Vance County remains a Tier 1 County.
N.C. Commerce Secretary Sharon Decker announced the county tier designations for 2014 on Nov. 27. The designations, which are mandated by state law, determine a variety of state funding opportunities to assist in economic development. Download the county tier designations.
“Our mission is to enhance job opportunities for all North Carolinians, no matter where they live in the state,” said Decker. “The tier rankings provide critical tools that help us in various economic development programs and ultimately, help attract businesses to the state.”
Using a statutory formula outlined in the General Statue ยง 143B-437., the N.C. Department of Commerce assembles required statistics for each of North Carolina’s 100 counties, applies the formula and assigns a tier designation ranking from one to three. Tier 1 counties are the most economically distressed and Tier 3 counties are the least. Eligible businesses that locate in lower-tiered counties are eligible for some grant programs and larger tax credits than those that locate in higher-ranked areas.
Thirteen counties will change tier designations for 2014. Beaufort, Greene, Pasquotank, Perquimans and Surry counties will shift from a Tier 2 to a Tier 1 ranking. Cherokee, McDowell, Wilkes, and Yancey counties will move from Tier 1 to Tier 2 counties. Franklin and Haywood counties, currently Tier 3 counties, will shift to a Tier 2 ranking. Guilford and Lincoln counties will move from a Tier 2 to a Tier 3 ranking.
The law calls for the 40 most distressed counties to become Tier 1 counties, the next 40 counties to be designated as Tier 2 and the 20 most prosperous counties to become Tier 3 counties. Read more.