News Summary
Raleigh, North Carolina, has been named the best-performing large city in the United States for 2025, surpassing its previous rank of second place in 2024. The Milken Institute recognized Raleigh for its exceptional job growth, wage increases, and population boom, making it a vibrant place for residents and new graduates. However, the city faces challenges, particularly in housing affordability, as it works towards expanding access to quality housing while balancing rapid growth with essential services. Raleighโs tech sector continues to drive its economic success, contributing to its optimistic future.
Raleigh Shines as the Best-Performing Large City in the U.S. for 2025
Raleigh, North Carolina, is officially topping the charts as the โbest-performingโ large city in the United States for 2025, a fantastic leap from its previous position as second in 2024. This recognition comes from the reputable Milken Institute, which evaluates over 400 metropolitan areas based on various economic metrics. With a lively job market, a thriving tech sector, and a balanced economic landscape, itโs no wonder Raleigh is grabbing the spotlight!
Strong Job and Wage Growth
When it comes to the economy, Raleigh is smashing records. Over the past five years, the city has boasted an impressive job growth rate of 15.5%, along with a whopping wage growth of over 47%. These figures place Raleigh firmly in the top quarter of large cities across 11 out of 13 evaluated metrics. Key areas of performance include job opportunities, wage growth, housing affordability, and community resilience.
Population Boom and Local Talent
The Raleigh metro area has seen its population skyrocket by more than 30% from 2010 to 2023, bringing approximately 1.5 million residents to this vibrant city. In 2024 alone, North Carolina experienced nearly 165,000 new residents, ranking it as the fourth-highest state for total growth. Contributing to this growth, the region produces around 40,000 graduates each year, with many returning after completing their studies to contribute to the local economy.
Balancing Growth with Housing Challenges
Strikingly, Raleigh ranks 30th among large cities for housing affordability, with around three-quarters of residents spending less than 30% of their income on housing. City officials are taking action to tackle this issue, with programs like affordable housing bond funding and partnerships with local organizations aimed at expanding access to quality housing.
The Tech Sector: A Driving Force
Raleighโs exceptional growth can be largely attributed to its flourishing tech sector, which focuses on software publishing and computer systems design. This sector has become a crucial part of Raleighโs economic success, providing abundant job opportunities for the local workforce. Interestingly, this growth trend is mirrored in nearby cities like Charleston, which is gaining a nickname as โSilicon Harborโ due to its blossoming tech scene.
Future Outlook: Growth with Responsibility
In conclusion, Raleigh is basking in the recognition as the best large city to live and work in 2025! With a robust job market, substantial wage gains, and a vibrant community bolstered by local graduates, itโs clear that Raleigh is not just a city of the future but also a community ready to rise to the occasion and tackle its challenges head-on.
Deeper Dive: News & Info About This Topic
- ABC11: Dreamville Finale Economic Boost
- Wikipedia: Economy of Raleigh
- US News: Job Growth in Carolina Cities
- Google Search: Raleigh North Carolina economy
- ABC11: Raleigh Best Performing City 2025
- Encyclopedia Britannica: Raleigh
- Aerospace Manufacturing: Ralliant to North Carolina
- Google News: Raleigh housing market
