North Carolina’s economy ranks No. 7 in US, new study says

RALEIGH – North Carolina is No. 9 among the 50 states when it comes to population but its economy ranks No. 7, according to a study published early Monday.

According to financial news and information site WalletHub, the Tar Heel state ranks ninth or better in three of the study’s seven categories and fourth overall for economic health.

Best performance: No. 3 in government surplus and deficit per capita. North Carolina’s budget is in the black

The state ranks sixth in gross domestic product change.

And its tech sector ranks ninth even though hiring has slowed drastically in recent months, according to the N.C. Technology Association.

The state’s entrepreneurial sector, which continues to produce record numbers of new businesses according to data from the state treasurer’s office, came in at No. 17.

The ranking is the same as in a 2022 WalletHub study. 

In 2021, WalletHub ranked North Carolina No. 11.

WalletHub graphic

New jobs data shows North Carolina’s unemployment rate dropping to 3.4% but in a boom jobs market nationally the state ranks only 28th.

However, recent increases in hiring lifted the state to No. 11 in nonfarm payroll change.

When it comes to personal income, the news is not nearly as good. The state ranks 29th in annual median household income.

WalletHub tracked data across 28 different categories.

Washington topped the list followed by Utah and Massachusetts.

Read the full report at: 2023’s Best & Worst State Economies

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