Category Archives: Triangle Area Economy

Here’s how North Carolina’s economy ranks among other states

Where does the Tar Heel State rank in terms of its economy, relative health and innovation potential?

A new report by WalletHub, the personal finance website,ranks North Carolina as the 15th best economy in the country overall.

WalletHub compared the 50 states and the District of Columbia, looking at 27 indicators of economic performance and strength. The data it examined ranged from GDP growth to startup activity, according to the report.

North Carolina, with an index score of 57.34 out of 100, also ranked 11th in terms of economic health and 12th for innovation potential. The state placed in the 24th spot in terms of economic activity. Those three categories were looked at to determine states’ overall ranking on the study.

The states with the best economies are Washington, California and Utah. Those with the worst economies are West Virginia, Louisiana and Mississippi, according to the report.

To see where other states come in, see WalletHub.

by: Jessica Seaman, Triad Business Journal

N.C. ranked among top 10 fastest growing states

North Carolina was the sixth fastest-growing state in the U.S. in terms of numeric growth from 2015 to 2016, the U.S. Census Bureau reported recently.

The Tar Heel State added 111,602 people over the year, giving the state a total population of more than 10.1 million.

Utah’s population crossed the 3 million mark as it became the nation’s fastest-growing state over the last year in terms of percent change. Its population increased 2 percent to 3.1 million from July 1, 2015, to July 1, 2016, according to U.S. Census Bureau national and state population estimates released Dec. 20.

“States in the South and West continued to lead in population growth,” said Ben Bolender, chief of the Population Estimates Branch. “In 2016, 37.9 percent of the nation’s population lived in the South and 23.7 percent lived in the West.”

Following Utah, Nevada (2 percent), Idaho (1.8 percent), Florida (1.8 percent) and Washington (1.8 percent) saw the largest percentage increases in population.

North Dakota, which had been the fastest-growing state for the previous four years, mostly from people moving into the state, fell out of the top 10 in growth due to a net outflow of migrants to other parts of the country, the Census Bureau said.

Eight states lost population between July 1, 2015, and July 1, 2016, including Pennsylvania, New York and Wyoming, all three of which had grown the previous year. Illinois lost more people than any other state (-37,508), the Census Bureau said.

Nationally, the U.S. population grew by 0.7 percent to 323.1 million.

By: Atlanta Business Chronicle

Sellers’ Market: Triangle home sales up 27 percent in November

Much to the surprise of the Triangle housing market, home sales in November were up nearly 27 percent over last year – buoyed in part, some say, by both optimism for the U.S. economy going into 2017 and fear that interest rates will be rising.

That second part came true Thursday when the Federal Reserve voted to raise its benchmark short-term interest rate for the first time in a year, which will in turn likely increase interest rates for home mortgages.

In November, the Triangle market recorded 2,721 home sales across the 16-county region of Triangle Multiple Listing Service. That number was down 8 percent from October’s sales, but its typical for sales to slow in November, December and January.

But the 26.7 percent increase in November 2016 sales over November the year prior was the biggest monthly year-over-year increase since summer 2013 when the Triangle housing market was officially just heading into strong recovery mode from the 2008 recession.

Lewis Grubbs, senior vice president at Coldwell Banker Advantage in Raleigh, says they started to see a shortage of inventory in the fourth quarter last year, but while inventory was tight in certain price points, they were still selling homes.  “I have sat through several forums that have dissected the election results from both sides of the isle and do believe that the November numbers may reflect a positive change in consumer confidence,” he says. “People have a sense that the economy will strengthen and provide more and better jobs. This may be the result of what is seen as potential regulatory reforms being more business and industry ‘friendly.’”

The region’s average days on market also dropped to 45 days from 59 days the year prior, reflecting, Grubbs says, the willingness of buyers to make decisions faster. “And perhaps pay more, for fear of losing the home to a competitive offer,” he says. “Combine these things with the rumblings of the Fed increasing the interest rate before year end, has produced good results for November sales.”

Year-to-date home sales for the Triangle were up 10.6 percent, and the average sales price is up 5.5 percent. The Triangle market had about 2.7 months supply of inventory available at the end of November.

by: Amanda Hoyle, Triangle Business Journal