According to the Bureau of Economic Analysis, the state's 2010 total gross state product was $424.9 billion, making it the ninth wealthiest state in terms of gross domestic product.[1] Its 2007 per capita personal income was $33,735, placing 36th in the nation.[2]
There has been a distinct difference in the economic growth of North Carolina's urban and rural areas. While large cities such as Charlotte, Raleigh, Greensboro, and others have experienced rapid population and economic growth over the last thirty years, many of the state's small towns have suffered from loss of jobs and population. Most of North Carolina's small towns historically developed around textile and furniture factories. However, North Carolina has been affected by offshoring and industrial growth in countries like China; one in five manufacturing jobs in the state has been lost to overseas competition.[3] As these factories closed and moved to low-wage markets in Asia and Latin America, the small towns that depended upon them have suffered.
Map of North Carolina showing "The Gold Region." 1847
The first gold nugget found in the U.S. was found in Cabarrus County in 1799.[4] The first gold dollar minted in the U.S. was minted at the Bechtler Mint in Rutherford County.
Agriculture and manufacturing
The responsibilities in regulatory and service areas covering different aspect of Agriculture and manufacturing are overseen by the North Carolina Department of Agriculture and Consumer Services. Over the past century, North Carolina has grown to become a national leader in agriculture, financial services, and manufacturing. The state's industrial output—mainly textiles, chemicals, electrical equipment, paper and pulp and paper products—ranked eighth in the nation in the early 1990s. The textile industry, which was once a mainstay of the state's economy, has been steadily losing jobs to producers in Latin America and Asia for the past 25 years, though the state remains the largest textile employer in the United States.[5] In recent years, another important Carolina industry, furniture production, has also been hard hit by jobs moving to Asia (especially China).
North Carolina's agricultural outputs include poultry and eggs, tobacco, hogs, milk, nursery stock, cattle, sweet potatoes, cotton, and soybeans.[6] North Carolina is the leading producer of tobacco in the country.[7] As one of North Carolina's earliest sources of revenue, it remains vital to the local economy.
The cultivated productions of the Mountain section are sweet corn, wheat, oats, barley, hay, tobacco, fruits and vegetables. Cattle are also reared quite extensively for market, and large numbers of chickens are raised for market in the northwestern mountains and foothills. A prominent new industry in the mountains is the raising and selling of Christmas Trees. In the Piedmont region of central North Carolina are found all the products of the mountains, although over the southern half cotton appears as the staple product. In the deep, loamy soils of the coastal region, cotton, corn, and oats are the staple crops, and truck farming (growing fruits and vegetables for northern markets), constitutes a flourishing industry. Formerly longleaf pine forests produced tar, pitch and turpentine, and more recently lumber. Little old growth longleaf area is left; much has been replanted in loblolly pine, which is used for paper pulp, plywood, and lumber. Four of the grape varieties of America are native to North Carolina: the Catawba, Isabella, Lincoln, and Scuppernong.
Employment
CNBC's list of "Top States for Business for 2010" has recognized North Carolina as the fourth-best state in the nation, behind Texas, Virginia and Colorado.[8]
North Carolina is an at-will employment state, meaning employees in the private sector may be dismissed without prior notice or reason.
Solar power has been increasing rapidly in the U.S. state of North Carolina, from less than 1 MW (megawatts) in 2007 to 6,152 MW in 2019, when it had the second-largest installed PV capacity of all states.[10]
In addition to federal incentives, the state has a Renewable Portfolio Standard of 12.5% by 2021 and a state renewable energy tax credit, both of which have been credited with boosting solar installations.[11][12][13]
A 2018 Smithsonian Magazine article described North Carolina as likely being the national leader in the "solar shepherd phenomenon"– combining sheep farming with solar power plants to reduce the high costs of grass trimming.[14]
According to a report from the Solar Energy Industries Association, as of June 2019, North Carolina generates 5.81% of its electricity through solar power, and ranks second (up from 3rd in 2018) in total installed photovoltaics.[15]
In 2019, North Carolina had an installed wind capacity of 208 MW.[28]
Finance, technology, and research
Charlotte, North Carolina's largest city, continues to experience rapid growth, in large part due to the banking and finance industry. Charlotte is the second-largest banking center in the United States (after New York), and is home to Bank of America and Truist Financial. The Charlotte metro area is also home to 6 other Fortune 500 companies.
The information and biotechnology industries have been steadily on the rise since the creation of the Research Triangle Park (RTP) in the 1950s. Located between Raleigh, Durham, and Chapel Hill, it is a globally prominent research center home to over 170 companies and federal agencies and is the largest and oldest continuously operating research and science park in the United States.[29] Anchored by the University of North Carolina in Chapel Hill, Duke University in Durham, and North Carolina State University in Raleigh, the park's proximity to these research universities has no doubt helped to fuel growth.
