by Think Currituck, on 12/3/20 1:20 PM
The North Carolina Department of Commerce released the county tier designations for 2021 and Currituck County remains a Tier 3, also ranking high on individual economic indicator lists.
The county tier designations, which are mandated by state law, play a role in several programs that assist in economic development.
The 2021 rankings identify four economic factors that are compiled and calculated by N.C. Commerce and then used to analyze and rank each of North Carolina’s 100 counties.
Each county is then assigned its tier designation ranking from one to three. Tier 1 counties are generally the most economically distressed and Tier 3 counties are generally the least economically distressed.
The rankings are based on an assessment of each county’s unemployment rate, median household income, population growth, and assessed property value per capita. The law calls for 40 counties to be designated as Tier 1, 40 counties to be designated as Tier 2, and 20 counties to be designated Tier 3.
While Currituck retains its Tier 3 status, 22 counties will change tier designations for 2021.
Counties moving to a less distressed tier ranking include Beaufort, Camden, Carteret, Chowan, Jones, Macon, Onslow, Perquimans, Pitt, Polk, and Transylvania.
Counties moving to a more distressed tier ranking include Alexander, Brunswick, Buncombe, Burke, Cherokee, Davie, Haywood, Hoke, New Hanover, Randolph, and Rowan.
Tier designations determine eligibility and guidelines for several different grant programs that N.C. Commerce administers including the One North Carolina Fund, building reuse, water and sewer infrastructure, and the downtown revitalization Main Street program.
Tier designations also play a role in the state’s performance-based Job Development Investment Grant (JDIG) program, serving as a mechanism to channel funds for infrastructure improvements into more economically distresses areas of the state.
READ MORE: A GUIDE TO SMALL BUSINESS GRANTS IN NORTH CAROLINA
Each county is ranked from 1 to 100 on each variable, making the highest possible County Rank Sum 400, and the lowest 4.
Currituck's 2021 County Rank Sum is 359, which comes from adding the ranks of all four variables/economic indicators.
Here's how Currituck County ranked
in the individual economic indicators:
Adjusted Property Tax Base Per Capita Fiscal Year 2020-2021
Currituck County ranked 99 (2nd highest) with $250,610
Population Growth July 2016-2019
Currituck County ranked 93 (8th highest) with 6.43% population growth
Median Household Income 2018
Currituck County ranked 92 (9th highest) with $64,426
Unemployment Rate 12-Month Average (October 2019-September 2020)
Currituck County ranked 75 (26th out of 100) with 5.73% unemployment
REVIEW THE 2021 COUNTY TIER DESIGNATIONS MEMO
