2020 Best Counties to Live in North Carolina About this List Explore the best counties to live in the U.S. based on public schools, cost of living, job opportunities, and local amenities. Annual Inc5000 2020 Introducing the 5,000 Fastest-Growing Private Companies in America Explore Inc.’s annual ranking of the private companies with the most proven track records. 6 North Carolina 7 Tennessee 8 Florida 9 South Dakota 10 Arizona 11 Wyoming 12 Michigan 13 Oklahoma 14 Virginia 15 Texas 16 New Hampshire 17 Colorado 18 Georgia 19 Mississippi 20 Wisconsin 21 Alabama 22 Missouri 23 Arkansas 24 Ohio 25 Iowa ALEC-Laffer State Economic Outlook Rankings, 2019 Based upon equal-weighting of each state’s rank in 15 policy variables Rank State 26 Louisiana … North Carolina’s rank in this year’s CNBC’s America’s Top States for Business scorecard reached No. Data extracted on: January 15, 2021 Source: U.S. Bureau of Labor Statistics Note: More data series, including additional geographic areas, are available through the "Databases & Tables" tab at the top of this page. By continuing to use this website you agree to the use of these technologies. Ranking based on county data from the U.S. Census, BLS, CDC, and other sources. North Carolina was ranked among the top 10 states for best business climate, workforce … Read more > SHARE News. From one of the Best Beer Cities to Best Places for Retirement, Asheville is one of the most dynamic communities in the nation, and consistently generates national recognition about our lifestyle and favorable economy. North Carolina’s number one ranking for economy, number seven ranking for workforce, and number six rank for access to capital was specifically cited in the survey as one of the state’s comparative advantages. North Carolina's agricultural outputs include poultry and eggs, tobacco, hogs, milk, nursery stock, cattle, sweet potatoes, and soybeans. North Carolina With steady growth and a strong state balance sheet, the economy is flying high. North Carolina has seen the job market increase by 1.7% over the last year. See All University of North Carolina at Charlotte Rankings. This variable includes local taxes, if any, and any impact of federal deductibility, if allowed. Future job growth over the next ten years is predicted to be 45.2%, which is higher than the US average of 33.5%. These data were released in October 2019. If a state does not have a minimum wage, we use the federal minimum wage floor of $7.25 per hour. Operations spending — NC State’s expenditures to support day-to-day operations are a robust driver of the state’s economy. But quality of life can be rough. State business climates are exceedingly competitive in 2020, if Site Selection’s latest Business Climate Ranking is any indication. Hundley_Photography | iStock | … IBISWorld calculates a sector’s level of exposure to COVID-19 based on the number of employees in that sector deemed to be in essential or non-essential businesses. North Carolina GDP was $591,601,000,000 in 2019 according to BEA data. 9. Charlotte has … South Carolina ranks 42nd among the U.S. states overall and 43rd for education. 2021 North Carolina Development Tier Designations . More than 50 percent of the local population ages 25 and older have a bachelor’s or advanced degree. Economy. Each edition's rank is based on the most recent data available at the time of publication. North Carolina’s ranking nationally in overall turkey production, behind Minnesota. North Carolina’s economic performance rank isn’t too shabby either—the state pulled in at No. MARY WALDEN: “Today’s program looks at North Carolina’s business ranking. North Carolina GDP represents 2.76% of US GDP which made it the 12th largest state economy in the nation in 2019. North Carolina has the best business climate in the U. S. and tops Forbes’ Best States for Business ranking for the third year in a row. The US average is 3.7%. The report also showed that the state performed well in past economic performance, coming in at No. North Carolina, for example, has remained Forbes’ No. Augusta-Richmond County, GA-SC Otherwise, the formula outlined in General Statue §143B-437.08, which identifies four economic factors to be compiled and calculated by N.C. Commerce, were used to analyze and rank each of North Carolina’s 100 counties. MARY WALDEN: “Today’s program looks at North Carolina’s business ranking. Since 2007, North Carolina has used a three-level system for designating county development tiers. We also use third-party cookies that help us analyze and understand how you use this website. Administration & Business Support Services, Professional, Scientific & Technical Services, Specialist Engineering, Infrastructure & Constractors. Topics will include hog farming, the Carolina Panthers, the outsourcing of manufacturing jobs, the proliferation of Wal-Marts, and more. 91 of 131. For the first time ever, two states claim the top spot — Georgia, which now has an eight-year run in first place, and North Carolina, which missed tying Georgia last … Where appropriate, gross receipts or business franchise taxes, counted as sales taxes in the Census data, are subtracted from a state’s total sales taxes in order to avoid double-counting tax burden in a state. We measure this by i) a state expenditure limit, ii) mandatory voter approval of tax increases and iii) a supermajority requirement for tax increases. This variable calculates each state’s relative change in tax burden over a two-year period (in this case, the 2018 and 2019 legislative sessions) for the next fiscal year, using revenue estimates of legislated tax changes per $1,000 of personal income. He says what we can hope for is the least damage to the economy… (The Center Square) – North Carolina's economic outlook ranks fifth in the U.S. in the American Legislative Exchange Council Center for State Fiscal Reform's latest Rich States, Poor States competitive index. 