This research examines the economic impact of colleges and universities in North Carolina's counties, emphasizing areas classified as Tier 1 and Tier 2 by the North Carolina Department of Commerce. Utilizing data from the Integrated Postsecondary Education Data System (IPEDS), IMPLAN, and county-level sources, this study reveals that counties housing higher education institutions exhibit higher median household incomes, younger populations, and greater educational attainment compared to non-college counties. Despite these advantages, many of these counties remain in lower economic tiers, raising questions about the potential barriers to growth. The analysis shows significant differences in industry output, with college counties showing strengths in sectors like educational services and healthcare, whereas non-college counties excel in manufacturing. This paper argues that, while colleges contribute positively to local economies, further collaboration between educational institutions, local governments, and businesses may enhance economic growth.