An Eye on the Northeast: 5 things to know about NC Northeast Prosperity Zone

North Carolina’s Northeast Prosperity Zone is a diverse and beautiful part of our state that attracts talent and visitors from around the world. It’s also a region where many communities face economic challenges as they look to the future. Here are a few things to know about the Northeast’s economy:

1. The Northeast Prosperity Zone was home to over 1,000 Ship and Boat Building jobs in 2017. Despite being home to about half the population of the Southeast Prosperity Zone, the Northeast had about 30% more Ship and Boat Building jobs. What’s more, those jobs in the Northeast paid about 17% more (about $48,000) than the Ship and Boat Building jobs in the Southeast. With a location quotient over 5.5, this industry group represents not only a strength of the region, but an opportunity for the future.
2. The Pharmaceutical and Medicine Manufacturing industry group has created about 1,800 jobs in the Northeast, which is about the same employment footprint as the industry has in the Southwest (Charlotte-area) Prosperity Zone.  While the size of Northeast’s Pharmaceutical and Medicine Manufacturing industry pales in comparison to that of Triangle area, a location quotient of 4.6 suggests it’s a clear strength of the region.
3. Elizabeth City State University (ECSU) has experienced its share of challenges in recent years, from prospects of funding cuts to declining enrollment. But the university’s prospects are changing. ECSU has developed new plans to engage alumni and develop multiple student recruitment pipelines. In addition, the General Assembly recently appropriated $51 million to the NC Promise Program, which will reduce tuition at ECSU (as well as UNC Pembroke and Western). And in 2017, enrollment of degree-seeking students increased for the first time since 2010. From 2010 to 2016, enrollment dropped nearly 60%. Over that time, UNC System enrollment increased about 6%.
4. One of the most notable aspects of this region’s economy is the disparity in outcomes among counties.  On a variety of standardized measures, the region’s coastal counties outperform the region’s inland counties. Take median household income (MHHI), for instance. Along the coast in Dare and Currituck counties, MHHI is around $56,000.  In Camden, it’s around $65,000. But that figure tends to fall as you move away from the water and VA Beach area to a low of $33,000 in Halifax County. Pitt County’s relative success (MHHI of about $46,000) offers an exception for the inland counties, as well as a base for much regional economic development strategy.
5. Concerns about affordable housing along North Carolina’s coast are well-documented. Compared to the state, the median value of owner-occupied housing units is 80% higher in Dare, 45% higher in Currituck, 38% higher in Camden, and 5% higher in Pasquotank. While jobs in the region are projected to grow slowly through 2024, the jobs that are projected to grow along the coast are mostly low-wage positions in Accommodation and Food Services (590 jobs) and Retail Trade (494 jobs). This growth in low-wage work in high-cost areas suggests that the region’s affordable housing crunch could get worse before it gets better.