NC Unemployment Rate Drops, Remains Below National Average.

September 22, 2016

Friends, This week it was announced that North Carolina’s unemployment rate dropped to 4.6 percent in August, the lowest since April 2007. Additionally, North Carolina’s graduation rate rose again last year and is now the highest graduation rate in state history. Please take the time to read more information below about our state’s growth and progress, and please pass this along to others.

State Unemployment Rate Drops Lower, Remains Below National Average

RALEIGH, N.C.– “North Carolina has seen one of the largest decreases in unemployment in the nation since 2013 and we are home to one of the fastest growing economies in the nation,” said Governor McCrory. “With a declining unemployment rate and more than 300,000 new jobs added, it is clear that our pro-growth economic policies continue to make North Carolina one of the best places to live, work and visit.” Unemployment has decreased in all 100 counties since 2013. The last time North Carolina experienced an unemployment rate below 4.6 percent was in January 2001. The number of unemployed persons in North Carolina is 46.3 percent lower than January 2013. These results have been supported by efforts to cut taxes for families and businesses by $4.7 billion, while assuming a $430 million revenue surplus. Additionally, the state paid off the $2.5 billion unemployment insurance debt to the federal government ahead of schedule saving employers more than $760 million in taxes since 2013. McCrory Administration Top Facts

  • Under Governor McCrory, North Carolina has one of the fastest growing economies in the nation (14.3% GDP increase from 2013Q1 to 2016Q1, 6th in nation).
  • North Carolina’s $500 billion economy is the 9th largest in the U.S.
  • Under Governor McCrory, North Carolina has added more than 300,000 jobs, the 6th most in the nation.
  • North Carolina’s unemployment rate is 4.6%, lower than the national average. North Carolina has seen the 2nd largest decrease in the country. This is the lowest in over 9 years. Unemployment is lower in all 100 counties.
  • Governor McCrory delivered on his promise to modernize the tax code, reducing taxes by $4.7 billionover the first five years of tax reform. North Carolina’s business tax climate improved from 44th to 15th — the most improved business tax climate in the nation. The 2016 budget builds on Governor McCrory’s record of pro-growth tax reform by providing a middle class tax cut anticipated to save taxpayers $145 million over the next year. By increasing the personal income tax standard deduction by $2,000 over two years for married filing jointly and proportionately for other filers, the budget puts more dollars in the paychecks of North Carolinians and eliminates income taxes for approximately 75,000 taxpayers.
  • Average teacher pay in North Carolina will be more than $50,000 for the first time in state history under North Carolina’s newest budget signed by Governor Pat McCrory in July. Teachers will receive an average 4.7 percent pay increase, boosting average total compensation to more than $67,000. Since 2013, North Carolina has invested more than $1 billion in new funding for teacher raises including the largest average teacher salary increase in the nation in 2014.
  • Today, North Carolina has the highest graduation rate in state history at 85.8%.
  • Governor McCrory championed a $2 billion Connect NC Bond that was passed by voters with overwhelming bipartisan support. The bond invests in our universities, community colleges, parks and National Guard facilities.