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Franklin

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General Demographics

Total Population, 2023
77,0011
Population Change, July 2022 - July 2023
2,6011
Projected 2050 Population
134,0082
Under 18 Years Old
16,7091
Age 18-64 Years
46,6901
Age 65+ Years
13,6021
Median Age
40.93

Race / Ethnicity 4

White
61.1%3
Black/African American
22.9%3
Native American
0.2%3
Asian/Pacific Islander
0.8%3
Hispanic/Latino
10.6%3
Multi-Racial
4.1%3
Other Single Race
0.3%3
Sources

Financial Stability

Residents Below Federal Poverty Level, 2023
11.3%5
Median Household Income, 2023
$70,8985
Sources

Housing

Cost-Burdened Households (Spend 30% of Household Income on Housing)
24.6%6
Typical Home Value (July, 2024)
$352,8067
Median Gross Rent, 2 Bedroom Unit
$9946
Sources

Education

4-Year High School Graduation Rate
85.1%8
Postsecondary Enrollment
55.6%8
Postsecondary Attainment (25-44 Year Olds With a Postsecondary Degree/Credential)
45.4%8
Sources

Employment

2024 County Economic Distress Tier
29
Total Workforce Employed, 2023 Average
33,68810
Total Workforce Unemployed, 2023 Average
1,21710
Average Weekly Wage, 2023
$1,02911
Residents Working in Home County
33.6%12
Labor Force Participation Rate
62.3%12
Unemployment Rate (Annual Average), 2023
3.5%10
Annual Pre-Tax Living Wage - 2 Adults (1 working), 1 Child Household (Feb, 2024)
$73,43013
Average Employment Change, 2013-23
2152 (19% Growth)11
Gross Domestic Product, 2023 (Thousands of Dollars)
$2,644,15814
Top Industry By Employment, 2023
Manufacturing (2,692 employees)11
Top Employer in County, 2023
Franklin County Board Of Education (1000+ employees)11
Sources

Health

Residents Uninsured
9.8%15
County Health Outcomes Rank
3016
Food Insecurity Rate, 2022
12.6%17
Primary Care Physicians Per 10K Residents, 2023
0.918
Overdose Deaths Per 100 Thousand Residents, 2022
40.319
Life Expectancy (Years)
76.920
Sources

Broadband

Households Without Computing Device (Laptop, Smartphone, etc.)
8.0%21
Broadband Availability Index Score, 2021
69.022
Households without an Internet Subscription
11.6%21
Sources

Infrastructure

Designation of Water/Wastewater System as Distressed (Aug, 2024)
No23

**Distressed is defined as a “public water system or wastewater system operated by a local government unit exhibiting signs of failure to identify or address those financial or operating needs necessary to enable that system to become or to remain a local government unit generating sufficient revenues to adequately fund management and operations, personnel, appropriate levels of maintenance, and reinvestment that facilitate the provision of reliable water or wastewater services” per Session Law 2020-79.**

Sources

Small Business: Statewide Data

Small businesses make up 99.6% (1.1 million small businesses) of all NC Businesses.24

44.2% (1.7 million small business employees) of all North Carolinians are small business employees.24

Business Ownership

Business Ownership - Women
46.0%24
Business Ownership - Veterans
7.1%24
Business Ownership - People of Color
22.8%24

Business Creation

2021
178,30025
2022
171,40025
2023
171,70025

Business Revenue

2019
$125,700,00026
2020
$141,400,00026
2021
$159,200,00026

Employment Data

Small Business Employment Change, March 2022 - March 2023
Net increase of 100,187 jobs24
Small Business Establishment Change, March 2022 - March 2023
Net increase of 7,773 businesses24

Agriculture

Farms
42,81727
Acres of Farmland
8,128,13627
Average Acreage of NC Farms
19027

Major Sectors

Major Business Sectors
Aerospace and Defense; Automotive, Truck & Heavy Machinery; Biotechnology and Pharmaceuticals; Business and Financial Services; Corporate Headquarters; Energy; Food Processing and Manufacturing; Furniture; Information Technology; Plastics and Chemicals; Textiles; Tourism28
Sources