NC Strategic Scorecard
6.1.1 Long-term Economic Growth

Target: At least 110% of US average long-term growth rate
Actual: 112% of US average
US Rank 2004: 28th (up from 35th in 1996)
SE Rank 2004: 6th (up from 8th in 1996)
SE Region: AL FL GA KY MS NC SC TN VA WV   Updated 4/09/06
 
Primary Performance Indicator

Percent Change in Per Capita GSP
 Performance Trend:
Improving
The trend depicts the degree to which actual performance has approached the target in recent years.
Comments
•
 After a few years of economic setbacks, NC showed signs of rebounding by 2004. Its five-year economic growth rate bounced back above the national average, but its competitive rankings languished at 28th in the US and 6th in the SE region.
•
 The impact of foreign trade policy continues to be particularly severe in NC.
  Definition (What Is Being Measured)
Average growth rate in per capita Gross State Product (GSP), the market value of all goods and services produced by labor and property located in state over last five years.
Source: US Dept. of Commerce, Bureau of Economic Analysis, Gross State Product Data; US Dept. of Commerce, Bureau of Economic Analysis, Survey of Current Business; rankings from Morgan Quitno.		 Relevance (Why This Is Important)
Per capita GSP is an important indicator of economic strength. Steady and sustainable per capita GSP growth reflects a sufficiently strong state economy to support key investments, but not necessarily a high quality of life.
 
Other Highlights
North Carolina
•
 After leading the region in the early 1990s, and maintaining respectable growth in the late 1990s, NC experienced a dramatic economic setback in 2001. NC’s per capita GSP fell from 99% of the US rate in 2000 to 94.6% in 2001.
•
 Nevertheless, despite some temporary reversals in our economic fortunes, our per capita GSP climbed to nearly 100% of the US rate in 2004 and our regional rank in per capita GSP has remained in the top three for over a decade.
•
 From 2000 to 2004, according to the Federal Reserve Bank of Cleveland, NC was 4th in the US (and 1st in the SE region) in average annual labor productivity growth, a measure of output per unit of work, and 17th in the US (and 4th in the SE region) in annual GSP growth.
  
Other
 
Southeast Region
 
National
   
Global
   
  Data Links
 US Dept. of Commerce, Bureau of Economic Analysis
NC Commerce Department
  
State Policy Research Inc.
Redefining Progress, The Genuine Progress Indicator
Imperative 6:   A Prosperous Economy
Goal 6.1: Promote Dynamic and Sustainable Economic Growth