Similarly, the Wake Forest Innovation Quarter (formerly the Piedmont Triad Research Park) is a multi-university collaboration in Winston-Salem that specializes in digital media, advanced materials, biomedical science and information technology.[31] In 2006, University of North Carolina at Greensboro and North Carolina A&T State University joined forces to create the Gateway Research Park, a technology-based research entity which focuses its efforts on areas such as nanotechnology, biotechnology & biochemistry, environmental sciences, and genetics among other science-based disciplines.
Tourism destinations in the state include amusement parks, golf, wineries, beaches, mountains, and sports venues. The North Carolina tourism industry employs more than 190,000 people. The state is the 6th most visited in the country (preceded by Florida, California, New York, Nevada and Pennsylvania).[32] The North Carolina Department of Commerce maintains a Tourism Services providing matching funds and consultation for development tourism in the state including rural tourism.[33]
Tax revenue
North Carolina personal income tax is flat, with a 5.75% rate.[34] The base state sales tax is 4.25%.[35] Most taxable sales or purchases are subject to the state tax as well as the 2.5% local tax rate levied by all counties, for a combined 6.75%. Mecklenburg County has an additional 0.5% local tax for public transportation, bringing sales taxes there to a total 7.25%. In addition, there is a 30.2¢ tax per gallon of gas, a 45¢ tax per pack of cigarettes, a 79¢ tax on wine, and a 48¢ tax on beer. There are also additional taxes levied against food, normally totaling 2%, and some counties assess a 1% tax on prepared food.
The property tax in North Carolina is locally assessed and collected by the counties. The three main elements of the property tax system in North Carolina are real property, motor vehicles and personal property (inventories and household personal property are exempt). Estimated at 10.5% of income, North Carolina's state and local tax burden percentage ranks 23rd highest nationally (taxpayers pay an average of $3,526 per-capita), just below the national average of 10.6%.[36] North Carolina ranks 10th in the Tax Foundation's State Business Tax Climate Index with neighboring states ranked as follows: Tennessee (14th), Georgia (32nd), South Carolina (31st) and Virginia (26th).[36]
Related Research Articles
Solar power has been growing in the U.S. state of Oregon in recent years due to new technological improvements and a variety of regulatory actions and financial incentives enacted by the state government.
Solar power in Colorado has grown rapidly, partly because of one of the most favorable net metering laws in the country, with no limit on the number of users. The state was the first in the nation to establish a Renewable Portfolio Standard for its electric utilities.
Solar power in Florida has been increasing, as the cost of solar power systems using photovoltaics (PV) has decreased in recent years. Florida has low electricity costs compared with other states, which makes individual solar investment less attractive. Florida ranks ninth nationally in solar resource strength according to the National Renewable Energy Laboratory and tenth in solar generation by the Solar Energy Industries Association.
Solar power has been increasing rapidly in the U.S. state of North Carolina, from less than 1 MW (megawatts) in 2007 to 6,152 MW in 2019, when it had the second-largest installed PV capacity of all states.
As of the first quarter of 2023, Washington State has 604 MW of solar power electricity generation. This is an increase from about 300 MW in 2021 and 27 MW in 2013.
Solar power in Louisiana is ranked 34th for installed solar PV capacity as of 2017 by the Solar Energy Industry Association. The state's "solar friendliness" according to Solar Power Rocks has fallen to 50th place for 2018 as the state credit program ends and full 1:1 retail net metering is being phased out. Taxpayers still benefit from federal incentive programs such as the 30 percent tax credit, which applies to business and residential solar photovoltaic and thermal energy systems of any size.
Solar power in South Carolina is rapidly becoming competitive with grid electricity, due to the decrease in cost and the eight-year extension to the 30% federal tax credit, which can be used to install any size system. South Carolina offers a 25% tax credit, meaning that 55% of the cost is covered through tax credits.
Solar power in Rhode Island has become economical due to new technological improvements and a variety of regulatory actions and financial incentives, particularly a 30% federal tax credit, available through 2016, for any size project. A typical residential installation could pay for itself in utility bill savings in 14 years, and generate a profit for the remainder of its 25 year life. Larger systems, from 10 kW to 5 MW, receive a feed-in tariff of up to 33.45¢/kWh.
Solar power in Indiana has been growing in recent years due to new technological improvements and a variety of regulatory actions and financial incentives, particularly a 30% federal tax credit for any size project.
Solar power in West Virginia on rooftops can provide 23% of all electricity used in West Virginia from 6,300 MW of solar panels, but West Virginia will be the last state in the United States to reach grid parity - the point where solar panels are cheaper than grid electricity - without incentives, due to the low cost of electricity - about $0.062/kWh. The point where grid parity is reached is a product of the average insolation and the average cost of electricity. At $0.062/kWh and 4.3 sun-hours/day, solar panels would need to come down to ~$1,850/kW installed to achieve grid parity. The first state in the US to achieve grid parity was Hawaii. Solar power's favorable carbon footprint compared to fossil fuels is a major motivation for expanding renewable energy in the state, especially when compared to coal to generate electrical power.
