Navigating North Carolina’s Employment Landscape: Short-Term Job Losses Amid Long-Term Projected Growth

While North Carolina has experienced over 6,300 job losses across 62 companies, significantly impacting manufacturing and logistics, the state’s long-term outlook remains strong. NC Commerce’s recently released Employment Projections and the YTD WARN Report are summarized below.

Employment Projections 2022-2032:

North Carolina is projected to add more than 500,000 jobs by 2032, or an average annual rate of 0.96%, which significantly outpaces the projected national growth rate of .28% over the same period.

Similar to national trends, service-providing industries are projected to outpace goods-producing sectors, accounting for nearly 88% of new jobs projected.

The healthcare and social assistance sector is expected to add 101,500 new jobs. Almost 50% of healthcare jobs will be within Ambulatory Health Care, driven by increased demand by North Carolina’s aging population. The share of the NC population aged 55 and above is expected to grow from 30% to 32% by 2032.

Professional, Scientific, and Technical Services are projected to add 62,000 new jobs. Manufacturing is anticipated to experience slow growth over the next decade, with approximately 16,000 new jobs projected. Historically strong in NC, this sector is crucial to the state economy as it tends to pay higher wages due to specialized technical skills.

North Carolina’s projected growth rate of .96 % is significantly higher than the national average of .28% over the same time period.

Source: Labor & Economic Analysis Division of NC Commerce

For more details, visit:

• Part 1
• Part 2

2024 WARN Report

As of October 10, 2024, North Carolina has seen job losses and company closures across various industries. According to the Worker Adjustment and Retraining Notification (WARN) Act, 62 companies have issued notices of layoffs or closures, affecting over 6,300 workers throughout the state.

Key Highlights:

• Industries Affected: Manufacturing continues to be one of the hardest-hit sectors, with companies like WestRock, Pfizer, and Keystone Powdered Metal Company leading in job losses. Service sectors, such as UPS and FedEx hubs shutting down, also saw closures.
• Geographic Spread: Layoffs and closures have impacted major urban centers like Charlotte, Raleigh, and Winston-Salem, but rural areas such as Youngsville and Sanford were also affected, reflecting the widespread nature of these economic changes.
• Top Companies by Job Losses: In the Raleigh Durham metro area, GKN Driveline North America has 247 jobs affected, and UPS has 371 employees impacted.  Stewart Haas Racing in the greater Charlotte area reported 323 jobs lost, and in East North Carolina, 213 jobs were lost in Wilson
• Looking Ahead: The WARN data shows several closures scheduled through early 2025, including notable layoffs by Keystone Powdered Metal Company in Troutman and HCL America in Cary.

Source:  https://www.commerce.nc.gov/data-tools-reports/labor-market-data-tools/workforce-warn-reports