North Carolina has a mix of jobs like farming, making things, using technology, and welcoming visitors. But, not every place in the state is doing equally well.
New info from the U.S. Bureau of Labor Statistics shows that one city in North Carolina has the most people without jobs compared to other cities in the state and even in the whole country.
About Rocky Mount
Rocky Mount is a city in the eastern part of the state. In 2023, the unemployment rate in Rocky Mount was about 7.8%, which is more than double the state average of 3.5% and the national average of 3.9%.
Additionally, Rocky Mount experienced the biggest increase in unemployment compared to all other cities in the state. It went up by 1.6 percentage points from November 2022.
North Carolina’s Unemployment Rate in Comparison to Other States
The most recent info from the U.S. Bureau of Labor Statistics shows that North Carolina has a lower unemployment rate than the whole country, ranking 30th out of 50 states and Washington, D.C.
In November 2023, North Carolina’s unemployment rate was 3.5%, while the national rate was 3.9%. Rocky Mount had the highest unemployment rate in the state at 7.8%, and Raleigh-Cary had the lowest at 2.3%.
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Causes of the High Unemployment Rate in Rocky Mount
Two main reasons contribute to the economic challenges in Rocky Mount. Firstly, the city has seen a decline in its manufacturing sector, which used to provide many jobs and income. Over the years, significant employers like Pfizer, Honeywell, and Cummins have closed down, leading to job losses and reduced spending in the local economy.
Secondly, there’s a problem with education and skills in the workforce. According to the U.S. Census Bureau, only 18.4% of Rocky Mount’s population has a bachelor’s degree or higher, while the state and national averages are higher at 31.3% and 33.1%, respectively.
This lack of educational attainment makes it harder for workers to qualify for well-paying and stable jobs in growing industries like healthcare, professional services, and information technology.
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Possible Ways for Enhancing Rocky Mount’s Finances
One way to help people get better jobs is by investing in education and training. This means making it easier for folks to go to community colleges, trade schools, or take online courses to learn new skills that are in demand.
Another way is to encourage businesses to set up shop and stay in Rocky Mount. We can do this by giving them reasons, like incentives and support services, to choose our city. This will make Rocky Mount more appealing to entrepreneurs and investors, creating more and better job opportunities.
Rocky Mount isn’t the only city in North Carolina facing economic challenges. Other places like Goldsboro, Fayetteville, and Hickory-Lenoir-Morganton also have high unemployment rates.
These cities need to tackle issues like declining industries, skills not matching job needs, and fostering business growth to improve their job markets and living standards.
But there’s good news in North Carolina too. The entire state has a lower jobless rate than the whole country, and in the last year, more than 100,000 new jobs were created. Some cities like Raleigh-Cary, Asheville, and Charlotte-Gastonia-Rock Hill have seen lots of new jobs and have low unemployment rates, for example, 2.3%, 2.4%, and 2.7%, respectively.
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To Conclude
Rocky Mount, North Carolina, is dealing with high unemployment and problems in declining industries. However, there is a way to bounce back.
To revive the economy, it’s important to invest in education and training, attract new businesses, and address statewide issues such as promoting diverse industries and improving the skills of the workforce.
Even though challenges exist, North Carolina’s overall job market is strong, and success stories in cities like Raleigh-Cary show that there’s hope. By working together on these issues, Rocky Mount and other struggling communities can tap into their potential and create a better economic future for their residents.
