The Tar Heel State’s economy has fully returned to the employment level it enjoyed before the COVID-19 pandemic sent the world into an economic recession, according to a new report released by NC state economists.

Our economy officially recovered to pre-pandemic employment levels in July of 2021 and the GDP even earlier, and our economy continues to grow despite concerns of inflation and high gas prices.

This year, we’ve continued to expand, with job growth being high relative to other states. The labor force participation rate increased 0.5 percentage points, nonfarm jobs increased by 166,500, a 3.7 percent increase, and the unemployment rate fell by 1.6 percentage points.

“Our significant success increasing jobs during the pandemic shows North Carolinians are resilient and we need to focus on training workers and educating children to continue to grow our workforce,” said NC Governor Roy Cooper. “But right now, prices for gas and food are too high, and we have to find ways to make those costs more affordable while we keep bringing good paying jobs to our state.”

The data shows economic recovery but also places that need work. North Carolina’s unemployment rate fell by 0.2 percent from December to January, ranking 6^th in over-the month change. The state unemployment rate is in the middle nationally at 25^th as is its over-the -year change from January 2021. The labor force participation rate improved but the state is ranked 38^th nationally. However, the state ranks 9^th nationally in the number of total nonfarm jobs.

The labor market, or number of people seeking jobs, continues to be tight in North Carolina. For example, December figures show the state had only 0.8 job seekers per job opening, according to the NC Department of Commerce.

Annual state-level data revisions are published by the US Bureau of Labor Statistics in March. Revised data for 2021 show that the state economy is expanding after recovering to pre-pandemic total nonfarm employment last summer. The state’s unemployment rate reached a high of 14.2 percent at the start of the pandemic in April 2020.

Electric vehicle manufacturer VinFast has just selected North Carolina to build a massive $7 billion manufacturing complex on a 1,000 acre site in Chatham County – one of the biggest economic investments in the history of North Carolina.

The Vietnamese company will create over 10,000 to work at the new facility, including engineers, developers, technicians, and line workers.

According to the Triangle Business Journal, VinFast would produce both electric batteries and vehicles at the new complex.

The company is offering early buyers a $3,000-$5,000 rebate off their new US VF 8 and VF 9 models if they reserve early.

The first models are expected to roll off the line in 2024.

Governor Roy Cooper announced today $164 million in loans and grants to help pay for 76 drinking water and wastewater projects statewide.

“This funding opportunity will allow North Carolina to make meaningful investments in our communities,” said Governor Cooper. “These projects will help promote equitable access to clean water, strengthen our economy and advance climate resilience across the state.”

Notable projects approved in the latest funding round include:

• Pilot Mountain, in Surry County, will receive $2,845,000 in Wastewater Reserve in both loans and grants to replace aged wastewater collection system infrastructure.
• Wilkesboro, in Wilkes County, will receive $3,000,000 in Wastewater Reserve grants and an additional $30,000,000 in a combination of State Revolving Fund loan and principal forgiveness, to expand their wastewater treatment facility.
• Stovall, in Granville County, will receive a $1,757,360 Drinking Water Reserve grant for replacement of aged water lines and hydrants, and water tank, water main and associated improvements to increase water quality. The new waterlines will replace leaking lines, reducing the amount of water the system needs to buy from its supplier and directly reducing costs of service.
• Davie County will receive $9,125,427 for a water supply improvement project through a Drinking Water State Revolving Fund loan. This project creates a stronger regional water system by expanding Davie County’s Cooleemee Water Treatment Plant and adding an interconnection to the City of Mocksville, allowing Mocksville to decommission its Lagle Water Treatment Plant.
• Elizabeth City in Pasquotank County will receive a $676,715 Drinking Water State Revolving Fund loan and $676,715 in a Principal Forgiveness loan to address issues to complete the current water treatment plant rehabilitation project.
• Projects in 19 counties will receive funding to conduct asset inventories and assessments of drinking water and wastewater systems to plan for long-term rehabilitation and replacement of aging and critical infrastructure.

A list of all projects funded statewide by town or county is available online. These projects are funded through the Clean Water State Revolving Fund, Drinking Water State Revolving Fund, Drinking Water and Wastewater State Reserves, and the Viable Utility Reserve. Projects funded from the Viable Utility Reserve are conditional upon approval by the Local Government Commission.

“This funding gives North Carolina’s rural communities an opportunity to address the challenges of aging infrastructure and climate change, so they can become more viable, improve their resiliency and compete for economic development,” said Department of Environmental Quality Secretary Elizabeth S. Biser.

The $754 million in funding requests by North Carolina utilities far exceeded the $157 million in available funding for this round, as shown in the 2021 Fall Funded Projects Summary. Studies show that North Carolina needs from $17 billion to $26 billion in upgrades to its water and sewer infrastructure statewide over a twenty-year period.

The project funding was approved at the State Water Infrastructure Authority’s Feb. 9 meeting. The Authority is an independent body with primary responsibility for awarding federal and state funding for water and wastewater infrastructure projects. Other responsibilities include developing a state water infrastructure master plan, recommending ways to maximize the use of available loan and grant funding resources, and examining best and emerging practices.

The application period for the next round of funding for water and wastewater infrastructure projects, which will include the first awarding of the American Rescue Plan Act’s State Fiscal Recovery Funds, ends on May 2 at 5:00 p.m. The funding application forms and training schedule are available at: https://deq.nc.gov/about/divisions/water-infrastructure/i-need-funding