North Carolina Business & Employment Growth Since 2009
- 25,697 more businesses
- 586,550 more employees
- 15.3% increase in total wages
- $10,924 increase in annual wages per employee
- 27.4% increase in wages per employee
Since 2009, the number of businesses in North Carolina has grown by 10.2% (1.2% less than the national average of 11.4%). Employment in North Carolina has grown by 15.3% (1.7% greater than the national average of 13.6%). Wages have grown by 27.4% since the end of the Great Recession. This wage growth is 1.7% greater than the national average of 25.7%. The average weekly wage in North Carolina of $976 is 12.8% below the national average of $1,101. The gap between the national average has widened from 14.4% a widening of 1.6% since the end of the recession.
Sector Growth
Business Sector Growth
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Professional services | 38,235 | 26,618 | 43.6% |
| Retail trade | 34,092 | 32,708 | 4.2% |
| Construction | 26,700 | 28,075 | -4.9% |
| Healthcare | 23,676 | 20,703 | 14.4% |
| Other services | 23,389 | 17,853 | 31.0% |
| Accommodation and food services | 21,693 | 18,235 | 19.0% |
| Wholesale trade | 19,959 | 18,832 | 6.0% |
| Waste services | 18,773 | 14,422 | 30.2% |
| Finance and insurance | 14,996 | 13,277 | 12.9% |
| Real estate and rental | 12,754 | 10,451 | 22.0% |
| Manufacturing | 10,212 | 10,408 | -1.9% |
| Transport and warehousing | 6,907 | 5,413 | 27.6% |
| Information | 5,233 | 3,740 | 39.9% |
| Arts and entertainment | 4,157 | 3,265 | 27.3% |
| Educational services | 3,508 | 2,320 | 51.2% |
| Agriculture and forestry | 3,111 | 2,896 | 7.4% |
| Company management | 1,789 | 1,473 | 21.5% |
| Utilities | 519 | 358 | 45.0% |
| Mining and oil extraction | 215 | 234 | -8.1% |
The sector that has had the strongest growth [in number of businesses] is the Professional services sector, which has increased by 43.6% since 2009. The sector that has has the largest decline is the Construction sector, which has declined by 4.9% since the recession.
Employment Sector Growth
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Healthcare | 505,746 | 459,153 | 10.1% |
| Retail trade | 499,888 | 437,570 | 14.2% |
| Manufacturing | 474,843 | 448,407 | 5.9% |
| Accommodation and food services | 430,408 | 336,077 | 28.1% |
| Waste services | 296,823 | 214,278 | 38.5% |
| Professional services | 254,600 | 179,184 | 42.1% |
| Construction | 220,584 | 192,486 | 14.6% |
| Wholesale trade | 182,400 | 167,241 | 9.1% |
| Finance and insurance | 173,356 | 147,757 | 17.3% |
| Transport and warehousing | 133,695 | 101,768 | 31.4% |
| Other services | 109,889 | 92,523 | 18.8% |
| Educational services | 86,065 | 61,142 | 40.8% |
| Company management | 83,884 | 72,874 | 15.1% |
| Information | 79,912 | 69,634 | 14.8% |
| Arts and entertainment | 72,386 | 56,223 | 28.7% |
| Real estate and rental | 59,976 | 49,182 | 21.9% |
| Agriculture and forestry | 27,087 | 28,936 | -6.4% |
| Utilities | 14,498 | 12,627 | 14.8% |
| Mining and oil extraction | 3,116 | 3,403 | -8.4% |
The sector that has had the strongest employment growth [in number of employees] is the Accommodation and food services sector, which has increased by 28.1% since 2009. The sector that has has the largest employment decline in number of employees is the Agriculture and forestry sector, which has declined by 6.4% since the recession.
Weekly Wage Growth By Sector
| Sector | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Company management | $2,087 | $1,519 | 37.4% |
| Finance and insurance | $1,922 | $1,278 | 50.4% |
| Utilities | $1,832 | $1,405 | 30.4% |
| Professional services | $1,631 | $1,195 | 36.5% |
| Information | $1,614 | $1,131 | 42.7% |
| Wholesale trade | $1,424 | $1,091 | 30.5% |
| Mining and oil extraction | $1,189 | $968 | 22.8% |
| Manufacturing | $1,151 | $939 | 22.6% |
| Construction | $1,050 | $758 | 38.5% |
| Educational services | $978 | $786 | 24.4% |
| Real estate and rental | $977 | $683 | 43.0% |
| Transport and warehousing | $947 | $764 | 24.0% |
| Healthcare | $923 | $745 | 23.9% |
| Waste services | $713 | $550 | 29.6% |
| Agriculture and forestry | $701 | $526 | 33.3% |
| Other services | $675 | $512 | 31.8% |
| Arts and entertainment | $601 | $532 | 13.0% |
| Retail trade | $551 | $463 | 19.0% |
| Accommodation and food services | $343 | $271 | 26.6% |
The sector that has had the strongest wage growth is the Finance and insurance sector, which has increased by 50.4% since 2009. The sector that has has the smallest wage growth is the Arts and entertainment sector, which has declined by 13.0% since the recession.
