Raleigh Skyline
Raleigh, North Carolina has climbed to the top as the best-performing large city in the U.S., according to the Milken Institute’s 2025 report. This vibrant city has shown impressive job and wage growth, a booming tech sector, and affordable housing options. With an average job growth of 15.5% and wage increases exceeding 47% from 2018 to 2023, Raleigh continues to attract talent and businesses. Efforts to address housing shortages and ongoing economic development initiatives contribute to its success, making the city a model for economic resilience.
Raleigh, North Carolina, is making headlines as the “best-performing” large city in the United States according to the Milken Institute’s latest analysis. After securing the second spot last year, this vibrant city has climbed the ranks to grab the coveted first place in their 2025 report. So what’s driving this stunning success?
Raleigh has become a powerhouse, showcasing impressive job and wage growth, a wide array of tech industries, and housing that won’t break the bank. The city has consistently performed well in key metrics related to economic strength. It scored within the top quarter of large cities for an impressive 11 out of 13 indicators that gauge economic performance. These metrics included essential aspects like job growth, wage increases, affordability, and community resilience.
From 2018 to 2023, Raleigh experienced an average job growth of 15.5% along with wage growth of over 47%. This remarkable performance is a testament to the city’s thriving economy. Situated within a region that’s also bustling with activity, Raleigh is joined by 12 out of 16 other metropolitan areas from North and South Carolina that made it into the top 100 for large cities, with seven even making it into the top 50!
The Carolinas are becoming a hotbed for the high-tech sector. Cities like Jacksonville have showcased impressive growth in high-tech GDP, while Charleston—dubbed “Silicon Harbor”—is making waves with a growing software industry, ranking No. 11 overall among large cities. Raleigh is a front-runner in specific areas like software publishing and computer systems design, boasting a higher GDP share in these fields than the national average.
Raleigh’s proximity to renowned academic institutions such as UNC-Chapel Hill, NC State, and Duke University is a significant advantage, helping to create a skilled workforce. The region churns out approximately 40,000 graduates annually, and many of these talented individuals choose to remain in the area, further fueling the city’s growth.
Another interesting aspect of Raleigh’s growth story is its housing affordability. The city is ranked 30th among large cities for housing affordability, with three-quarters of locals spending less than 30% of their income on housing. However, the region is grappling with a housing shortage of around 65,000 units in Wake County. As of November 2024, the median home price in Raleigh hit around $450,000, which represents a nearly 15% increase from the year prior.
City officials are actively working on solutions to address housing challenges, including creating partnerships aimed at fostering affordable housing options for residents. This effort is paramount as the area continues to grow at an impressive rate.
Moreover, notable expansions such as Weatherby Locums Inc. setting up shop in Raleigh are a testament to the city’s appeal. The company plans to create 155 jobs paying an average salary of nearly $205,000. They’ll be moving into a spacious 46,000 square feet area in One North Hills Tower and are expected to invest about $7.6 million in total. This expansion is predicted to generate around $434 million for the North Carolina economy over its lifespan.
With its winning combination of thriving job opportunities, wage growth, and a supportive community, Raleigh is setting an inspiring example of economic success. As the city continues to attract new residents and businesses, it’s exciting to imagine what the future holds for this vibrant community!
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