NC GROSS STATE PRODUCT (GSP)

In 2011, North Carolina current-dollar GDP was $439.9 billion, and in 2001, North Carolina GDP was $291.9 billion. In 2011, North Carolina real GDP grew 1.8 percent; the 2010-2011 national change was 1.5 percent. GSP = a states total output (sales, operating income, commodity taxes, inventory change) a states intermediate inputs (consumption of goods and services purchased from other U.S. industries or imported) OR

GSP is the state counterpart to the country's GDP.

NCS RANK IN THE US ECONOMY

In 2011, North Carolina ranked 9th in the US economy. In 2001, North Carolina was ranked 11th in the US Economy.

This is based off of a list of all the U.S. states sorted by their gross state product (GSP).

In 1799 young Conrad Reed found a 17-pound shiny rock while playing at a creek on his family farm in Cabarrus County, North Carolina. He and his family kept it as a doorstop until 1802. His father John Reed took the rock to a jeweler who recognized it as gold and bought it from the unaware Reed for $3.50 (a week's wages for farm labor.) A year later Peter, one of the slaves held by the Reed family, found a 28-pound nugget of gold on the property. John Reed started placer mining, and later underground mining, on his property and became a wealthy man.

GOLD IN 1799

The Reed Gold Mine was designated a National Historic Landmark. Visitors can explore reconstructed underground mining tunnels.

AGRICULTURE
North Carolina had 52,400 farms in 2009. A total of 8,474,671 (2007) acres of North Carolinas land is in farms. The average size of a farm is 163 acres. North Carolinas agriculture industry, including food, fiber and forestry, contributes over $74 billion annually to the states economy North Carolinas agriculture industry accounts for 19 percent of the states income and employs over 20 percent of the work force. Poultry and eggs, tobacco, hogs, milk, nursery stock, cattle, soybeans.

 North Carolina ranks number one nationally in the production of flue-cured tobacco and sweet potatoes; Second in the production of Christmas trees; Third in the production of cucumber and strawberries; And, fourth in the production of cucumbers and upland cotton.

AGRICULTURE

 The greenhouse/nursery industry is the number crop producer in North Carolina, followed by tobacco, soybeans, corn, cotton, sweet potatoes, wheat, peanuts, blueberries, potatoes, tomatoes, cucumbers, and a wide variety of other crops.

CROPS

NC DEPARTMENT OF AGRICULTURE

Broilers, hogs and pigs, turkeys, and cattle and calves are the main animals raised by North Carolina farmers. North Carolinas number one commodity (plant or animal) is broilers chickens raised for their meat. North Carolina ranks second in the nation in the production of hogs and pigs, trout and turkeys; And, fifth, in the production of broilers.

ANIMALS

NC DEPARTMENT OF AGRICULTURE

NC DEPARTMENT OF AGRICULTURE

TEXTILES
North Carolina became the center of the textile business by the 1920s and continued outstanding success throughout the 20th Century.
We used to be the second-largest textile state and the third-largest apparel state in the United States in terms of employment.

Locations of textile mills in North Carolina, 1896. Counties are drawn with present-day boundaries for reference.

NC FURNITURE INDUSTRY

North Carolina had not only an extensive pine forest, but great hardwood forests as well. As with cotton and tobacco, the state had long sent its timber to the North for processing. But in the 1880s, Earnest Ansel Snow began buying lumber from those forests, building furniture in a factory in High Point, and selling it to consumers across the country.

Soon, High Point factories were building furniture for the Sears Roebuck mail-order catalog.

By 1900, the area around High Point had become the furniture capital of the United States.
Pine and spruce forests, meanwhile, were being cut down for paper. So much timber was harvested, in fact, that in 1898 George Washington Vanderbilt would open the Biltmore Forest School to find ways to preserve North Carolinas mountain forests.

NC FURNITURE INDUSTRY

OUTSOURCING
When a company takes a function out of their business and relocates it to another country. Free trade regulations and fierce price competition from global developing countries triggered a steady relocation of industries from the Carolinas to overseas production as the 21st Century began.

