News Summary
Raleigh, North Carolina has been recognized as the best-performing large city in the U.S. by the Milken Institute, thanks to its strong job and wage growth, vibrant tech industry, and reasonable housing costs. The city improved from last year’s No. 2 ranking, highlighting its attractive community for newcomers and impressive economic performance metrics that stand out regionally. While Raleigh celebrates its growth, challenges such as population increase and rising home prices persist, prompting discussions about affordable housing and future economic stability.
Raleigh Shines as the Best Large City in America!
If you’re looking for a fantastic place to live, look no further than Raleigh, North Carolina, which has just been named the “best-performing” large city in the U.S. by the Milken Institute. This accolade comes as the city celebrates impressive growth in jobs and wages, along with a vibrant tech scene and housing that remains reasonable even as more folks move to the area. Talk about good news for the Tar Heel state!
A Step Up in Rankings
In last year’s list, Raleigh was showing off its prowess by holding the No. 2 spot among large cities; this year, it has clinched the top position. The city’s focus on evolving into a welcoming community for newcomers continues to bear fruit, as its attractiveness only grows. And let’s not forget about its neighbors: other cities in the Carolinas, like Charleston and Myrtle Beach, also made their mark, landing at 11th and 12th positions respectively. Looks like the Carolinas are on fire when it comes to economic growth!
Impressive Economic Metrics
The Milken Institute assessed over 400 metropolitan areas based on a variety of economic metrics, and Raleigh is simply knocking it out of the park. Out of the 13 criteria examined, Raleigh excelled in an impressive 11, which included crucial areas like wage growth, job growth, and, yes, affordable housing. From 2018 to 2023, the city enjoyed an average job growth of about 15.5%, and wages shot up by over 47%. That’s something to write home about!
Growth Spreading Across the Region
It’s not just Raleigh; the surge in economic performance is echoed in other cities across North and South Carolina. A whopping twelve out of sixteen metro areas in this region made it onto the top 100 list, with seven cities finding their homes in the top 50. Smaller cities like Jacksonville and Burlington also made appearances, placing 8th and 17th, respectively. This regional trend is hard to ignore!
The Tech Boom
What’s fueling Raleigh’s success? Much of it ties back to the thriving tech sector. The focus on software publishing and computer systems design has helped Raleigh achieve a greater share of GDP from tech than the national average. Plus, with major academic institutions like the University of North Carolina at Chapel Hill, North Carolina State University, and Duke University right in the vicinity, there’s a healthy pipeline of skilled workers ready to join the workforce.
Population Growth and Housing Concerns
North Carolina’s growth story continues with an estimated 165,000 residents added in 2024, placing the state fourth in nationwide population growth. The Raleigh metro area alone has expanded by over 30% from 2010 to 2023, now boasting about 1.5 million residents. However, this rapid growth brings challenges, especially in the housing market. A reported shortage of around 65,000 housing units in Wake County has raised eyebrows, making affordability a significant concern.
Rising Home Prices
As of November 2024, the median home price in Raleigh hit approximately $450,000, which is a striking 15% jump from the previous year and quite a leap from $305,000 in November 2020. Tackling this housing affordability challenge requires creative solutions, including affordable housing bonds and partnerships between local housing authorities and community organizations.
The Backbone of North Carolina’s Economy
North Carolina isn’t just about tech and growth; it has also been recognized for its business performance, being ranked first for business by CNBC in both 2022 and 2023. The state enjoys a low unemployment rate of 3.7%, which is better than the national average. Yet, there are still gaps to bridge concerning startup funding and issues around labor rights, including low participation rates in unions and ongoing concerns regarding workplace conditions.
Looking Ahead
As the region continues to flourish, there are whispers of potential risks associated with funding for critical biomedical research from the National Institutes of Health, which could impact the ecosystem of major universities in North Carolina. It’s a delicate balance, but one thing is sure: Raleigh and its neighboring cities are certainly on the rise, and the future looks bright!
Deeper Dive: News & Info About This Topic
- Bladen Online: North Carolina Leaders on Education Attainment
- US News: Job Growth and Tech for Carolina Cities
- ABC11: North Carolina’s Economic Performance
- News Observer: Opinion on Economic Growth
- Axios: North Carolina’s Strong Economy in 2025
- Wikipedia: Raleigh, North Carolina
- Google Search: North Carolina Economic Growth
- Google Scholar: North Carolina Economy
- Encyclopedia Britannica: North Carolina
- Google News: North Carolina Jobs
