07.03.24
Highlights:
DMJPS is pleased to provide a statewide quarterly economic report with highlights of North Carolina’s fifteen metros for the first quarter of 2024. The state’s indicators point to overall steady but moderate growth, with churn among industry employment patterns.
• In the first quarter of 2024, North Carolina added approximately 70,000 jobs year-over-year for an average of 4.9 million employees. The state’s 1.4 percent gain was slightly less than the national 1.8 percent increase.
• At 2.6 percent, the Raleigh metro had the greatest rate of increase in employment in the first quarter when compared to the prior year. The Wilmington and Burlington metros followed closely at 2.4 percent each.
• North Carolina’s first quarter average unemployment rate of 3.7 percent was lower than the national average of 4.1 percent. Among the state’s fifteen metros, Asheville had the lowest first quarter unemployment rate at 3.0 percent while Rocky Mount had the highest at 5.0 percent.
• The Education and Health Services industry led first quarter employment growth year-over-year in North Carolina. Retail Trade estimated a first quarter loss of 1,300 jobs compared to the prior year.
• The private industry average hourly wage in North Carolina rose to $31.96 in the first quarter of 2024. The Durham-Chapel Hill metro maintained a lead with an average of $36.25. Eight of the state’s 15 metros experienced a shift down compared to the first quarter of 2023.
• At 6.7 percent, North Carolina’s same-home annual appreciation rate in the first quarter slightly outpaced the national rate of 6.3 percent.
• Average taxable retail sales in North Carolina were $55.5 billion in the first quarter, a 3.2 percent increase year-over-year.
• Special feature, educational attainment: According to the U.S. Census Bureau, in North Carolina an estimated 35.9 percent of the population age 25 years and older had earned a bachelor’s degree or higher in 2022. This was up compared to five years prior.
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