OUTSOURCING
TEXTILES - DECLINE IN NORTH CAROLINA TEXTILES AND APPAREL INDUSTRIES SINCE 1996
The overall decline of the industry is witnessed by the precipitous drop in factories and jobs that was brought on by structural changes in the global economy. In 1996, there were 2,153 textile and apparel plants in North Carolina employing 233,715 people. By 2006, there had been a 40% decline in the number of plants, to 1,282 plants, and a 65% decrease in employment to 80,232 workers. As the second-largest textile state and the third-largest apparel state in the United States in terms of employment, North Carolina has been the hardest hit in terms of job losses and plant closings. Over a twelve month period ending in May 2006 the state lost close to 7,000 jobs, more than double from the next most comparable state in textiles, Alabama, with 2,800 job losses.

Jobs lost in North Carolinas textile & apparel industry between 1996 and 2006.

OUTSOURCING
FURNITURE

Unfortunately for North Carolina, the furniture industry began to feel the effects of increased foreign competition during the late 1990s. As competition increased and profits dwindled, many North Carolina companies either went out of business or were forced to consolidate by closing factories, laying off employees and importing products from overseas. Yet North Carolina still maintains a strong presence in this industry, with about 52,400 active employees. The bi-annual High Point furniture market alone draws more than 85,000 people to North Carolina every six months, and contributes around $1.2 billion to the economy each year. An estimate from 2004 indicated that the industry contributes around $2.8 billion annually to the economy.

 Research Triangle Park (RTP) is the largest research park in the world. It is located near Durham, Raleigh, and Chapel Hill, in North Carolina. It is one of the most prominent high-tech research and development centers in the US and is often compared to Silicon Valley.

RESEARCH TRIANGLE PARK (RTP)

RTP

UNC
Chartered in 1789, UNC was the first public university in the United States and the only one to graduate students in the eighteenth century.
Today, UNC is a multi-campus university composed of all 16 of North Carolina's public institutions that grant baccalaureate degrees, as well as the NC School of Science and Mathematics, the nation's first public residential high school for gifted students.

UNC Health Care/UNC Hospitals is a non-profit medical system owned by the State of North Carolina and primarily located in Chapel Hill, North Carolina. It was organized in 1952 as the medical school of the University of North Carolina.

 The North Carolina General Assembly founded the North Carolina College of Agriculture and Mechanic Arts, now NC State, on March 7, 1887, as a landgrant college.

Today, NC State has an enrollment of more than 34,000 students, making it the largest university in North Carolina.
NC State has historical strengths in agriculture, life sciences, design, engineering and textiles and now offers 106 bachelor's degrees.

The graduate school offers 104 master's degrees, 61 doctoral degrees, and a Doctor of Veterinary Medicine.

NCSU

 Duke University is a private research university located in Durham, North Carolina, United States.

The Duke University Medical Center is located in Durham, NC and affiliated with Duke University. The Duke University Health System, combines the Duke University School of Medicine, the Duke University School of Nursing, the Duke Clinic, and the member hospitals into a system of research, clinical care, and education.
In its 2013 edition, U.S. News & World Report ranked the university's undergraduate program eighth among national universities. Duke's research expenses in the 2010 fiscal year topped $983 million, the fifth largest figure in the nation. The university has "historical, formal, on-going, and symbolic ties" with the United Methodist Church, but is a nonsectarian and independent institution.

CHARLOTTE
Charlotte has become a major U.S. financial center and is now the second largest banking center in the United States (after New York).

North Carolina has become a major player in the national banking field. Of the 52 banks licensed to operate in the state, 24 are headquartered here, including several major national and regional players like Wachovia, Bank of America and BB&T.

Bank of America is headquartered in As of 2010, Bank of America is Charlotte, NC. the fifth-largest company in the It is an American United States by total revenue, multinational banking and financial as well as the third-largest nonservices corporation. oil company in the U.S. It is the second-largest bank holding (after Wal-Mart and General company in the United States by Electric). assets. In 2010, Forbes listed Bank of America as the 3rd biggest company in the world. 5,600 branches 16,200 ATMs BoA has branches in more than 150 countries.

BANK OF AMERICA

BB&T
BB&T Corporation (Branch Banking & Trust) is an American bank with assets of US$182 billion (September 2012), offering commercial and retail banking services along with other financial services. Based in Winston-Salem, North Carolina, BB&T operates more than 1,800 financial centers in the United States.

North Carolinas second largest bank behind Bank of America.

BB&T

BB&T Locations

 THE NORTH CAROLINA FILM OFFICE, O R I G I N A L LY C A L L E D T H E " N O R T H C A R O L I N A FILM COMMISSION," IS A MEMBER OF T H E A S S O C I AT I O N O F F I L M C O M M I S S I O N E R S I N T E R N AT I O N A L .

