Nine North Carolina counties will change economic development tiers in 2015 according to new rankings released Wednesday (Nov. 26) by the North Carolina Department of Commerce. The designations, which are mandated by state law, determine a variety of funding opportunities to assist in economic development.
“No matter where you live in North Carolina our goal is to spark economic development and enhance job opportunities all across the state,” said Commerce Secretary Sharon Decker. “The tier rankings help us in various economic development programs to attract businesses to the state.”
Using a formula outlined in General Statue ยง143B-437.08, Commerce gathers 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 economically distressed. Grant programs often use the tier system to determine funding levels, with an aim to attract businesses to more economically distressed locations using more generous funding within Tier 1 and 2 counties.
The counties changing tier designations for 2015 include:
- Ashe, Macon and Nash counties, shifting from a Tier 2 to a Tier 1 ranking
- Guilford County, changing from a Tier 3 to a Tier 2 ranking
- Burke, Caldwell, Hoke and Mitchell counties, moving from Tier 1 to Tier 2
- Haywood County, shifting from Tier 2 to Tier 3
Tier designations determine eligibility for a number of different grant programs that the N.C. Department of Commerce administers including building reuse, water and sewer infrastructure, and the downtown revitalization Main Street program. Tier designations are also a factor in the state’s performance-based Job Development Investment Grant (JDIG) program.