|
11.06.2023
The state of North Carolina has a favorable landscape for businesses and individuals, with a diverse economy, continuing labor market recovery, and a robust small business ecosystem. Immigrants contribute meaningfully to the state's workforce and economy, while educational attainment, quality of life, and cost of living factors remain promising.
Before the pandemic, North Carolina's labor market faced some challenges. The state’s unemployment rate of 4% was higher than the national rate, and its labor force participation stood two points below the national average. The state had 82 workers for every 100 open jobs.
As of August 2023, North Carolina’s labor market has made significant strides to recovery and is showing continuous signs of improvement. The state’s unemployment rate has improved to 3.3%, lower than the national average of 3.8%, while the labor force participation rate is nearly at pre-pandemic levels.
On the downside, North Carolina’s labor force participation rate remains below the national average of 62.8%. The state also continues to face a worsening worker shortage with only 55 workers for every 100 open jobs.
| 
