Job Creation — Carolina Partnership for Reform

UNEMPLOYMENT REFORM

The Reform Majority’s determination to help business create jobs and energize the state’s economy was kickstarted when the new leadership paid off a $2.8 billion debt to the federal government with a plan that maintains jobless benefits while creating an unemployment reserve that grew to $3.74 billion by October 2019. That reserve helped countless families across North Carolina make ends meet in the aftermath of the coronavirus outbreak that put over 1 million North Carolinians out of work.

The Reform Majority’s efforts lowered the state unemployment tax from $126 to $42 per employee. That’s a 67% reduction in unemployment taxes on job creators and businesses.

SOURCE: According to the Employment Security Commission the state began borrowing from the Federal Government in February 2009. Peak borrowing was in May 2012 at $2.8 Billion. Following the passage of S.L. 2013-2 (HB4) in 2013, under Republican leadership, that debt was retired by April 2015. The Unemployment Compensation Fund reported net position of $3.74 Billion at October 2019 according to the Office of the State Controller’s Comprehensive Annual Financial Report (CAFR).

REGULATORY REFORM

One of the first priorities of the Reform Majority was to relieve businesses across the state from onerous and burdensome regulation. Legislation passed in 2011, 2012, 2013 and 2014 cut state government red tape and streamlined bureaucratic rules and regulations that stifle job creation.

TORT REFORM

Tort reform legislation in 2011, 2012, 2013 and 2014 helped stop frivolous lawsuits that threatened doctors, businesses and working families. This legislation helped keep businesses in the state and make North Carolina more attractive to the best and brightest doctors and medical professionals.

JOB GROWTH

Prior to the COVID-19 crisis, North Carolina’s economy added jobs faster than the rest of the country. From November 2010 to August 2019, jobs grew from 4,129,762 to 4,899,701 in North Carolina – a 19% increase.

In the same period, to compare, jobs increased 17.87% in the other 49 states. According to the U.S. Bureau of Labor Statistics, the number of North Carolinians employed is above the national percentage and has been growing at a faster rate.

SOURCE: U.S. Bureau of Labor Statistics.