Raleigh Economic Growth Skyline
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Sponsor Our ArticlesRaleigh, North Carolina, has been honored as the best-performing large city in the U.S. for 2024 by the Milken Institute. Its economy is thriving thanks to a diverse tech sector, impressive job growth, and housing affordability initiatives. Other Carolina cities are also rising in the ranks, showcasing the region’s economic potential. Despite rapid population growth and housing challenges, Raleigh maintains a low unemployment rate, ensuring a bright future for its residents.
Exciting news is brewing in Raleigh, North Carolina! The Milken Institute recently announced its latest report, and guess what? Raleigh has snagged the coveted title of the “best-performing” large city in the entire U.S. for 2024! That’s right, this bustling city has jumped from its previous No. 2 spot last year, shining bright this year, thanks to impressive job opportunities and remarkable wage growth.
Raleigh isn’t just another city with a growing population; it has a diverse tech sector that is truly keeping its economy on the fast track. Even with an influx of new residents, Raleigh has managed to keep housing costs relatively affordable, which is no small feat in today’s market. The local government, along with community leaders, is actively pushing for improvements that enhance quality of life, appealing to newcomers and longtime residents alike.
Raleigh isn’t alone in this phenomenal growth narrative. Other cities in the Carolinas are also making a mark. For instance, Charleston and Myrtle Beach are not far behind, ranking 11th and 12th, respectively, in the same Milken Institute report. These cities, along with Raleigh, exemplify the region’s tremendous potential for economic expansion, making it an attractive hub for both residents and investors.
What’s behind Raleigh’s success? The report analyzed over 400 metropolitan areas, focusing on key metrics like job growth, wage increases, and housing affordability. Raleigh excelled, ranking in the top quarter of large cities across 11 out of 13 assessed metrics. A notable highlight is Raleigh’s impressive 7th ranking in high-tech impact and labor market performance, along with 5th in economic opportunities available to its residents.
From 2018 to 2023, Raleigh’s job market has been on fire, experiencing an average job growth rate of 15.5% and wage increases surpassing a whopping 47%. These numbers truly underscore how vibrant the economy has become, and it doesn’t seem to be slowing down anytime soon. The surrounding areas have joined the party as well, with 12 out of 16 metro areas in North and South Carolina making it into the top 100 for economic performance.
It’s no secret that the high-tech sector is playing a leading role in Raleigh’s economic success. The city is renowned for its expertise in software publishing and computer systems design, propelling its GDP contributions higher than the national average. This tech boom is complemented by Raleigh’s proximity to numerous major academic institutions, which continuously churn out skilled graduates ready to enrich the local workforce.
While Raleigh’s growth is commendable, it does come with its own set of challenges. North Carolina has added nearly 165,000 residents in 2024 alone, marking the 4th-highest population growth rate in the U.S. Unfortunately, this rapid expansion has led to a shortage of about 65,000 housing units in Raleigh. The median home price has skyrocketed to around $450,000, creating a tough market for many potential homebuyers.
Local leaders, including the Raleigh Chamber of Commerce, are joining forces to tackle these pressing housing affordability issues. As the city continues to attract new residents, ensuring that housing remains accessible is vital for maintaining sustainable growth.
Even with great job opportunities, some issues remain, particularly regarding workers’ rights and safety. North Carolina currently holds a minimum wage of $7.25, and discussions about enhancing working conditions and raising the wage are ongoing.
Despite these hurdles, Raleigh’s current economic landscape is marked by resilience and opportunity. With a low unemployment rate of 3.7%, which is notably lower than the national rate, Raleigh stands out as a beacon of hope and prosperity. It’s clear that the future is bright for this thriving city, and residents and newcomers alike can look forward to what lies ahead in the wonderful world of Raleigh, North Carolina!
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