the bottom line was more positive but hopefully a year from now we’ll see signs I was wrong.”

Hall explained that the recession technically ended more than a year ago, though normal economic recovery metrics have not been met. Typically, the national growth rate for personal income is eight percent. In 2011, national projections call for three percent personal income growth. The silver lining is that Hall’s team of economists foresees personal income to grow in Brunswick, New Hanover and Pender counties by more than the national average.

“Things are still down but there not down as much,” Hall said.

The conference emphasized future military growth in Southeastern North Carolina.

The keynote speaker was retired USMC Maj. Gen. Robert C. Dickerson, followed by a three person panel of experts on military spending and the effect on surrounding areas.

In 2009, more than $50 million in federal contracts were awarded to New Hanover County, and Brunswick County was awarded $45 million, according to the North Carolina Military Business Center. The military industry is the second largest in the state with annual spending of $20 billion. Future base closings elsewhere in the country should lead that number to continue to increase.

The second session of the conference focused on local commercial and residential real estate. The panelists did not share much encouraging news.

“Residential real estate the last ten years has felt a lot like a roller coaster,” said Chris Livengood of Intracoastal Realty. “The market is flat, but there is a slight contingency for prices to fall. It is a wonderful buyers market.”

Teresa Huffmon of Coldwell Banker Commercial explained that there is no money for new commercial projects, stating that regulatory pressure is keeping banks tight with cash.

“There is a disconnect with the federal government,” Huffmon said. She did point out that she expects growth in downtown Wilmington to continue as the new convention center opens and more restaurants and retail follow.