In 2022, in-migration slowed, and out-migration accelerated, reducing the role of net migration in North Carolina statewide population growth, according to recently released Census data. For the Tarheel state, we document changes in gross and net migration flows between 2021 and 2022, highlight possible drivers, and offer anecdotal evidence as to why the revealed changes may foreshadow a longer-term shift in migration’s role in statewide population change. Only time—informed by additional data from the Census Bureau covering a longer period—will tell if we are witnessing a re-balancing after the COVID migration surge or a fundamental shift in North Carolina’s attractiveness as a domestic and international migration magnet.