North Carolina County Trade Pull Factor Report for 2022
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North Carolina’s population growth rate is one of the fastest in the United States. Between 2012 and 2022 the state’s population grew from 9,762639 to 10,807,480. And while some counties are experiencing rapid population growth, others are losing population.
As the state’s population grows counties face challenges in generating the revenue needed to maintain, modernize or expand their infrastructure to accommodate this growth. For most counties the two main sources of revenue to do this are property tax and sales tax. Counties with high populations, high concentrations of retail business, universities, parks, major medical facilities and other built and natural attractions, are able to keep their permanent residents at home to spend their money. These counties also attract people from counties without those amenities. As the permanent residents and visitors spend money, that spending generates sales tax revenue, which helps local government meet its infrastructure needs, and lowers the burden on property tax as a revenue generator.
Counties that are losing population, typically do not have the pull to attract people to the county to spend money and generate sales tax. They are therefore more dependent on property tax revenue to maintain, improve or expand the infrastructure they have.
County Trade Pull Factor (CTPF) calculations provide county leaders and decision makers a tool that quantifies the pull of money between counties. Quantifying this pull helps county leaders better understand the impact that larger counties have on smaller counties. And this data can be offered as evidence to explain the need for grant funding from outside sources to alleviate the added tax burden on property owners as our populations grow. And over the long term this data shows whether or not programs to attract retail business are working.
This report provides a snapshot of the CTPF data for all 100 North Carolina counties between 2018 and 2022.
Call Mark Seitz, N.C. Cooperative Extension, Pender County Center Director at 910-259-1235 for more information about this report.