N.C. Unemployment Drops to 4.1%, Remains Below National Average

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In 2011, when the voters of North Carolina voted for change and a new economic direction, North Carolina had a 10.4% unemployment rate and countless onerous regulations hurting small businesses and killing jobs.

House Republicans heard the calls for change, and we have responded by enacting commonsense reforms to unleash North Carolina’s businesses and citizens to work hard, save for their future, and invest in the next generation. 

North Carolina’s unemployment rate dropped again to 4.1 percent in July 2017, decreasing 0.1 percentage points and remaining below the national average of 4.3 percent.

According to the state Department of Commerce figures, North Carolina’s July 2017 unemployment rate is 0.8 of a percentage point lower than a year ago. The number of people unemployed dropped 7,005 over the month and 39,162 over the year.

Total “nonfarm” industry employment that is adjusted for seasonal factors increased by 8,800 to 4,414,400 in July.

“Working people in North Carolina enjoy immense economic opportunity as lower tax rates save families and businesses more of their earnings,” said House Speaker Tim Moore.

July 2017 Economic Accolades for North Carolina

  • North Carolina #1 for Starting a Business – The Fit Small Business study released on July 3 cited “the state’s labor market and taxes as driving an ideal environment for business owners.” Fit Small Business in New York conducts research for small businesses.
  • North Carolina #5 Best State for Business – The rankings for CNBC’s ‘America’s Top States for Business’ were scored on 66 different measures of competitiveness and an array of input from business and policy experts, official government sources, the CNBC Global CFO Council and the states themselves.
  • North Carolina 1 of 12 Unanimous ‘AAA’ States – A Fitch’s rating agency financial memo released by the State Treasurer on July 6 credited North Carolina’s “conservative financial operations and long-term prospects for continued economic expansion,” “rebuilt rainy day fund,” “demonstrated controls over spending” and “revenue growth” as strong factors in the state’s financial flexibility. “Recent economic growth in North Carolina has been accelerating and future growth is expected to be stronger,” the financial memo supporting the state’s ‘AAA’ bond rating said.
  • North Carolina #5 for Budget Solvency – The Mercatus Center at George Mason University noted North Carolina’s state revenues exceed budget expenses by 12 percent and the state has amassed substantial revenue surpluses and a $1.8 billion rainy day reserve fund. North Carolina ranked #15 overall for financial health.

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