News Summary
Raleigh has been recognized as the best-performing large city in the U.S. according to the Milken Institute. The city boasts strong job and wage growth, a vibrant tech sector, and affordable housing amid population growth. It ranked well across key economic metrics, contributing to this significant accolade.
Raleigh Named ‘Best-Performing’ Large City in the U.S.
Exciting news is coming out of North Carolina this week! Raleigh, the charming capital city, has just been recognized as the “best-performing” large city in the U.S. This fabulous title comes from the annual Milken Institute analysis, and it marks a remarkable leap from last year’s number two spot.
What Makes Raleigh Shine?
So, what’s behind this shiny new award for Raleigh? The secret sauce seems to be a mix of solid job and wage growth, a vibrant tech scene, and a housing market that, surprisingly, remains relatively affordable given a major influx of new residents. The friendly folk at the Milken Institute assessed over 400 metropolitan areas, focusing mainly on economic health, and Raleigh knocked it out of the park. The city ranked in the top quarter for 11 out of 13 metrics, covering everything from job growth to housing affordability.
High Rankings Across the Board
In broader categories, Raleigh showed off its impressive stats, shining particularly bright by ranking:
- 7th out of 200 large cities for high-tech impact and labor market performance
- 5th for access to economic opportunities
When looking at job growth from 2018 to 2023, Raleigh boasted an average increase of 15.5%, with wage growth soaring past 47%. Not too shabby!
Neighbors Joining the Party
But Raleigh isn’t the only city in the Carolinas making waves. Charleston, SC, and Myrtle Beach, SC, also made it onto the list, ranking 11th and 12th among large cities, respectively. This trend points to robust job growth across the region, driven by a talented workforce, a low cost of doing business, and, of course, affordable housing.
Small City Stars
Even smaller cities in North Carolina are showing their strength! Jacksonville ranked 8th and Burlington followed closely at 17th among the top 20 performers. Notably, Jacksonville saw impressive growth in its high-tech GDP from 2018 to 2023.
Tech Is the Talk of the Town
Raleigh’s tech sector is a jewel in its crown, focusing primarily on software publishing and computer systems design. This incredible growth can be attributed in part to the area’s proximity to major academic institutions like the University of North Carolina at Chapel Hill, North Carolina State University, and Duke University. These institutions enrich the area with a constant influx of skilled workers, making it an attractive destination for businesses to plant their roots.
Population Boom in the Capital
Speaking of growth, it’s worth noting that the Raleigh metro area has seen its population swell by more than 30%, reaching approximately 1.5 million from 2010 to 2023. North Carolina as a whole added nearly 165,000 new residents in 2024, making it the fourth-highest state for population growth—clearly, people love it here!
A Look at Housing
Now, let’s talk about housing. While Raleigh ranks 30th among large cities for housing affordability, it’s still a bottleneck situation for many. Approximately 75% of residents are managing to keep housing costs below 30% of their income. However, the median home price in Raleigh surged to around $450,000 in November 2024—a significant 15% jump from the previous year and almost 50% higher than just a few years ago.
Challenges Ahead
Despite its accolades, Raleigh faces a real challenge in keeping up with the housing demand; there’s currently a shortage of about 65,000 housing units in Wake County. Local leaders are actively pursuing solutions to make housing more accessible and affordable for everyone.
Final Thoughts
Raleigh is shining bright on the U.S. map, and with its thriving job market, vibrant tech scene, and a focus on housing needs, the city is well on its way to retaining that top spot. Here’s to Raleigh—may this friendly city continue to grow, prosper, and attract new faces to its delightful community!
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