As North Carolina continues its recovery from the devastating impact of Hurricane Helene, our firm remains committed to providing unwavering support to our clients. We understand this is a difficult time and are dedicated to helping you navigate the tax relief provisions that are available. READ MORE.
Statewide Quarterly Economic Report
DMJPS is pleased to provide a statewide quarterly economic report highlighting North Carolina’s fifteen metros for the second quarter of 2024. The state’s economic indicators suggest steady growth and reflect an adaptable economy.
Highlights:
In the second quarter of 2024, North Carolina added approximately 72,200 jobs year-over-year, bringing the quarterly average to over 5.0 million employees – its highest average to date. By major industry, employment gains were led by Education and Health Services.
The Raleigh metro led employment growth in the second quarter with a 2.5 percent increase compared to the previous year.
North Carolina’s second-quarter average unemployment rate of 3.6 percent was lower than the national rate of 3.8 percent, although there was a rise in the number of unemployed compared to the prior year.
Among the state’s fifteen metros, Asheville had the lowest second-quarter unemployment rate at 3.0 percent while Rocky Mount had the highest at 4.9 percent.
The second quarter average hourly wage in North Carolina rose to $32.30, currently a record high of any quarter dating back to 2007.
At 5.9 percent, North Carolina’s same-home annual appreciation rate in the second quarter aligned with the national average. Greenville led the state metros with a 12.5 percent appreciation rate.
Residential building permit activity established a quarterly high mark looking as far back as 2020 with nearly 25,700 permits in the second quarter of 2024.
Special feature, Households by Type: According to the U.S. Census Bureau, North Carolina had an estimated 4.4 million households in 2023, and married couple households made up 47 percent, whereas male and female households with no spouse or partner made up 46 percent.
Detailed Analysis: Employment
In the second quarter of 2024, North Carolina’s employment averaged 5,020,333, currently the highest quarterly average on record and the first time the state’s quarterly average surpassed the five million employee mark. Job growth has remained relatively steady, with a 1.5 percent year-over-year increase, slightly below the national average of 1.7% (Figure 1).
Figure 1 North Carolina Total Employment Monthly Year-to-Year Percent Change
Source: US Bureau of Labor Statistics
Raleigh was North Carolina’s fastest-growing metro in the second quarter of 2024 with a 2.5% employment increase compared to the previous year (Figure 2). The Durham-Chapel Hill and Greenville metros followed, each with a 2.1% increase. These three of the state’s fifteen metros experienced year-over-year employment gains exceeding 2%. The Winston-Salem, Asheville, and Hickory metros saw minimal change in employment.
Figure 2 2024 2Q Average North Carolina Metros
Employment One-Year Percent Change
Source: US Bureau of Labor Statistics
North Carolina’s unemployment rate averaged 3.6% in the second quarter of 2024, lower than the national rate of 3.8% (Figure 3). This marked the sixth consecutive quarter where the state’s rate was below the national average. In the second quarter of 2024, an average of 191,320 people in North Carolina were unemployed, actively seeking, and available to work. This represented a 10.6% increase from the previous year, reflecting a moderate rise in the number of unemployed individuals.
Figure 3 North Carolina Unemployment Rate (%)
Source: US Bureau of Labor Statistics
The Asheville metro had the lowest average unemployment rate at 3.0 percent in the second quarter of 2024 (Figure 4). This was followed by Wilmington, Raleigh, and Durham-Chapel Hill metros at 3.2 percent each. Six of North Carolina’s fifteen metros had average unemployment rates that were lower than the state’s 3.6 percent. Only five metros had rates exceeding 4.0 percent in the second quarter...READ MORE
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