NC GOP | North Carolina Economic Report Card
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North Carolina Economic Report Card

North Carolina Economic Report Card

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Background:

North Carolina Has The Most Improved Tax Climate In The Country. After Governor McCrory’s historic tax reform, North Carolina’s business tax climate jumped from worst in the southeast to 15th best in the country, the single largest rank jump in the history of the Tax Foundation’s rankings. (Scott Drenkard and Joseph Henchman, “2015 State Business Tax Climate Index,” The Tax Foundation, 10/28/2014)

  • When Governor McCrory took office, North Carolina had the worst business climate in the Southeast with the highest income and corporate income tax rates in the region. (The Tax Foundation)
  • In 2013, Governor McCrory reformed North Carolina’s antiquated 60+ year old tax code by reducing the personal income tax for everyone, reducing the corporate tax, and eliminating the death tax. Tax rates were lowered even further in 2015. (Barry Boardman, Fiscal Research Division, Nathan Knuffman, Office of State Budget and Management, “Memorandum: Revised General Fund Revenue Consensus Forecast,” May 6, 2015)
    • “Lawmakers and Gov. Pat McCrory struck a deal on tax reform Monday, ending a weeks-long impasse over how to rewrite a tax code that hasn’t been significantly overhauled since the 1930s.” (Mark Binker and Matthew Burns, “House, Senate, governor reach tax deal,” WRAL, 7/15/2013)

North Carolina’s Republican Led Tax Reform Is Growing The Economy And Reducing The Burden On Hard-Working North Carolina Families. These reforms are projected to reduce the tax burden on hard-working North Carolina families and businesses by $4.4 billion through 2018. (North Carolina General Assembly’s Fiscal Research Division, Office of State Budget & Management)

  • Over the past 12 months, North Carolina is a top 10 state for per capita personal income growth, growing between 12 percent and 15 percent faster than the national and regional averages. (Op-Ed: John Hood, “NC Sees Income Gains,” Carolina Journal, 10/21/2015)
  • In 2014, median household income grew faster than the national and regional averages. (Op-Ed: John Hood, “NC Sees Income Gains,” Carolina Journal, 10/21/2015)
  • “Just six states currently make the top-10 lists for both job growth and per-capita income growth. North Carolina is one of them — the only Southern state to do so.” (Op-Ed: John Hood, “NC Sees Income Gains,” Carolina Journal, 10/21/2015)
  • “Using the most recent 12-month period available, North Carolina once again ranked 10th in the nation, measured either in total personal income growth (4.7 percent in our state) or growth in personal income per person (3.7 percent)” (Op-Ed: John Hood, “NC Sees Income Gains,” Carolina Journal, 10/21/2015)
  • “Over the most recent 12-month period, personal income in North Carolina has gone up by 4.7 percent. Again, that’s one of the best growth rates in years.” (Op-Ed: John Hood, “Six Trends to Shape 2016,” Carolina Journal, 10/21/2015)

Under Governor McCrory, “Unemployment Rate Is Lower In All 100 Counties.” “New employment data shows the unemployment rate has fallen in all 100 counties since Governor Pat McCrory entered office in January 2013. The statewide unemployment rate also fell to an eight-year low in April of 2016.”  (“New Data Shows Unemployment Rate Lower in All 100 Counties Under Governor McCrory,” Beaufort Observer, 6/9/16)

North Carolina’s Unemployment Rate Is The Lowest It’s Been In 8 years. “North Carolina’s jobless rate dipped to 5.4 percent in April, the lowest in 8 years.” (John Murawski, “NC jobless rate dips to 5.4 percent, lowest in 8 years,” Raleigh News & Observer, 5/20/2016)

  • North Carolina’s Unemployment Rate Was The Fifth Highest In The Nation When Governor McCrory Entered Office. “In a second term he would continue job creation policies that took North Carolina from the fifth highest unemployment rate in the nation when he took office to having one of the 20 lowest unemployment rates today, and implementing the Medicaid reform that the General Assembly passed.” (Op-Ed: Dan Way, “Incumbent McCrory Touts Record As He Seeks GOP Nomination – UPDATED,” Carolina Journal, 3/8/2015)

North Carolina Had A Budget Surplus Of $450 Million, Which Pushed The State’s Rainy Day Fund Over $1 Billion in 2015. “The underappreciated story from the 2015 session was the legislature’s $450 million deposit into the rainy day fund, pushing it over $1.1 billion. Let’s do another big deposit to make sure North Carolina is well prepared for a natural or economic disaster.” (Op-Ed: John Hood, “Budget surplus offer opportunities,” The Robesonian, 1/14/2016)

Since Governor McCrory Took Office, North Carolina Has Added More Than 280,000 New Jobs, And Is Adding Jobs  Faster Than The National Average. (Local Area Unemployment Statistics (LAUS), Demand Data Driven Delivery System, NC Department of Commerce, accessed 6/17/2016)

 

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