The latest tier designations, released the last week of November, show that Durham County’s eligibility to receive economic development funding have remained unchanged since last year.
Tier designations are issued by the North Carolina Department of Commerce and determined through the use of a formula outlined in the General Statute. Tier rankings are used to formulate economic development programs designed to attract businesses to North Carolina.
Counties are accessed using information such as assessed property values per capita, unemployment rate, and median household income. The information is plugged into the tier designation formula and, of the state’s 100 counties, the 40 most distressed are awarded Tier 1 status. The next 40 counties are ranked as Tier 2, with the remaining 20 being given Tier 3 status.
Durham residents will be interested to know that its county has retained its Tier 3 status. This means that Durham County will not be able to entice businesses to relocate here with state funded grant programs. Moreover, it means that the county will likely be at the end of the line when it comes to participation in North Carolina’s performance-based Job Development Investment Grant Program.
Nonetheless, it does have its upside; it shows Durham County, and by extension the city of Durham, has a firm economic base. Printing companies can be instructed to include this in the city’s promotional materials to entice more businesses and residential growth.
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