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03.26.24
DMJPS is pleased to provide a statewide quarterly economic report with highlights of North Carolina’s fifteen metros for the fourth Quarter of 2023. Indicators suggest the state maintained a steady growth pattern, although this was largely moderate.
• In the fourth quarter of 2023, North Carolina added approximately 87,600 jobs year-over-year, climbing to an average of 4.9 million. This established a new quarterly record, although the growth rate of 1.8 percent trailed the national rate of 1.9 percent.
• At 4.2 percent, the Burlington metro had the greatest rate of increase in employment in the fourth quarter when compared to the prior year.
• North Carolina’s fourth quarter average unemployment rate of 3.3 percent was lower than the national average of 3.5 percent. Among the state’s fifteen metros, the Asheville metro had the lowest average unemployment rate of 2.7 percent.
• The Leisure and Hospitality industry led fourth quarter year-over-year employment growth in North Carolina. Four major industries showed year-over-year decline.
• The private industry average hourly wage in North Carolina rose to $31.75 in the fourth quarter with the Durham-Chapel Hill metro in the lead at an average of $36.55. Durham-Chapel Hill and Charlotte metros exceeded both the state and national fourth quarter average hourly wages.
• At 6.3 percent, North Carolina’s same-home annual appreciation rate in the fourth quarter outpaced the national rate of 5.7 percent.
• The average taxable retail sales estimate in North Carolina in the fourth quarter approached $61 billion, surpassing the $60 billion threshold for the first time.
• Special feature, veteran status: According to the U.S. Census Bureau, at an estimated 7.5 percent, North Carolina ranked 14th among the fifty states in 2022 for percentage of the civilian population aged 18 and over with veteran status.
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