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
- Look at several factors
- Unemployment rate in SC peaked higher than in NC and is still higher today
- 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%)
- Reason – NC relies more on durable goods manufacturing – especially auto manufacturing – and this sector is very volatile – down much during recession, but faster rebound
- As % of the economy GDP, auto manufacturing in SC is over 3x more than in NC – includes parts and assembly
- But interestingly, total manufacturing as % of GDP is bigger in NC: 20% vs. 16%.
- NC total economy is also 150% larger than SC total economy
- I’m MW
Mary: And I’m Mary Walden for the North Carolina Cooperative Extension Service