Market Snapshot: North Carolina

Market Snapshot: North Carolina

50 states in 50 weeks – This series leverages our market intelligence database to bring you powerful AE industry insights. Each week, we highlight a new state in green while previously featured states fade to a lighter green. Next, let’s look at North Carolina.

North Carolina Economic Performance and Outlook Grade*: A

• Economy: B+
• Population: A-
• Workforce: C-
• Financial/Fiscal Health: A-

* Overall grade is assigned based on a curve (relative to all states’ performances).

A soaring population and business-friendly environment are creating robust growth opportunities for AE firms in North Carolina. With the seventh-fastest growing state population since 2020, according to the U.S. Census Bureau, North Carolina is now the ninth-most populous state and trails only Texas in net domestic migration. Ranked second in business friendliness by CNBC and fourth in economic stability and outlook by the American Legislative Exchange Council Center for State Fiscal Reform, the Tar Heel State sports a 3.7% unemployment rate, lower than the 4.1% national average. ConstructConnect reports that North Carolina ranked fifth in construction starts in 2024, and high-growth opportunities are forecast in the grocery, civic, and higher education/science and technology sectors. Befitting a state that ranked first in energy transmission, distribution, and storage employment growth and second in traditional energy employment growth, according to the U.S. Department of Energy, North Carolina respondents to an Associated General Contractors of America survey were the most bullish on the power market in 2025—followed by the water/sewer, higher education, and data center markets. See below for regional highlights in North Carolina:

• Raleigh-Durham: People and investment continue to pour into the Research Triangle, spurring significant office, mixed-use and residential developments along with health care, life sciences, and advanced technology projects tied to the region’s concentration of universities. 
• Charlotte: Projects in the Queen City have slowed as the supply of new housing and office developments is now outstripping demand.
• Greensboro-Winston-Salem: With $20 billion in investment and 50,000 new jobs announced in recent years, the Piedmont Triad region has been bolstered by aerospace, advanced manufacturing, logistics, and warehousing projects.
• Wilmington: Rising sea levels and frequent hurricanes have made coastal resilience projects a priority along with upgrades to the port’s deep-water infrastructure. 
• Asheville: The western part of the state continues to recover from an estimated $60 billion worth of damage caused by Hurricane Helene in September 2024. Since most businesses and households lacked flood insurance, the massive recovery will take years and could be further slowed by upheaval at FEMA. 

For sector-specific data and insights for North Carolina or questions about our market intelligence and research services, call/text Rafael Barbosa at 972-266-4955 or email [email protected].

For a comprehensive outlook for 2025, you can access the 2025 AE Market Intelligence Webinar (recorded on January 28). Click here for details.