NC State Economist Dr. Mike Walden – “North Carolina Vs. South Carolina”

Mary:  This is Mary Walden with economist MW, welcoming you to the economic perspective.  Today’s program looks at North Carolina versus South Carolina.  Mike, there’s long been a rivalry between the two Carolinas, going back to when they were one colony.  If we look at the economies of the two states, how have they fared recently?

Mike:  Summary Answer

  1. Look at several factors
  2. Unemployment rate in SC peaked higher than in NC and is still higher today
  3. SC also lost relatively more jobs during the recession than NC (9% vs. 8%) but has added relatively more in the recovery (12% vs. 10%)
  4. Reason – NC relies more on durable goods manufacturing – especially auto manufacturing – and this sector is very volatile – down much during recession, but faster rebound
  5. As % of the economy GDP, auto manufacturing in SC is over 3x more than in NC – includes parts and assembly
  6. But interestingly, total manufacturing as % of GDP is bigger in NC: 20% vs. 16%.
  7. NC total economy is also 150% larger than SC total economy
  8. I’m MW

Mary:  And I’m Mary Walden for the North Carolina Cooperative Extension Service