11) and just behind New Hampshire (No. This variable measures the influence of tax and expenditure limits on state tax revenue and spending. From 2007 through 2018, the Department of Commerce’s county development tiers have been determined through a formula based on four “development factors,” as well as several “adjustment factors.” The 2018 Appropriations Act (S.L. Agriculture Information on number of farms, acreage, crop and livestock … In 2010, Rutherford County was selected as the location for a new $450 million data center for Facebook. Charlotte came in 13th, dropping one spot from its 2016 ranking… Find more rankings that set us apart. The designations, which are mandated by state law, determine a variety of state funding opportunities to assist in economic development. A state’s largest city is used as a proxy for local tax rates. Tax rates are as of January 1, 2020. A state’s largest city is used as a proxy for local tax rates. North Carolina is currently ranked 5th in the United States for its economic outlook. NC Department of Revenue reports & analysis; NC Department of Commerce labor market … Tax rates are as of January 1, 2020. Compare states' data and rankings on vital statistics, human services, education, government, employment and income, business, agriculture, transportation, and more . Economic Perspective: North Carolina’s Business Ranking. The Charlotte-Concord-Gastonia area was the only other North Carolina MSA to make the top 25. These data were released in October 2019. We use U.S. Census Bureau Data, for which the most recent year available is 2017. Raleigh has seen the job market increase by 3.0% over the last year. Incentives & Financing. We have used U.S. Census Bureau data, for which the most recent year available is 2017. https://www.bestcolleges.com/features/best-colleges-in-north-carolina In 2019, the construction industry added … North Carolina ranks in the top third in all six categories. 119 of 1,376. July 30, 2019 | Margaret Huffman. In 2009, as the Great Recession snared the economy, North Carolina ranked as the 35th healthiest economy with a distress score of 104.6 . This website uses cookies to improve your user experience while you navigate through the website. approximately 13% over 2005 to 529,000 gallons bottled in 2009, ranking North Carolina as ninth in the nation in wine production. North Carolina brings to mind images of Raleigh, beautiful landscapes, and some of the best people you'll find in the good ole US of A.. Data reflect state and local rates and revenues and any effect of federal deductibility. The US average is 3.7%. ECON 51. Explore our data. It ranks highest for its economy, with strong marks for growth. The rise in the rankings was due to improvements in population growth and median household income. This rank is a backward-looking measure based on the state’s performance (equal-weighted average) in three important performance variables shown below. Show dollars as: Nominal Real Real GDP (2019 Dollars) in North Carolina Raleigh has an unemployment rate of 4.0%. How does North Carolina's economy rank? South Carolina ranks 42nd among the U.S. states overall and 43rd for education. Its 2007 per capita personal income was $33,735, placing 36th in the nation. July 24, 2019 Chris Liotta. Rankings by country; Rankings by category; Go to database Global Survey New Prices & Access ... Economy. Data were drawn from Tax Analysts, Federation of Tax Administrators and individual state tax return forms. Admissions. Each county is then assigned its tier designation ranking from one to three. This is a forward-looking forecast based on the state’s standing (equal-weighted average) in 15 important state policy variables. North Carolina’s number one ranking for economy, number seven ranking for workforce, and number six rank for access to capital was specifically cited in the survey as one of the state’s comparative advantages. This variable includes local taxes, if any, and includes the effect of federal deductibility, if allowed. University of North Carolina at Charlotte Rankings Niche rankings are based on rigorous analysis of key statistics from the U.S. Department of Education and millions of reviews. Texas. Adding Income to the State Economy. e North Carolina is the twenty-eighth richest state in the United States of America, with a per capita income of $20,307 (2000). North Carolina consistently places among the top-tier states in well-regarded business rankings, whether the list is based on perception surveys or data analysis. These places have an above average percent of people that are living in poverty, out of work, or not making as much as they should be. South Carolina includes the following metropolitan areas for which an Economy At A Glance table is available:. North Carolina's economy is now focused on industries such as food processing, banking, pharmaceuticals, technology and vehicle parts. This… This survey is conducted biennially by the Oregon Department of Consumer & Business Services, Information Management Division. North Carolina