Franklin County drops in state’s county-by-county rankings
Franklin County, which took a major economic hit when Flextronics closed a manufacturing facility earlier this year, is one of only three counties in the state to fall in economic rankings based on state statistics.
Franklin County now has a Tier 2 designation among the three levels determined by the North Carolina Department of Commerce. Tier 3 includes the state’s 20 most prosperous counties. Tier 2 and Tier 1 each include 40 of the least prosperous, or economically distressed, counties, with Tier 1 ranking lowest.
The state uses the tier designations in calculating economic development incentives. For example, companies choosing to expand or locate in lower-tiered counties are eligible for larger tax credits. In Tier 1 counties, companies receive a $12,500 tax credit for each new job, with a minimum of five jobs created, compared with a $750 tax credit with a minimum of 15 jobs in a Tier 3 county. Tax credits for eligible business expenditures are also lower in Tier 3 and 2 counties.
Flextronics shut down its facility in Youngsville. It employed some 480 people.
Also falling a level in designation were Chowan and Wilkes counties. Both are Tier 1.
Duplin, Yancey and Craven counties improved in the rankings.
Durham, Wake and Orange are all Tier 3 counties.
“The tier designations help ensure that our less prosperous counties have the tools they need to attract businesses to their communities,” Secretary of Commerce Jim Fain said. “Our goal is to enhance economic opportunities statewide to enable all of our residents to find sustainable, well-paying jobs regardless of their location in our state.”
Data used to determine rankings include unemployment rates, median household income, population growth and assess property value per capita.
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