In the NRC rankings of Ph.D. programs in economics, just released yesterday afternoon, NC State's program ranks as high as 39th in the U.S.
(Why "as high as"? Because the new, super-improved rankings now have confidence intervals attached. We could rank as low as 78th.)
But--and it's a big deal in these parts--we're basically tied with UNC-Chapel Hill, interval (38th to 71st). If this were one of the lesser fields of human endeavor, like college football or basketball, NCSU students would be out TP'ing Hillsborough Street.
Link via Greg Mankiw. (Who teaches at Harvard, where they have three econ. Ph.D. programs ranked in the top 30.)