Prosperity Zone Data Books Offer In-Depth Look at NC Regional Economies

<p>What are the economies in different parts of North Carolina like? How are they similar to one another and how are they unique? From the mountains to the coast, recently published data from LEAD shed light on North Carolina&rsquo;s varied regional economies.</p>

Author: Tim Aylor

North Carolina is famous for its natural diversity, but each corner of the state also has a unique economy with its own strengths, weaknesses, and engines of growth. To graphically illustrate these, LEAD has produced statistical compilations called data books that profile eight recently formed regions or Prosperity Zones. These data books serve as an introduction to these regions, providing a broad overview of the economic and demographic trends occurring in each. The data books largely cover years 2008–2013 (the latest full year for which data are available for all indicators) and will be updated periodically as new data becomes available.

North Carolina created these new regions in 2014 to improve efficiency between governmental agencies at a regional level and to enhance customer service. Each contains between 10 and 17 counties and varies in population from half a million to more than two million. Two of the zones — Southwest and North Central — are heavily influenced by the presence of the state’s two largest cities, Charlotte and Raleigh. Other zones contain a mixture of metropolitan (greater than 50,000 residents) and micropolitan (10,000 to 50,000 residents) as well as rural areas.

The LEAD Feed will periodically highlight the economies of individual Prosperity Zone regions using information found in the data books. The following are some examples of these key regional trends through 2013:

  • Population grew in all regions between 2001 and 2013, but occurred most quickly in the North Central (30.2%), Southwest (28.8%), and Southeast (22.2%) regions, all of which outpaced the overall state growth (20.1%). The slowest-growing region was Northwest (6.2%).
  • The population age of each region varies significantly with Western Region having the largest concentration of older residents, and Sandhills having the largest percentage under 18.
  • Northwest was the only region with a decreasing labor force (-9.0%) since 2001. The largest growth occurred in North Central (20.4%) and Southwest (19.3%).
  • Educational attainment is highest in North Central and Southwest, although community college enrollment and high school graduation rates are up in all zones.
  • Only two zones did not see average wages increase between 2008 and 2013 (Northwest and Western). Only Southwest and North Central have higher wages than the state as a whole.
  • The Southwest and North Central regions were first to exceed prerecession employment levels. The Piedmont-Triad and Northwest zones were far below their prerecession levels of employment by the end of 2013.
  • North Central was the first region to regain all of its jobs lost from the recession, and the only one to reach 2008 levels by the end of 2013.
  • Regional industry clusters are clearly evident; for example, the Northwest zone has the highest concentration in Manufacturing (27% of private sector employment vs. 14% in the state as a whole), while the Western zone has the highest share of Health Care and Social Assistance (21% vs. 14% for the state).
  • The only regions to experience retail sales declines were Piedmont-Triad and Northwest.

General disclaimer:

Any mistakes in data management, analysis, or presentation are the author’s.

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