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Bill Summary · HB 1046

Summary of HB 1046 (Session 2025, North Carolina) — NC Economic Progress and Well-Being

Purpose and Intent

  • Establishes a mandate for the North Carolina Department of Commerce to prepare a biennial report analyzing economic opportunity, affordability, and family economic security across the state.
  • Aims to supplement traditional GDP-focused measures with data on how economic conditions affect individuals, families, and communities at statewide and county levels.

Key Provisions

New Reporting Requirement

  • Creation of a Biennial Report: Department of Commerce must prepare and publish a biennial report on:
    • Economic opportunity
    • Affordability
    • Family economic security

Scope and Data

  • Geographic Coverage: Statewide data with county-level data where practicable.
  • Data Sources: Utilize existing federal, state, and publicly available data; may consult higher education institutions, research organizations, and other relevant entities.

Required Metrics (Minimum)

The report must include, at a minimum, the following indicators:

  1. Hardship Indicators

    • Poverty rate
    • Child poverty
    • Deep poverty
    • Supplemental poverty rate (if available)

  2. Work and Earnings Indicators

    • Labor force participation
    • Employment
    • Unemployment
    • Share of jobs paying wages sufficient to meet basic household needs
    • Share of jobs with employer-sponsored health insurance or other common benefits (data permitting)

  3. Household Affordability Indicators

    • Share of household income spent on housing
    • Share of household income spent on food
    • Share of household income spent on child care
    • Share of household income spent on health care (including premiums and major out-of-pocket costs)

  4. Cost-Burden Indicators

    • Percentage of households cost-burdened by housing, child care, and health care costs (data permitting)

  5. Education and Workforce Preparation Indicators

    • Cost of postsecondary education relative to income
    • Cost of workforce training/credentialing programs relative to income (data permitting)

  6. Community and Regional Opportunity Indicators

    • Persistent poverty counties or tracts
    • Concentrated poverty census tracts
    • Number of people living in areas of persistent or concentrated poverty

  7. Other County-Level Indicators

    • Additional county-level indicators of economic opportunity, business formation, or workforce access as determined appropriate and supported by reliable public data

Methodology and Transparency

  • Each report must:
    • Identify data sources used
    • Describe methodologies applied
    • Note material limitations affecting interpretation

Submission and Publication

  • Delivery Timeline: Report due to the Joint Legislative Economic Development and Global Engagement Oversight Committee, the Fiscal Research Division, and the General Assembly no later than January 31 of each odd-numbered year.
  • Public Access: Department must publish the report on its official website.

Fiscal Impact

  • Funding: $200,000 in recurring General Fund support to the Department of Commerce starting in the 2026-2027 fiscal year to implement the act.

Effective Date

  • Effective Date: July 1, 2026

Stakeholders Affected

  • State: Department of Commerce (primary)
  • Legislative committees and offices receiving the report
  • General Assembly (through oversight committees)
  • Public and researchers who rely on the biennial data to assess economic well-being and policy effectiveness

This bill focuses on expanding the state’s understanding of economic well-being by providing a structured, data-rich biennial report that includes poverty, affordability, employment, education costs, and regional disparities, with an emphasis on county-level insights where data allow. The accompanying funding supports the establishment and ongoing production of the report starting in the 2026-2027 fiscal year.

Compiled from official sources — confirm details with the bill’s official record.

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