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At the midpoint 2024, Beaufort County presents a status quo economy, reflected by mixed economic data for the second quarter of 2024. The county’s economy has generated modest GDP growth of about 1.5% in the first half of the year and shows a recovery in gross taxable sales from a dip in the first quarter to $64 million in June. These figures remain slightly below those of 2023, indicating a consistently stable yet slower-growing economy.

Business activity in Beaufort County remains stable, with 257 new business registrations and 45 dissolutions year-to-date, compared to 416 new business registrations and 75 dissolutions in 2023. Key industries such as healthcare, agriculture, manufacturing, and tourism continue to form the backbone of the local economy.

The unemployment rate in Beaufort County remains at 4.0%, with 760 workforce members unemployed. The median household income is $56,000, roughly 20% below the state average, and 17% of residents still live below the poverty line.

The housing market in Beaufort County continues to favor sellers, albeit slowly. In June, 217 homes were on the market, up from 190 in 2023. Forty-six homes were sold in June, with thirty-nine selling at or below the asking price, and homes spent an average of fifty-five days on the market. The median house value has risen to $280,000, a 10% increase since June 2023.

Beaufort County’s population has steadily declined to 44,000, a 7% drop since 2020. This trend mirrors similar patterns in other rural areas of North Carolina, dealing with the challenges of an aging population and difficulties in attracting and retaining residents, particularly young professionals.

While a stable economy might provide a sense of security, a static community economy can also leave community members vulnerable to rising inflation. As inflation erodes purchasing power, it becomes increasingly difficult for households to make ends meet. The ripple effects impact everyone in the community, from farmers to local government and businesses grappling with rising expenses.

Resilience and sustainability do not always come from making more money but often from making our money go further. Spending locally, supporting local entrepreneurs and business owners, implementing cost-reduction programs, and learning how to save and manage money will help local governments and residents build a stronger, more resilient, growth-oriented community capable of thriving despite rising inflation.

The Pamlico Business Resource Center (PBRC) is committed to supporting local businesses and fostering economic growth in the Washington area. The center provides valuable resources and assistance to entrepreneurs and business owners at no cost. PBRC diligently monitors critical economic indicators specific to Beaufort County, providing useful insights for local businesses by tracking employment rates, taxable sales, and housing data.

This article is based on data collected from the U.S. Census Bureau, Bureau of Economic Analysis (BEA), North Carolina Department of Commerce, Rocket Mortgage, and local business and economic reports.

Keith Hudson is CEO of the Pamlico Business Resource Center, a non-profit organization in Washington, N.C. He can be reached at keith@pamlicobrc.com.