After posting a $552 million budget surplus for this fiscal year, North Carolina’s economy is outperforming the national average in job creation, labor-market gains, and economic activity. We have the 23rd largest economy in the world and our gross domestic product is one of the fastest-growing in the country.
North Carolina’s recovery from the Great Recession was produced by reforming the tax code, reducing regulations on the private sector and balancing the budget responsibly. Enacting these reforms has drastically improved our state’s economy. Our unemployment rate is half of what it was in 2011, and the private sector has created over 500,000 jobs since our recovery began.
By reforming the tax code and reducing tax rates, we have allowed hard-working people to keep more of the money they earn. Reducing taxes on individuals and businesses has resulted in more economic activity and job creation. In fact, the nonpartisan Tax Foundation has improved our national ranking from near the worst (44th) for taxes to the 11th best.
Responsible investments in health care, transportation, and public safety have also been beneficial to our citizens.
The General Assembly has collectively eliminated hundreds of regulations that were hurting the private sector. We have also required all state regulations to be periodically reviewed and justified by the Rules Review Commission. These efforts have made it easier for businesses to grow and create jobs.
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