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Davie economy 17th best in state

Davie County has the 17th best economy out of the 100 counties in North Carolina for the second year in a row, according to the 2020 Development Tier Designation report issued by the N.C. Department of Commerce.

“We have a lot to be proud of in our community,” said Terry Bralley, president of the Davie County Economic Development Commission. “This is another example of how we are stronger together and how we are continuing to make a difference.”

Since 2007, North Carolina has used a three-level system for designating development tiers. The designations, which are mandated by state law, are incorporated into certain state development programs to encourage economic activity in all 100 counties of the state.

The Development Tier Designation statute provides specific guidelines for calculating annual tier rankings. This process assigns each county to a designation of Tier One (most distressed), Tier Two, or Tier Three (least distressed).

Assuming no ties in rankings, the statute requires 40 Tier One, 40 Tier Two and 20 Tier Three counties each year.

Tier Rankings use four factors:

• average unemployment rate for the most recent 12 months for which data are available (Nov. 2018-Oct.  2019);

• median household income for the most recent 12 months for which data are available (2017);

• percentage growth in population for the most recent 36 months for which data are available (July 2015-July 2018); and

• adjusted property tax base per capita for the most recent taxable year (FY 2019-20).

Each county is ranked from 1 to 100 on each variable.

Davie County received a Tier Three designation with a county rank sum of 307 out of 400.

• Davie County ranks eighth for the lowest unemployment at 3.51 percent. The state average is 3.99 percent. Unemployment from Nov. 2018-Oct.  2019 ranged from 3.05 percent in Buncombe County to 8.24 percent in Hyde County.

• Davie ranks 12th for median household income at $58,147, which exceeds the state average of $52,797. The highest median household income was $77,875 in Union County while the lowest was $33,022 in Bertie County.

• Davie County ranks 35th for population growth with an increase of 3.25 percent between July 2015-July 2018.