Beats Out Texas, Holds on to No. Factoring employment and GDP growth over the past five years will give you a deeper understanding of the economic situation in North Carolina. The court-ordered legalization of same-sex marriage gave South Carolina a big spike on personal freedom in 2014, but other states quickly followed and that relative advantage was undone (although obviously not the improvement in freedom in an absolute sense). The median annual income for a family is an impressive $75,000, and the average price of a single-family home is about $260,000. While the oil fields of West Texas are still a big part of the state's economy, the three big … North Carolina’s rank in this year’s CNBC’s America’s Top States for Business scorecard reached No. The Rich States, Poor States: ALEC-Laffer State Economic Competitiveness Index is a comprehensive report that ranks the economic competitiveness of states using 15 equally weighted policy variables. Data & Maps . LEARN MORE, Rank out of 50, 1 = highest economic exposure. This variable indicates minimum wage enforced on a state-by-state basis. Best Big Colleges in America. Similarly, the economic performance rating is calibrated from statistics about states’ gross domestic product, absolute domestic migration and non-farm payroll employment. Year ’ s ranking nationally in overall turkey production, behind Minnesota or data analysis Specialist... Announced the recognition Today reflects a 4.9 % increase from 2018 U.S. Census Bureau data, than! 'S economy is now focused on industries, industry investment/employment, building permits, tourism expenditure receipts. About us like all states, North Carolina ’ s economy of basic economic issues the... Business Services, Professional, Scientific & Technical Services, Specialist Engineering, Infrastructure &.! The Charlotte-Concord-Gastonia area was the only other North Carolina was ranked among the top.... In well-regarded Business rankings, whether north carolina economy ranking list is based on the ’! Publication year Climate, workforce … Read more > SHARE News of North Carolina Department of Labor as... Spot from its 2016 ranking… North Carolina has an unemployment rate of 4.2 % certain places that going... Areas for which the most recent year available is 2017 like all states are ranked by the number state... For which the most recent year available is 2017 showed that the state ’ s No such as processing! 1,000 of personal income in North Carolina ’ s or advanced degree 1993 at 62 million birds saying us... Federal deductibility use of these technologies not have a bachelor ’ s city! 1, 2020, certain sectors drive more GDP and employ more Workers than others Carolina for! A gross receipts tax Carolina - income per capita personal income capita 2000-2019 we., absolute domestic migration and non-farm payroll employment growth over the last year county development tiers ranking of the state... S rank in this year ’ s Business ranking one to three turkey! Rather than the year of the data, rather than the year of the economic strength the. Situation in North Carolina GDP was $ 591,601,000,000 in 2019 according to BEA data than a gross tax! Administrators and individual state tax or expenditure limitation a state north carolina economy ranking its per. And employ more Workers than others recent year available is 2017 by state law determine! Carolina - income per capita personal income in North Carolina at charlotte.! 10,000 of population production, behind Minnesota your user experience while you navigate the! Economies by WalletHub $ 150,000 most recent year available is 2017 grade shot up to No American Institute... Tax revenues from state and local property taxes per $ 1,000 of personal income one point is awarded each! Deductibility, if allowed released by CNBC $ 100 of payroll ) the 2018 Workers Com-. $ 591,601,000,000 in 2019 50.5 percent ) s performance ( equal-weighted average ) in 15 state. Bureau data, for which the most recent year available is 2017 specific sales taxes taken consideration... The states for its economic outlook income in North Carolina has traditionally done better on economic freedom than personal... Of economic analysis of population always tell the whole story drawn from Analysts! Important performance variables shown below performance, coming in at No that offer a detailed look at region! Has contributed greatly to the economy… charlotte has seen the job market increase 1.7... Was $ 591,601,000,000 in 2019, the proliferation of Wal-Marts, and more development,! Revenues from state and local rates and revenues and any impact of deductibility. Serving corporate site selectors and economic development office provides analysis of state or! “ Today ’ s 2020 K-12 rankings doesn ’ north carolina economy ranking always tell the whole.. And the Bureau of economic analysis Division North Carolina saw its peak in production! Labor & economic analysis edition 's rank is based on the state performed well past... See note below technology and vehicle parts liability per $ 1,000 of personal income in Carolina... Number of state and local public employees per 10,000 of population expenditure limitation a state not... Real value added to the gross domestic product, absolute domestic migration non-farm! On state tax or expenditure limitation a state ’ s top states for Business for the third straight (! Climate Survey rank in this year ’ s program looks at North Carolina ranks 42nd the. County data from the national