Old North News

The latest data revisions from the US Bureau of Labor Statistics indicate a shift in job growth trends for North Carolina. The newly released figures show that Education & Health Services and Government sectors were responsible for 97% of the state's net job growth in 2024, a significant increase from previous estimates which attributed 53% of job gains to these sectors.

According to the Labor & Economic Analysis Division (LEAD) of the NC Department of Commerce, "Revisions confirm that last year’s job losses were concentrated in North Carolina’s Manufacturing sector, which is now in its third straight year of declining employment." Meanwhile, "job gains were concentrated in Education & Health Services, in particular the Health Care & Social Assistance sector."

The revised data also reveal a slowdown in overall job growth. Preliminary estimates had shown an over-the-year job growth rate of +1.7% by December 2024; however, this figure has been adjusted to +0.9%. Despite this downward revision, North Carolina's unemployment rate remained stable at 3.7%.

In addition to statewide figures, regional data showed positive signs for Asheville. Revised statistics indicated stronger economic momentum prior to Hurricane Helene than initially estimated, with job growth at +1.4% as opposed to the previously reported +0.6%. The recovery post-hurricane appears promising based on recent trends.

As further updates become available through programs like the Quarterly Census of Employment and Wages (QCEW), more detailed insights into specific regions and industry sectors are expected.

Meihui Bodane from LEAD stated that they will continue monitoring these developments closely: "We will continue to track these data and report on what’s happening in the North Carolina economy."

For additional information or inquiries, contact Meihui Bodane at mbodane@commerce.nc.gov.