- 21,093 more businesses
- 496,308 more employees
- 44.1% increase in total wages
- $9,621 in additional annual wages per employee
- 24.4% increase in wages per employee
Since 2009, the number of businesses in North Carolina has grown by 8.6% (0.9% less than the national average of 9.5%). Employment in North Carolina has grown by 15.8% (1.4% greater than the national average of 14.4%). Wages have grown by 24.4% since the end of the Great Recession. This wage growth is 1.9% greater than the national average of 22.5%.
The average weekly wage in North Carolina of $942 is 11.5% below the national average of $1,064. The gap between the national average has widened from 12.8% a widening of 1.3% since the end of the recession.
The Professional services sector has the most businesses in the state of North Carolina . Since the end of the recession, the number of businesses has grown from 26,618 to 37,277, a gain of 40.0%. The table below illustrates the change in number of businesses in each sector:
|Accommodation and food services||21,190||18,235||16.2%|
|Finance and insurance||14,970||13,277||12.8%|
|Real estate and rental||12,362||10,451||18.3%|
|Transport and warehousing||6,658||5,413||23.0%|
|Arts and entertainment||4,045||3,265||23.9%|
|Agriculture and forestry||3,094||2,896||6.8%|
|Mining and oil extraction||212||234||-9.4%|
The sector with the third highest number of businesses, Construction, lost 2,000 businesses since the recession for a decline of 7.2%. The two other sectors that suffered declines are Manufacturing which declined by 1.2% and Mining and oil extraction which declined by 9.4%. The sector with the largest percentage increase in businesses is Educational services, which increased by 45.3%, followed by Professional services (mentioned above) and the Information sector which increased by 34.8%.
The Retail trade sector employs the most workers in the state of North Carolina . The number of jobs has increased 13.9% since the end of the recession from 437,570 to 498,605. The table below illustrates the change in employment in each sector:
|Accommodation and food services||423,080||336,077||25.9%|
|Finance and insurance||168,165||147,757||13.8%|
|Transport and warehousing||127,337||101,768||25.1%|
|Arts and entertainment||70,678||56,223||25.7%|
|Real estate and rental||58,514||49,182||19.0%|
|Agriculture and forestry||28,012||28,936||-3.2%|
|Mining and oil extraction||2,969||3,403||-12.8%|
There was growth in employment in 17 of the 19 sectors. The two exceptions are two of the 3 sectors with the fewest employees. Agriculture and forestry declined 3.2% and Mining and oil extraction declined by 12.8%. These two sectors accounted for less than 1400 jobs. The Accommodation and food services sector added 87,000 employees since 2009. The Waste services sector grew by 37.2% and the Professional services sector grew by 33.6%, combined accounting for an increase of 140,000 jobs.
The sector with the highest wages is the Company management sector at $2,078. Prior to the recession, the sector’s average weekly wage was $1,519. This is an increase of $559 per week or 36.8%. The table below illustrates the change in average weekly wages in each sector:
|Finance and insurance||$1,825||$1,278||42.8%|
|Mining and oil extraction||$1,206||$968||24.6%|
|Real estate and rental||$935||$683||36.9%|
|Transport and warehousing||$908||$764||18.8%|
|Agriculture and forestry||$673||$526||27.9%|
|Arts and entertainment||$586||$532||10.2%|
|Accommodation and food services||$331||$271||22.1%|
Each of the sectors in the previous section are made up of a number of detailed industries. The top industry that has experienced the most growth (as a percent) since the recession is Computer systems design and related services which has grown 94.1%. The top industry that has contracted the most is Wholesale trade agents and brokers which has contracted by 12.6% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of businesses since the recession:
|Computer systems design and related services||8,886||4,579||94.1%|
|Management consulting services||8,431||4,914||71.6%|
|Residential building construction||7,034||7,568||-7.1%|
|Wholesale trade agents and brokers||6,634||7,587||-12.6%|
|Offices of physicians||5,202||4,984||4.4%|
|Offices of real estate agents and brokers||4,730||3,909||21.0%|
|Offices of lawyers||4,336||3,977||9.0%|
|Insurance agencies and brokerages||4,186||3,383||23.7%|
|Gasoline stations with convenience stores||4,121||4,135||-0.3%|
The industry that has experienced the most growth in number of employees (as a percent) since the recession is Temporary help services which has grown 83.9%. The industry that has lost the most employees is Home health care services which has contracted by 1.8% in the years since the recession. The table below illustrates the 10 largest industries and their change in the number of employees since the recession:
|General medical and surgical hospitals||111,659||107,223||4.1%|
|Temporary help services||100,024||54,392||83.9%|
|Supermarkets and other grocery stores||84,242||66,678||26.3%|
|Management of companies and enterprises||82,854||72,874||13.7%|
|Offices of physicians||74,651||68,571||8.9%|
|Computer systems design and related services||53,824||29,900||80.0%|
|Nursing care facilities, skilled nursing||44,343||42,028||5.5%|
|Home health care services||41,788||42,552||-1.8%|
|Hotels and motels, except casino hotels||41,438||34,028||21.8%|
Since the recession ended, the industry that has experienced the greatest increase in average weekly pay per employee (as a percent) is Other financial vehicles which has grown 701.2%. The average weekly wage in the Miscellaneous intermediation industry has grown by 18.2% since the recession. This is the industry with the lowest change in wages amonth the top industries in North Carolina . The table below illustrates the 10 largest industries and their change in the average weekly wages since the recession:
|Other financial vehicles||$15,655||$1,954||701.2%|
|Investment banking and securities dealing||$3,635||$2,429||49.7%|
|Photographic equip. merchant wholesalers||$2,830||$2,121||33.4%|
|Pesticide and other ag. chemical mfg.||$2,692||$2,071||30.0%|
|Telephone apparatus manufacturing||$2,670||$2,028||31.7%|
|Computer and peripheral equipment mfg.||$2,614||$2,134||22.5%|
|Trusts, estates, and agency accounts||$2,487||$1,211||105.4%|
|All other information services||$2,459||$1,338||83.8%|
Please note, during the comparison period the NAICS coding has had changes made to it. For proper comparisons we are only including industries that have NOT been affected by these changes.
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%|
|More Than 1,000 Employees||149||116||28.4%|
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%|
|More Than 1,000 Employees||339,775||256,156||32.6%|
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%|
|More Than 1,000 Employees||$1,826||$1,370||33.3%|
This page, created and maintained by Kurt Tietjen, Founder of Stavera, High Peak Media & HomeGearWorks.com. Kurt Tietjen has spent the bulk of his career working with and using data to grow businesses. As the SVP of Operations at TheStreet and the head of Audience & Product at Purch, data helped us create products and content strategies to grow the businesses. My LinkedIn Profile is here.