RALEIGH, N.C. - The NC Budget Director says the state’s economy is humming after reporting a major surplus in the state budget.
The announcement was made at the Council of State meeting in Raleigh Tuesday morning, when Budget Director Andrew Heath said the budget surplus stands at $425 million.
He added that’s significantly more than the surplus projected when Governor Pat McCrory released his budget earlier this year.
The surplus is a sign that more people are working and earning higher wages statewide.
It’s driven by higher than anticipated collections of income tax from the salary and earnings you make over the year.
“When you juxtapose the North Carolina economy and the $425 million surplus with our neighbor to the north, Virginia is having a $266 million shortfall. That shows just how strong our revenue is and how responsible we're managing our state funds,” said Heath.
Heath says North Carolina has added more than 285,000 jobs since 2013.