Industry Growth
Business Industry Growth
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Computer systems design and related services | 9,063 | 4,579 | 97.9% |
| Management consulting services | 8,704 | 4,914 | 77.1% |
| Private households | 7,461 | 4,412 | 69.1% |
| Residential building construction | 7,339 | 7,568 | -3.0% |
| Offices of physicians | 5,254 | 4,984 | 5.4% |
| Offices of real estate agents and brokers | 5,132 | 3,909 | 31.3% |
The top industry that has had the largest increase in the number of businesses is the Computer systems design and related services industry, which has increased by 97.9% since 2009. The top industry that has has the largest decline in the number of businesses is the Residential building construction industry, which has declined by 3.0% since the recession.
Employment Industry Growth
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| General medical and surgical hospitals | 114,908 | 107,223 | 7.2% |
| Temporary help services | 102,452 | 54,392 | 88.4% |
| Supermarkets and other grocery stores | 84,374 | 66,678 | 26.5% |
| Management of companies and enterprises | 83,884 | 72,874 | 15.1% |
| Offices of physicians | 75,910 | 68,571 | 10.7% |
The top industry that has had the largest increase in the number of employees is the Temporary help services industry, which has increased by 88.4% since 2009. The top industry that has has the largest decline in the number of employees is the Offices of physicians industry, which has declined by 10.7% since the recession.
Weekly Wage Growth By Industry
| Industry | 2018 | 2009 | Pct Chg |
|---|---|---|---|
| Other financial vehicles | $4,498 | $1,954 | 130.2% |
| Mortgage and nonmortgage loan brokers | $3,765 | $1,335 | 182.0% |
| Investment banking and securities dealing | $3,704 | $2,429 | 52.5% |
| Portfolio management | $3,108 | $1,897 | 63.8% |
| Photographic equip. merchant wholesalers | $2,968 | $2,121 | 39.9% |
| Miscellaneous intermediation | $2,891 | $3,737 | -22.6% |
| Telephone apparatus manufacturing | $2,745 | $2,028 | 35.4% |
The top industry that has had the strongest wage growth is the Other financial vehicles industry, which has increased by 130.2% since 2009. The top industry that has has the largest wage decline is the Miscellaneous intermediation industry, which has declined by 22.6% since the recession.
Company Size
Business Growth By Company Size
The biggest percentage change in the number of businesses has been in businesses with 500 to 999 employees. The number of businesses with this number of employees has grown from 277 to 358, which is an increase of 29.2%.The smallest percentage change in the number of businesses has been in businesses with 5 to 9 employees. The number of businesses with this number of employees has grown from 41,233 to 43,072, which is an increase of 4.5%.
Table: Change in the number of Businesses by Size of Business, since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | 161,206 | 143,780 | 12.1% |
| 5-9 Employees | 43,072 | 41,233 | 4.5% |
| 10-19 Employees | 30,820 | 27,387 | 12.5% |
| 20-49 Employees | 22,998 | 19,237 | 19.6% |
| 50-99 Employees | 7,818 | 6,244 | 25.2% |
| 100-249 Employees | 3,905 | 3,252 | 20.1% |
| 250-499 Employees | 959 | 789 | 21.5% |
| 500-999 Employees | 358 | 277 | 29.2% |
| More Than 1,000 Employees | 149 | 116 | 28.4% |
Employment Growth by Company Size
The biggest percentage change in the number of employees has been in businesses with 1,000 or more employees. The number of employees in companies this size has grown from 256,156 to 339,775, which is an increase of 32.6%.The smallest percentage change in the number of employees has been in businesses with 5 to 9 employees. The number of employees with this number of employees has grown from 270,466 to 283,356, which is an increase of 4.8%.
Table: Change in the number of Employees by Size of Business, since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | 240,013 | 210,777 | 13.9% |
| 5-9 Employees | 283,356 | 270,466 | 4.8% |
| 10-19 Employees | 412,172 | 366,161 | 12.6% |
| 20-49 Employees | 685,827 | 573,153 | 19.7% |
| 50-99 Employees | 529,301 | 421,499 | 25.6% |
| 100-249 Employees | 576,315 | 477,152 | 20.8% |
| 250-499 Employees | 322,754 | 266,568 | 21.1% |
| 500-999 Employees | 243,549 | 188,588 | 29.1% |
| More Than 1,000 Employees | 339,775 | 256,156 | 32.6% |
Weekly Wage Growth by Company Size
The biggest percentage change in the average weekly wage has been in businesses with fewer than 5 employees. The average weekly wage in companies this size has grown from $729 to $1,045, which is an increase of 43.3%.The smallest percentage change in the average weekly wage has been in businesses with 500 to 999 employees. The average weekly wage in companies this size has grown from $1,231 to $1,417, which is an increase of 15.1%.
Table: Change Average Weekly Wage by Size Since the Recession:
| Company Size | Q1 2018 | Q1 2010 | % Change |
|---|---|---|---|
| Fewer than 5 Employees | $1,045 | $729 | 43.3% |
| 5-9 Employees | $813 | $617 | 31.8% |
| 10-19 Employees | $790 | $632 | 25.0% |
| 20-49 Employees | $799 | $635 | 25.8% |
| 50-99 Employees | $873 | $681 | 28.2% |
| 100-249 Employees | $1,044 | $775 | 34.7% |
| 250-499 Employees | $1,183 | $915 | 29.3% |
| 500-999 Employees | $1,417 | $1,231 | 15.1% |
| More Than 1,000 Employees | $1,826 | $1,370 | 33.3% |
Data Sources
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