DMJPS is pleased to publish a statewide quarterly economic report highlighting North Carolina’s fifteen metros for the third quarter of 2024.
Stay up-to-date with key insights into the North Carolina business climate with our quarterly economic reports. Each report provides metrics, analysis, and a deeper understanding of economic factors that impact our state and region.
Highlights:
The following report presents findings from North Carolina’s third quarter, before the impact of Hurricane Helene on Western NC. The fourth-quarter report will include data after October 1.
In the third quarter of 2024, North Carolina averaged 5,012,800 jobs and added approximately 78,500 jobs year-over-year.
By major industry, third quarter employment gains were led by Education and Health Services with 25,000 net new jobs year-over-year.
The Durham-Chapel Hill metro led employment growth in the third quarter with a 2.8 percent increase compared to the previous year.
North Carolina’s average unemployment rate for the third quarter of 2024 was 3.9 percent, representing an average of 205,665 unemployed individuals. The estimated number of unemployed increased by 11 percent compared to the previous year.
Among the state’s fifteen metros, Asheville had the lowest third quarter unemployment rate at 3.2 percent while Rocky Mount had the highest at 5.5 percent.
The third quarter average hourly wage in North Carolina was $32.64 for a 3.8 percent increase compared to the previous year.
At 4.8 percent, North Carolina’s same-home annual appreciation rate in the third quarter trailed the national average of 5.1 percent. The Goldsboro metro led the state metros with a 13.3 percent appreciation rate.
Special feature, Labor Force Participation Rate:According to the U.S. Census Bureau, North Carolina’s labor force participation rate was estimated at 63.2 percent in 2023, the highest percentage within the 2013-2023 period, based on available data. Participation rates were higher among age groups between 20 and 59 years.
Detailed Analysis: Employment
In the third quarter of 2024, North Carolina’s employment averaged 5,012,800 jobs which is currently the highest average recorded for any third quarter to date. Employment increased by an average of 1.6 percent year-over-year, slightly above the national average of 1.5 percent, and marked 14 consecutive quarters of year-over-year employment growth (Figure 1).
Figure 1 North Carolina Total Nonfarm Employment Monthly Year-to-Year Percent Change
Source: US Bureau of Labor Statistics
None of the state’s 15 metros experienced employment loss in the third quarter of 2024 when compared to the previous year. Durham-Chapel Hill was North Carolina’s fastest-growing metro with a 2.8 percent employment increase (Figure 2). Raleigh, Greenville, and Goldsboro metros followed, each with a 2.4 percent increase. Ten metros surpassed both state and national growth rates.
Figure 2 2024 3Q Average North Carolina Metros
Employment One-Year Percent Change
Source: US Bureau of Labor Statistics
North Carolina’s unemployment rate averaged 3.9 percent in the third quarter of 2024, noticeably lower than the national rate of 4.3 percent (Figure 3). This marked the seventh consecutive quarter where the state’s rate was below the national average. The third quarter 2024 unemployment rate represented roughly 205,665 people in North Carolina that were unemployed and available to work. Compared to the previous year, the number of unemployed was up 11 percent.
Figure 3 North Carolina Unemployment Rate (%)
Source: US Bureau of Labor Statistics
Among North Carolina’s 15 metros, the Asheville metro recorded the lowest average unemployment rate in the third quarter of 2024 at 3.2 percent, followed by Wilmington metro at 3.3 percent (Figure 4). Nine of the state’s metros experienced average unemployment rates at or below the state average of 3.9 percent. Meanwhile, five metros — Greenville, Jacksonville, Greensboro-High Point, Fayetteville, and Rocky Mount — exceeded the national average of 4.3 percent....READ MORE
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