Wells Fargo has it’s latest economic outlook report on North Carolina, indicating continued strength in the state:
Our estimates put North Carolina’s 2016 growth at 2.4 percent, well ahead of the nation’s 1.6 percent pace. Employers added 99,600 net new jobs in 2016, a 2.4 percent increase, also topping job growth nationwide, which clocked in at just 1.7 percent. The Tar Heel State’s population grew 1.1 percent in 2016, representing 111,600 new residents—around 60,000 of which moved from another state. By contrast, population growth and state-to-state migration decelerated in the nation as a whole. North Carolina’s winning formula is largely due to the standout performance of its two largest metropolitan areas; Charlotte and Raleigh, both of which rank among the nation’s fastest growing metropolitan areas.
North Carolina’s economy should continue to see strong gains in the coming year. The Tar Heel State remains an attractive location for new and expanding businesses and is also attracting growing numbers of retirees due to its temperate climate and low cost of living. North Carolina still ranks near the top of most popular business climate rankings, with relatively low taxes and a history of cooperation between business, government and community leaders. We look for North Carolina’s real GDP to rise 2.8 percent in 2017 and 3.3 percent in 2018. Growth continues to be driven by a diverse mix of industries, ranging from information technology, life sciences and heath care to aviation, financial services and tourism.
Here’s a quick look at Gross Rent Yield heat maps for Charlotte and Raleigh:
In the Newsletter, we’ll look closer at these markets in the coming months.