NC Economy

Downtown Raleigh
Mark Turner / Wikipedia

North Carolina should be ready for more urbanization and a middle class that keeps shrinking in the coming decades.

downtown Raleigh skyline
NCDOTcommunications / Flickr, Creative Commons, https://flic.kr/p/bbmA6K

By several measures, the North Carolina economy is humming along nicely. But a deeper look at the data shows the benefits of the strong economy are concentrated among fewer people, leaving more winners and losers and an ever widening gap of income inequality.

stack of money
Flickr user 401(K)2013

North Carolina's economy will grow another two percent next year - on par with growth in 2016, according to a UNC Charlotte economic forecast.

Image of Toyota Plant in Indiana. North Carolina was in the running to be the home of Toyota's North American Headquarters in 2014, but Plano, Texas won the bid.
Kurt Weber / Wikimedia Commons

North Carolina was able to lure 47 new or expansion business projects to the state last year. The haul promises to bring more than 8,000 jobs and $1.4 billion in capital investment.

But the state recently lost the bids for a Volvo manufacturing plant and the Mercedes Benz U.S. headquarters.

So how's the state doing with economic development overall?

The 'Old Well' UNC-Chapel HIll
Caroline Culler / Wikipedia

The state’s higher education institutions had a $63.5 billion impact on the state’s economy in the 2012-13 fiscal year, according to a new study. 

Higher education leaders say the report shows that the North Carolina’s institutions of higher education are providing a strong return on investment for students and taxpayers.

It notes that taxpayers invested $4.3 billion to support higher education in 2012-13, and received a $17 billion return.

The State Of The State

Feb 5, 2015
North Carolina Governor Pat McCrory
Hal Goodtree / Flickr Creative Commons

  Governor McCrory took the dais for his state of the state address last night. 

Economic Forecast
www.ncbankers.org

All economic indicators show continued growth across North Carolina in 2015.

Mike Walden is the William Neal Reynolds Distinguished Professor and Extension Economist at NC State.  He predicts payroll job growth across the state could top 125,000 jobs in 2015 – that's a lot more growth than in 2014. 

Walden says the economy has finally began to “hit a stride” with modest housing recovery and labor market improvements.