North Carolina Industries and Their Economic Impact [INFOGRAPHIC]

When most people think of Virginia and the Carolinas, tobacco, textiles and formative moments in American history come to mind. And while the rich history of the South Atlantic will always remain, the region’s prosperity is rapidly accelerating into the future.

In that spirit, we’re excited to bring you the first in a series of three exploratory infographics on the key industries in North Carolina, South Carolina and Virginia, and their respective impact on their state’s economies.

Please check out the North Carolina infographic below to learn more about areas for job growth and business opportunities.

North Carolina Industries and Their Economic Impact [INFOGRAPHIC]

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First Bank partners with Habitat for Humanity to promote housing affordability There’s no place like home for the holidays. The benefits of homeownership reach far beyond the financial investment and earned equity. Owning a home means long-term security and stability for individuals, families, and economies to thrive. This holiday season, we’re reflecting on our Power of Good commitment to Housing Affordability and our partnership with Habitat for Humanity. “Greater tax generation, creation of jobs, opportunities for economic development, increased job retention and productivity, and the ability to address inequality — all are among the economic benefits of increased access to quality, affordable housing.” – Habitat for Humanity What does housing-affordability mean? While many factors impact what affordable means to each buyer, housing policymakers generally use the 30% rule that states no more than 30% of your income should be spent on housing. In areas where the average home prices and rental rates exceed the 30% rule for the average citizen’s income, housing is deemed unaffordable and residents are considered to be housing cost-burdened. Nationwide, U.S. Census Bureau data shows that 40% of renters meet the definition of cost-burdened. Additionally, an October 2023 report from Redfin suggests that homebuyers must now earn a $115,000 annual salary to afford the median-priced U.S. home – that’s up more than 50% since the start of the COVID-19 pandemic. Housing affordability snapshot on the Carolinas As population growth continues to rise across North and South Carolina, it’s proving difficult to keep up with the increase in demand for housing. Many experts point to the combination of limited supply and growing demand for the sharp rise in housing costs. Cost-burdened households in North Carolina represent 45% of renters and 19% of homeowners while in South Carolina those numbers are 50% and 25% respectively. What are the impacts of cost-burdened households? Households that spend more than 30% of their budget on housing oftentimes experience a snowball effect on other areas of their budget. Many housing cost-burdened households experience food insecurity and are forced to make difficult decisions like choosing between paying a bill or seeking medical care. This also makes it difficult to save for emergencies in the future, and places more reliance on credit card spending. When these difficult circumstances at an individual level become compounded, the entire community’s wellbeing becomes marginalized. First Bank’s commitment to affordable housing As a First Bank client, you’ve made the decision to invest in your community. Our designation as a community bank means that we will always prioritize investing in the communities where we do business. Unlike banks who operate nationally or globally, First Bank is committed to the Carolinas. Banking with First Bank allows you to keep your hard-earned money within your community – where it can do the most good for your neighbors. Our First Bank Power of Good corporate citizenship program has made the following investments in affordable housing: 6 min read

Savings Account – South Carolina If you live in South Carolina and are looking for a savings account, your local First Bank can help. We offer savings accounts to meet a variety of needs, and we are dedicated to helping you find the best way to save. Savings Accounts from First Bank in South Carolina First Bank offers a variety of savings accounts, including: Everywhere Savings MyFirst Savings Money Market CDs IRAs Health Savings Accounts Use our Savings Account Comparison Tool to compare accounts and see which one is right for you. Looking for a business savings account? First Bank can help with that too. Learn more about our Business Savings accounts. Tips for Growing Your Savings Savings accounts are a great way to cover unexpected costs in the future, or just have a little extra money when you need it. If you have a hard time saving, consider these money saving tips from Practicalmoneyskills.com. Make Saving a Priority – It is easy to lose track of resolutions, but if you make a plan, you can avoid falling behind. Determine what you want to save for, and be as vigilant about it as you are about paying rent or buying groceries. Find Money to Save – After paying the bills and buying what you need it might seem like you don’t have any money left to save. Chances are you can find extra money you didn’t even know you had just by keeping track of your spending and cutting back on buying things you don’t need. Get a jumpstart on saving by opening a savings account at First Bank in South Carolina. We have 6 savings account options that are designed to meet the needs of our individual customers. To open an account or learn more about our savings account options, visit one of our South Carolina branches today. 2 min read

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North Carolina Industries and Their Economic Impact [INFOGRAPHIC]

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