Solar power in Iowa is limited but growing, with 137 megawatts (MW) installed by the end of 2019 and 27 MW installed during that year, ranking the state 40th among U.S. states. Iowa also generated 0.23% of the state's total electricity production in 2019 from solar energy; an amount sufficient to power over 17,000 Iowa homes. The state's early position as a major wind-power provider may have limited early large-scale solar investment.
Solar power in Maine on rooftops, utilizing 6,300 megawatts (MW) of solar panels, can provide 60% of the electricity used in Maine according to a 2016 U.S. Department of Energy study. Maine and Vermont are tied for the second highest rooftop solar potential in the country, only behind the state of California. A 2020 estimate suggests that a typical 5.6 kilowatt (kW) residential system will pay for itself in 6-7 years and generate a profit of $45,000 over the rest of its 25-year life from the tax credits and utility savings.
Solar power in Oklahoma can provide 44.1% of all electricity used in Oklahoma from 19,300 MW of rooftop solar panels. This scenario is extremely unlikely though because the cost of electricity in Oklahoma is among the lowest in the nation.
Solar power in Arkansas on rooftops can provide 33.3% of all electricity used in Arkansas from 12,200 MW of solar panels.
Solar power in Georgia on rooftops can provide 31% of all electricity used in Georgia.
Solar power in Illinois has been increasing, as the cost of photovoltaics has decreased. As of the end of 2020, Illinois had 465 megawatts (MW) of installed photovoltaic and concentrated solar power capacity combined employing over 5,200 jobs. Illinois adopted a net metering rule which allows customers generating up to 40 kW to use net metering, with the kilowatt hour surplus rolled over each month, and lost at the end of either April or October, as selected by the customer. In 2011, the limit was raised to 2 MW, but is not net metering, as the term is commonly known, as it uses two meters for systems larger than 40 kW.
Solar power in Missouri has been a growing industry since the early 2010s. Solar power is capable of generating 42.7% of the electricity used in Missouri from rooftop solar panels totaling 28,300 MW.
Solar power in Idaho comprised 550 MW in 2019. A 2016 report by the National Renewable Energy Laboratory estimated that rooftops alone have the potential to host 4,700 MW of solar panels, and thus provide 26.4% of all electricity used in Idaho. A large increase in the state's solar generating capacity began starting year 2015 when 461 MW of solar power was contracted to be built in Idaho.
Solar power in Vermont provides almost 11% of the state's in-state electricity production as of 2018. A 2009 study indicated that distributed solar on rooftops can provide 18% of all electricity used in Vermont. A 2012 estimate suggests that a typical 5 kW system costing $25,000 before credits and utility savings will pay for itself in 10 years, and generate a profit of $34,956 over the rest of its 25-year life.
Solar power in Wisconsin In 2026, Wisconsin rooftops can accommodate approximately 37 GWs of solar capacity and produce 44,183 GWh of electricity, nearly 70% of the statewide generation in 2019. Net metering is available for systems up to at least 20 kW, and excess generation is credited at retail rate to customers next bill. Some utilities allow net metering up to 100 kW. For Xcel customers, kilowatt credits are rolled over monthly and are reconciled annually at avoided cost. Best practices recommend no limits, either individually or aggregate, and perpetual roll over of kilowatt credits.
References
↑ "GDP by State". Greyhill Advisors. Retrieved 6 September 2011.
↑ Sherwood, Larry (July 2009). "U.S. Solar Market Trends 2008"(PDF). Interstate Renewable Energy Council (IREC). Archived from the original(PDF) on November 23, 2009. Retrieved July 24, 2010.
↑ Sherwood, Larry (July 2010). "U.S. Solar Market Trends 2009"(PDF). Interstate Renewable Energy Council (IREC). Archived from the original(PDF) on September 25, 2010. Retrieved July 28, 2010.
↑ Sherwood, Larry (June 2011). "U.S. Solar Market Trends 2010"(PDF). Interstate Renewable Energy Council (IREC). Retrieved June 29, 2011.
↑ Sherwood, Larry (August 2012). "U.S. Solar Market Trends 2011"(PDF). Interstate Renewable Energy Council (IREC). p.17. Archived from the original(PDF) on September 6, 2012. Retrieved August 16, 2012.
↑ Sherwood, Larry (July 2013). "U.S. Solar Market Trends 2012"(PDF). Interstate Renewable Energy Council (IREC). p.16. Retrieved October 11, 2013.
↑ Sherwood, Larry (July 2014). "U.S. Solar Market Trends 2013"(PDF). Interstate Renewable Energy Council (IREC). Retrieved July 28, 2014.
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