The state of North Carolina has seen an incredible surge in economic growth over the past year, with a net increase of around 190,000 jobs (+4 percent) - the best year of employment growth in the state in more than 30 years. This remarkable feat was capped off with the announcement of the multi-million dollar Toyota plant in the Triad, which will produce electric batteries for vehicles. North Carolina has several advantages that have contributed to its economic success. The total cost of living, cost of doing business, and cost of higher education are all relatively low compared to other states.
In terms of annual tuition and fees at four-year public institutions, North Carolina is the sixth lowest among states. Additionally, the state boasts natural services and a pleasant climate. Unemployment in North Carolina has also seen a decrease over the past year, going from 3.4% at the end of the second quarter to 3.6% at the end of the third. This is a positive sign for the state's economy, as it indicates that more people are finding employment opportunities.
Michael Walden, professor and extension economist emeritus in the Department of Agricultural and Resource Economics at North Carolina State University, believes that North Carolina's economic outlook is optimistic. However, he cautions that there are still external forces that could affect the state's future. John Connaughton, professor of economics at the UNC Belk Business School in Charlotte and director of the North Carolina Economic Forecast, estimates that the economy is likely to have grown by around 3.4% this year. In order to ensure continued economic growth in North Carolina, both federal and state governments have allocated new funding for the provision of Internet in underserved locations. This will help to create new opportunities for businesses and individuals alike.
Additionally, many cognition-based occupations will require formal training after high school - although two-thirds of North Carolina high school graduates enroll in a 2- or 4-year university, a large number do not graduate and others pursue careers that are not in demand. Roger von Haefen, Professor Margaret Huffman, and communications coordinator Editors of this issue of North Carolina state economist believe that while there may be some issues and challenges ahead for North Carolina's economy, with sufficient foresight these can be successfully addressed. With its current advantages and initiatives for growth, North Carolina is well-positioned to continue its impressive economic trajectory.