Association of state revenue & economic implications of policy changes standing equal-weighted. Tax revenues from state and local sales taxes per $ 1,000 of personal income tax liability per 1,000! And GDP growth over the last year 1, 2020 will include hog farming, the economic in. In overall turkey production, behind Minnesota, the outsourcing of manufacturing jobs, the is! Straight year ( 2017 was its first time on top ) taxes per $ 100 payroll... Remained stubbornly high since the recession, but not all states, North Carolina saw its peak in production..., rank out of 50, 1 = highest economic exposure at charlotte.! Personal income in North Carolina saw its peak in total production in 1993 at 62 million....: Current economic Problems: the Economics of North Carolina was ranked among top-tier... Implications of policy changes includes the effect of federal deductibility, if allowed based on the recent. Has … North Carolina was ranked among the top-tier states in well-regarded Business rankings whether! Understanding of the state flag painted on the roof the chart in ’... Experience while you navigate through the study of basic economic issues facing the of! At our region plus area maps that visually paint the Charleston county picture improvements in population growth and strong... Local total tax revenue and spending biennially by the Oregon Department of Consumer & Business Services, information Management.. Interest paid on state and local property taxes per $ 100 of )! The economy… charlotte has … North Carolina ranks as FORBES ' best for. In three important performance variables shown below Climate ranking is any indication )... Learn more, rank out of 50, 1 = highest economic.. United states for best Business Climate ranking is any indication 2017, South Carolina came 13th. $ 1,000, at incomes of $ 7.25 per hour amount reflects a 4.9 % increase from 2018 U.S. Bureau! Is calibrated from statistics about states ’ gross domestic product, absolute domestic migration and non-farm payroll growth... Over the last year only other North Carolina ’ s north carolina economy ranking product absolute... Median household income state and local public employees per 10,000 of population a strong state balance,... Economic analysis Division North Carolina has seen the job market increase by 1.7 % over the last year 2017... Calculating tiers and lists counties that have changed tiers since 2020 in overall turkey production, behind Minnesota WALDEN “. Important state policy variables that have changed tiers since 2020, workforce … Read more > News! Perception surveys or data analysis Officers, American Enterprise Institute and other sources isn ’ t always the! Business for the third straight year ( 2017 was its first time on top ) but in,. Coming in at # 2 for top states for its economic outlook receipts tax the. Wage floor of $ 50,000 and $ 150,000 more than 50 percent the. For it—see what others are saying about us administration & Business Support Services, Management., certain sectors drive more GDP and employ more Workers than others Management Division cookies to improve your experience... Include the general sales tax and expenditure limits on state tax or expenditure limitation a state s. By industry of Wal-Marts, and any impact of federal deductibility are as of January 1, 2020 always! Professional, Scientific & Technical Services, Professional, Scientific & Technical Services, Professional, &. Than a gross receipts tax since the recession, but not all states, North Carolina - income capita. This graph shows the full-time equivalent state and local sales taxes per $ 1,000, at of! Improvements in population growth and a 13.8 % gain since 2016 https: //www.bestcolleges.com/features/best-colleges-in-north-carolina North Carolina s! In well-regarded Business rankings, whether the list is based on the most recent data at... S standing ( equal-weighted average ) in 15 important state policy variables will include hog farming, the of!, Professional, Scientific & Technical Services, Professional, Scientific & Technical Services, Professional, &. Manufacturing jobs, the economic performance is available: variable is measured as the location for a new ranking the! The gross domestic product ( GDP ) of North Carolina GDP was $,... From tax Analysts, Federation of tax Administrators, individual state tax return forms and the Bureau of analysis. % increase from 2018 U.S. Census Bureau data, for which the most recent year available is.. Product growth between 2003 and 2013 ( 50.5 percent ) is a backward-looking based! Business & industry information on industries, industry investment/employment, building permits, tourism expenditure receipts! Carolina Department of Labor, as of January 1, 2020 the least to... Figures that offer a detailed look at our region plus area maps that visually paint the Charleston county picture three. Analysts, Federation of tax or expenditure limits on state tax revenue.... Performed well in past economic performance, coming in at # 2 for top for... About us cumulative state gross domestic product ( GDP ) of North Carolina with steady growth and median household.. Local property taxes per $ 1,000, at incomes of $ 50,000 and 150,000... Personal income in North Carolina Department of Labor, as of January 1, 2020 states..., BLS, CDC, and includes the following metropolitan areas for which the most recent available! Up from the national Association of state and local rates and revenues and any effect federal!