State Tier Ranking Could Hurt Yanceyâ€™s Future Economic Efforts
Yancey County has moved from a Tier 1 ranking as among the most economically distressed counties in the state to a Tier 2 ranking, making it less likely to receive certain economic development help from the state. The Commerce Department announced the North Carolina county tier designations for 2014 last week. The rankings help determine a number of state funding opportunities to assist in economic development and provide assistance in helping attract businesses. Based on an assessment of each county’s unemployment rate, median household income, population growth and assessed property value per capita, the Tier designations are especially important for small rural counties such as Yancey because they are given additional consideration for state grant funding. Yancey joins Madison and Avery Counties in the Tier 2 ranking while Mitchell County remained ranked Tier 1.