This report does not constitute a rating action. North Carolina municipalities and counties continue to maintain stable credit metrics and S&P Global Ratings expects this credit stability will continue over the next year. This view is supported by ongoing economic growth, maintenance of sizable available fund balances for most, and typical adherence to forward-looking financial policies and practices that are guided by state oversight. North Carolina’s gross state product (GSP) is projected to increase by 9.1% by the end of 2028 compared with national growth of 7.6% in the same time frame. Although increasing macroeconomic uncertainty remains across the U.S., economic expansion continues throughout much of the state, particularly in the larger metropolitan statistical areas (MSAs), supporting a continuing trend
