HOUSINGNEWS REPORT
SPOTLIGHT: NORTH CAROLINA
We have 100 counties, one-third of which have lost population. Now we’re a majority urban state with increasing population and increasing density.” Dr. Michael Walden Neal Reynolds Distinguished Professor at North Carolina State University
10.1 million residents. Between the 2010 census and 2016 estimates by the U.S. Census Bureau the state’s population has grown by 6.41 percent, making it the 13th fastest growing state in the country. According to a February 2016 report from the University of North Carolina Chapel Hill’s Carolina Population Center, the state’s population is projected to jump another 20 percent by 2035 to more than 12 million people. “We are a state where there’s been a migration,” said Dr. Michael Walden, the William Neal Reynolds Distinguished people move here from the Northeast and the Midwest. Plus there’s been a redistribution of the population over time. We have 100 counties, one-third of which have lost population. Now we’re Professor at North Carolina State University (NCSU). “We are seeing
Federal Reserve Bank (FRB) of Richmond reported that “economic activity in North Carolina generally picked up… with an increase in payroll employment, improvements in household conditions, and positive housing market reports.” “Over the last two years job growth in North Carolina has been running higher than the nation,” said Dr. Walden from NCSU. “We have the same issue as the nation – jobs are being created at the high end (professional jobs requiring college degrees), and at the low end (particularly leisure and hospitality); with the slowest growth in the middle (manufacturing).” During the fourth quarter of 2016, the FRB of Richmond reports that real personal income rose statewide both on a quarterly and annual basis.
a majority urban state with increasing population and increasing density.”
The Carolina Population Center study also projects that 68 percent of all new growth in the state through 2035 will be equally divided between its two biggest metros -- the Research Triangle of Raleigh-Durham and Charlotte. Another 10 percent will go to the Triad metro area which includes Greensboro, High Point and Winston-Salem. The report also notes that in the next 20 years, half of the state’s new residents will be age 65 or older. And while Baby Boomers represent the largest adult generation in the state, by the end of 2017 it is expected that Millennial adults will outnumber Boomers.
The Economic Reality In its April 2017 issue of “Snapshot,” the
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