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Federal Reserve Bank of Richmond

North Carolina

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Payroll employment in North Carolina declined by 2,600 jobs (0.1 percent) in February. The unemployment rate remained at 3.8 percent.

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Labor market icon showing three people Labor Market Conditions

  • "Labor market conditions softened in North Carolina in February. Employment declined, primarily due to job losses in trade, transportation and utilities." – Bethany Greene
  • Total payroll employment in North Carolina declined by 2,600 jobs (0.1 percent) in February. The largest declines were in trade, transportation and utilities (3,300 jobs) and leisure and hospitality (1,900 jobs). The losses were partially offset by strong gains in education and health services (2,700 jobs).
  • On an annual basis, payroll employment increased by 36,300 jobs (0.7 percent). The industries with the highest annual job growth were education and health services (22,000 jobs) and construction (11,200 jobs). Three industries saw annual job losses – manufacturing (12,500 jobs), trade, transportation and utilities (4,200 jobs) and information services (2,400 jobs).
  • The unemployment rate in North Carolina remained at 3.8 percent.

Housing Market icon showing a picture of a house Housing Market Conditions

  • North Carolina issued 3.2 percent fewer residential permits in December 2025 than in November 2025. Residential permitting decreased 15.2 percent in December 2025 compared to December 2024.
  • According to the Federal Housing Finance Agency, home values grew 0.6 percent in Q4 of 2025 compared to Q3 of 2025. Home values rose 3.2 percent from Q4 of 2024 to Q4 of 2025.
Snapshot Resources
  • Term Definitions

    Payroll Employment
    The number of nonfarm jobs (persons on payrolls) according to where those jobs are located.

    Unemployment Rate
    The number of unemployed persons (those not employed but available and searching for work) as a percent of the civilian labor force (the total number of employed plus unemployed persons).

    Industry Structure
    A breakdown of total nonfarm jobs by industry. Percentages sum to 100 percent.

    Industry Growth
    The percentage change in jobs in each industry from a year ago.

    Building Permits
    The number of privately owned single-family and multi-family units authorized in permit-issuing places.

    House Price Index
    A repeat sales index, measuring average price changes in repeat sales or refinancings on the same single-family properties.

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Joseph Mengedoth