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North Carolina: Where Is the Job Growth? <br />May 26, 2011 <br />decade. The Raleigh area will continue to have a strong competitive advantage in the areas of <br />healthcare, education, and professional and technical services. <br />Source: U.S. Department of Commerce and Wells Fargo Securities, LLC <br />Note: N/A values mean that data was not available for analysis. <br />Personal income in <br />North Carolina has <br />rebounded from its <br />recessionary lows <br />and is now posting <br />significant <br />improvement over <br />last year. <br />11 <br />Personal Incomes Have Improved for Some <br />Personal income in North Carolina (Figure 5) has rebounded from its recessionary lows and is <br />now posting significant improvement over last year. On a regional basis, the six major <br />metropolitan areas are roughly equal when measured by per capita personal income relative to <br />the state per capita income (Figure 6). However, the Charlotte and Raleigh areas, in particular, do <br />have a somewhat higher per capita personal income related to the higher concentration of higher - <br />skilled jobs. The other four metropolitan areas, with their less diverse industry bases, have <br />slightly lower levels of per capita income. Additionally, there is variance in the growth rates of <br />personal income across industries (Figure 7). Figure 7 points out that the industries adding the <br />greatest number of jobs also have the greatest growth rates in personal income. <br />Figure 5 Figure 6 <br />North Carolina Personal Income Metro Area Per Capita Income <br />Bars = Compound Annual Rate Line = Yr /Yr /. Change Percent Relative to North Carolina Per Capita Income <br />16% 16% <br />12% <br />8% <br />4% <br />0% <br />4 %� I 4% <br />M North Carolina Personal Income: Q4 @ 2.8 <br />—North Carolina Personal Income: Q4 @ 4.2 <br />-8% r I I I I 1 1 -8% <br />96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 <br />WELLS FARGO SECURITIES, LLC <br />ECONOMICS GROUP <br />Wilmington <br />Source: U.S Department of Commerce and Wells Fargo Securities, LLC <br />1 -1 <br />12% <br />Metro Area Industry <br />Competitive Advantages <br />Asheville <br />Charlotte <br />Greensboro <br />Raleigh <br />Accommodation & Food Services <br />® <br />Q <br />Q <br />Q <br />Administrative & Waste Services <br />® <br />® <br />© <br />Q <br />Construction <br />Greensboro <br />0% <br />Educational Services <br />N/A <br />Asheville <br />Farm em to ment <br />Finance & Insurance <br />Health Care & Social Assistance <br />© <br />N/A <br />Information <br />Q <br />Management of Companies <br />® <br />© <br />Q <br />Manufacturin <br />Other Services <br />Professional & Technical Services <br />0 <br />Real Estate & Leasing® <br />❑' <br />Retail Trade <br />® <br />d <br />® <br />0 <br />State and Local <br />Transportation and Warehousing <br />N/A <br />N/A <br />Utilities <br />N/A <br />Wholesale Trade <br />Total Industries 1 80.0% 1 88.2 1 82.4 83.3% <br />decade. The Raleigh area will continue to have a strong competitive advantage in the areas of <br />healthcare, education, and professional and technical services. <br />Source: U.S. Department of Commerce and Wells Fargo Securities, LLC <br />Note: N/A values mean that data was not available for analysis. <br />Personal income in <br />North Carolina has <br />rebounded from its <br />recessionary lows <br />and is now posting <br />significant <br />improvement over <br />last year. <br />11 <br />Personal Incomes Have Improved for Some <br />Personal income in North Carolina (Figure 5) has rebounded from its recessionary lows and is <br />now posting significant improvement over last year. On a regional basis, the six major <br />metropolitan areas are roughly equal when measured by per capita personal income relative to <br />the state per capita income (Figure 6). However, the Charlotte and Raleigh areas, in particular, do <br />have a somewhat higher per capita personal income related to the higher concentration of higher - <br />skilled jobs. The other four metropolitan areas, with their less diverse industry bases, have <br />slightly lower levels of per capita income. Additionally, there is variance in the growth rates of <br />personal income across industries (Figure 7). Figure 7 points out that the industries adding the <br />greatest number of jobs also have the greatest growth rates in personal income. <br />Figure 5 Figure 6 <br />North Carolina Personal Income Metro Area Per Capita Income <br />Bars = Compound Annual Rate Line = Yr /Yr /. Change Percent Relative to North Carolina Per Capita Income <br />16% 16% <br />12% <br />8% <br />4% <br />0% <br />4 %� I 4% <br />M North Carolina Personal Income: Q4 @ 2.8 <br />—North Carolina Personal Income: Q4 @ 4.2 <br />-8% r I I I I 1 1 -8% <br />96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 <br />WELLS FARGO SECURITIES, LLC <br />ECONOMICS GROUP <br />Wilmington <br />Source: U.S Department of Commerce and Wells Fargo Securities, LLC <br />1 -1 <br />Attachment number 1 <br />Page 611 <br />50% 60% 70% 80% 90% 100% 110% 120% <br />12% <br />Charlotte <br />Raleigh <br />8% <br />Winston -Salem <br />4% <br />Greensboro <br />0% <br />Asheville <br />Attachment number 1 <br />Page 611 <br />50% 60% 70% 80% 90% 100% 110% 120% <br />