This was largely attributable to its vibrant economy, which featured one of the strongest manufacturing sectors in the country—and the strongest in the South. Information Technology. (The Center Square) – North Carolina ranks 11th among U.S. states for economic freedom, according to the Fraser Institute's recent analysis. Economy. Section of the Blue Ridge Parkway at Grandfather Mountain, western North Carolina, U.S. By signing up for this email, you are agreeing to news, offers, and information from Encyclopaedia Britannica. Other principal agricultural products include eggs, soybeans, and cotton. MOUNT AIRY, N.C. – North Carolina airports have a huge impact on their local economies, and it's not just from the larger commercial airports. (2) In percent, seasonally adjusted. “North Carolina: The State of Aviation” examines data from 2019 airport operations. The economy is closely tied to technology, science, and the arts. (1) Number of persons, in thousands, seasonally adjusted. Federal government websites often end in .gov or .mil. Economy North Carolina's economy was dominated by agriculture until the closing decades of the 19th century, with tobacco the major cash crop; today, tobacco is still the central factor in the economy of the coastal plain. While these activities remain important segments of the state’s economy, they have largely been overshadowed by other industries and services. Fraser Institute's Economic Freedom of North America report measured 10 variables related to government spending, taxation and labor market regulation in the 50 U.S. states, 10 Canadian provinces and 32 Mexican states based on 2018 data. NC Department of Revenue reports & analysis; ... North Carolina Office of State Budget and Management. Our tech industry is growing at twice the rate of the national average. Concentrated in metropolitan areas of the state, finance, insurance and real estate make up North Carolina's leading service industry group. The principal trees are pines, largely harvested in the Coastal Plain and the Piedmont region. North Carolina’s economy was based mainly on the growing of tobacco in the 1700s and 1800s and on the manufacture of tobacco products and textiles in the early 1900s. Find … The Intracoastal Waterway threads its way between the Outer Banks and the mainland from New Jersey to the Gulf of Mexico. Personal income in North Carolina - income per capita 2000-2019. North Carolina’s economy – which experienced its biggest decline since the Great Depression – will bounce back in 2021, according to John Connaughton, director of the Barings/UNC Charlotte Economic Forecast. Most of the remainder is produced by the state’s numerous hydroelectric dams. The .gov means it's official. … For nearly a century North Carolina has remained the most successful manufacturing state in the South and one of the top manufacturing states in the country. North Carolina’s electric power is generated mainly by coal-fired thermal plants, with several nuclear stations supplying nearly one-third of the total. Many of these resources are used in the construction industry, along with dimension and building stone, crushed granite, common clay (for bricks), gravel, and sand. Various gemstones are also found in the state. The By the early 21st century, manufacturing accounted for less than one-fifth of all employment and for roughly one-fifth of the gross domestic product (GDP). Farming and processing of chickens in North Carolina. Large banking companies have moved into Charlotte, making the city one of the nations important financial centers. The industrial base had become more diversified, with especially strong growth in computers, electronic communications equipment, chemicals, and machinery. The state's growing population has supported growth in real estate businesses and the state's growing reputation as a commercial center. Asheville has seen the job market increase by 1.6% over the last year. Agriculture remains a small but important component of the state’s economy, although the number of people it employs continues to decline. (p) Preliminary. With its abundance of forests, North Carolina has long been a leader in the production of lumber, wood for furniture, Christmas trees, pulp for paper, and other wood products. The state is a leader in the production of phosphate rock, lithium minerals, feldspar, olivine, mica, and pyrophillite. A new report from the N.C. Department of Transportation’s Division of Aviation finds that North Carolina’s publicly owned airports contribute $61 billion to the state’s economy each year and supports 373,000 jobs. Be on the lookout for your Britannica newsletter to get trusted stories delivered right to your inbox. – The Economic Development Partnership of North Carolina (EDPNC) on Thursday, Dec. 17, completed a four-week series of eight regional roundtables held virtually across the state and focused on the challenges and opportunities businesses and economic developers face in each region. The Labor Market and Economic Growth – The functioning of North Carolina’s labor market is critical to the sound functioning of the state’s economy. See if your knowledge of names is nimble—or numb—in this quiz of states and cities. Aside from developing solid tobacco and textile industries in the 20th century, the state also emerged as a major centre for furniture making. Those two facilities serve as hubs for national airlines, providing direct flights to many domestic destinations. Mailing Address: MSC 20320, Raleigh, NC 27699-0320. 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