Summary Background
DEMOGRAPHIC / SOCIOECONOMIC
Total Population
172,955
Albemarle Regional Planning Commission
Unemployment Rate
6.4%
Albemarle Regional Planning Commission
Percent College Educated
22.65%
Albemarle Regional Planning Commission
Labor Force Participation Rate
94.16%
Albemarle Regional Planning Commission
POPULATION
The statewide population in North Carolina grew almost twice as fast as the national pace between 2005 and 2016. Representing only 1.7% of the statewide total, the Northeastern Region had an estimated population of 173,175 in 2016 as provided by the NC Office of State Budget Management. This is enough people to fill the Panther’s football stadium about 2.5 times. While the state had a 14.6% increase in its population from 2005 to 2014, the Northeastern Region experienced a slower increase of 4.5% (approximately 7,469 individuals). Seven out of the ten counties within the region gained population over this time period.
However, none of the individual counties outpaced the statewide growth rate. The Northeastern regional growth rate was stronger than the national rate from 2005 until 2009, but it has been lagging behind ever since. This trend is projected to continue through 2025 with North Carolina growing 11.5%, the United States growing 8.9%, and the Northeastern Region growing 4.7% (2015 to 2025).
MEDIAN AGE
The Northeastern Region has a median age of 42.4 years old, 4.30 years older than the state of North Carolina. The regional increase in age is growing faster than the state. Between 2005 and 2016, the region’s median age grew by nearly 2.1 years compared to 1.6 years across the state. The age difference is largely due to an increase in retirees in some counties, as well as growth in the region’s middle-age workforce. These demographic conditions have the potential to create labor market and economic challenges and opportunities for the region. The supply of younger workers may not be adequate to replace experienced employees in all fields. Also, the potential exists to expand and grow new businesses to meet the needs of an aging population.
MEDIAN HOUSEHOLD INCOME
North Carolina’s 2016 estimated median household income was $46,748, about 9.5% (or $5,201) lower than the United States’ level of $53,721. As of 2016, North Carolina ranks 41st out of the 50 states and the District of Columbia. However, North Carolina is ranked 4th out of 12 states within the Southeast Region of the United States. Camden, Currituck, and Dare are the only counties within the region with household incomes above the national median. Theses counties, along with Gates are the only four within the region above the statewide median. Between 2009 and 2016, national median household incomes fell 2.3% as the impact of the Great Recession stretched across the United States. During this time period, the gap between North Carolina and the United States has grown wider. Although median household incomes in the Northeastern Region have declined 3.6% during this time period, the regional decline was less than the statewide drop of 6.1%.
