Aug 15

The Carolina Comeback: Economic Outlook & Budget Overview

In this presentation, State Budget Director Andrew Heath will provide an economic outlook for North Carolina and an overview of the new state operating budget. In an environment of historic tax cuts to the tune of $4.4 billion over five years, North Carolina ended the fiscal year with a $425 million revenue surplus. The surplus was driven by higher than anticipated collections in personal income taxes, meaning more people are working and earning more money. Since 2013, North Carolina has added more than 300,000 net new jobs and the unemployment rate has returned to pre-recession levels. This additional revenue has afforded important investments in the form of teacher pay increases, middle class tax cuts, college affordability and our state’s savings reserves.