FOUNDED IN 1980 BY GOVERNOR JAMES B. H U N T, T H E O F F I C E W A S C O M M I S S I O N E D T O H E L P FA C I L I TAT E A N D P R O V I D E A B A S E O F O P E R AT I O N F O R N O R T H C A R O L I N A ' S G R O W I N G F I L M I N D U S T R Y.

In 1984, producer Dino De Laurentiis created De Laurentiis Entertainment Group. He built and based a studio complex (now EUE/Screen Gems) in Wilmington. The area quickly became one of the busiest production centers for film and television east of Hollywood. The North Carolina Film Office was created during a time when new technology, audience demand for location authenticity, and Hollywoods need for lower production costs were driving filmmakers to search distant sites throughout the United States for fresh places to make movies.

In 1998 Wilmington, NC became the home of the WB's critically acclaimed television network series Dawson's Creek. The series remained in Wilmington until 2003 when it was cancelled and replaced with One Tree Hill--a series on The CW Television Network that still calls North Carolina "home."

WILMINGTON

28 Days

The Fugitive

Richie Rich

A Walk to Remember
Being There Blue Velvet Bull Durham The Butcher's Wife The Color Purple The Crow Dawsons Creek Days of Thunder Dirty Dancing Dream a Little Dream Empire Records Firestarter Forrest Gump

The Green Mile

Hannibal The Hunt for Red October The Hunger Games I Know What You Did Last Summer Junebug Kiss the Girls Last of the Mohicans Leatherheads The Marc Pease Experience Muppets from Space Nights in Rodanthe One Tree Hill Patch Adams

The Secret Life of Bees

Shallow Hal Sleeping with the Enemy Surface Super Mario Brothers Talladega Nights: The Ballad of Ricky Bobby Teen Spirit Teenage Mutant Ninja Turtles Teenage Mutant Ninja Turtles II To Gillian on Her 37th Birthday

Divine Secrets of the Ya-Ya Sisterhood Mr. Destiny

Weekend at Bernie's

EXAMPLES: NOTABLE FILMS/TELEVISION MADE IN NORTH CAROLINA

EXAMPLES
Spike Lee used Elon as one of the university locations for the movie He Got Game. The Alamance Building, Fonville Fountain, and the Moseley Center's outside patio were the setting for the movie's "Tech University."

POPULAR NORTH CAROLINA ATTRACTIONS

From the Mountains to the Piedmont to the Coast, there are variety of fun and historic attractions to explore.
Battleship NORTH CAROLINA Biltmore Blue Ridge Parkway Outer Banks & NC Lighthouses Cherokee Indian Reservation Grandfather Mountain Great Smokey Mountains National Park Wright Brothers National Memorial Charlotte Motor Speedway

NC DEPARTMENT OF COMMERCE
The N.C. Department of Commerce is the state's leading economic-development agency. The N.C. Department of Commerce focuses on increasing economic opportunities for our state in a global economy by ensuring that North Carolina is recognized throughout the world as an attractive location for growing businesses, for the high quality of its workforce, and for its appeal as a tourism, film and sports development destination.

EXCISE TAX
An excise tax is a hidden tax on certain items like gas, soft drinks, alcohol, and tobacco products. The most prominent excise taxes collected by the North Carolina state government are the fuel tax on gasoline and the so-called "sin tax collected on alcoholic beverages.

EXCISE TAX

EXCISE TAX

NC TAXES
Sales Tax - A tax on the sale of retail goods and services. It is collected by the retailer and set by the state. NC Sales Tax: 4.75% Sales tax = state + local sales tax = sales tax Sales tax = 4.75 + [2.0, 2.5, 2.25] = [6.75, 7, 7.25] Property Tax - Local governments assess a property tax on real estate based on the value of the property. Most vehicles and real estate owned by citizens are valued for tax purposes of taxation. Most counties get their revenue from property tax. Income Tax Tax on individual earnings Progressive you pay higher taxes the more you make

NC UNEMPLOYMENT
The North Carolina economy is still lagging. Job growth has picked up slightly but remains considerably behind that of the rest of the U.S.
About 440,000 people are unemployed in NC. (as of Oct. 2012) 9.3 Percent of the population is unemployed in NC. (as of Oct. 2012)

Data extracted on: November 28, 2012 Source: U.S. Bureau of Labor Statistics

NCS ECONOMY