Hyde County MHI growth among state’s highest
Published 6:52 pm Wednesday, July 20, 2016
Hyde County’s economic growth continues to look positive.
The most recent United States Census Bureau data (2014) shows Hyde in the top six counties in the state for median household income growth, according to research from The Rural Center, a group that plans and implements economic strategies in rural areas of North Carolina.
Median household income is determined as an income level where half of the households in the county earn more, and the other half of them earn less. According to census data, Hyde County’s MHI was between $43,001 and $48,000 in 2014.
“Hyde has one of the smallest populations in the state but has experienced a 15-percent increase of total wages during the period — a little over $8 million,” the research report stated, referencing the period of 2000-2014.
Hyde County Manager Bill Rich said he attributes the growth in large part to three factors: Rose Acre Farms coming to the area, opening Hyde Correctional Center and tourism.
In a small county, Rich said one or two changes in business or properties can make a big difference.
In the case of Rose Acre, it made up for the loss of East Carolina Bank around the same time, he said.
“That was a big, big stimulus for Hyde County,” he said.
As for 2016, Rich said he has seen the economy continue along that path of growth.
He said Hyde is lucky to have Ocracoke Island, a natural attraction for many, and officials are working to enhance tourism on the mainland. Not only that, they hope to attract some visitors who frequent Dare County attractions, as well.
Rich said he measures the health of the economy through the county budget, and as with the 2016-17 budget, balancing the money with no need for property tax increases and a growing fund balance is a good sign.
“You’ve got a good economy that’s growing,” Rich said.