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Forbes: Raleigh #2 of Next Boom Town

Friday, February 28, 2014   /   by Phil Slezak

Forbes: Raleigh #2 of Next Boom Town

Downtown Raleigh


 


 


No. 2: Raleigh, N.C.


Raleigh has experienced the second-highest overall population increase and the third-highest job growth over the past two decades in the U.S. It also ranked among those regions seeing the biggest jump in new immigrants and is the No. 1 city for families with young children. The area is a magnet for technology companies fleeing the more expensive, congested and highly regulated northeast corridor. Affordable housing and short commute times are no doubt highly attractive to recent college graduates and millennials looking to start families.


 


Raleigh, N. C. is growing at a healthy clip–fast enough to land  the No. 2 spot on our annual list of America’s Fastest-Growing Cities. At the nearby Research Triangle Park, more than 170 companies have outposts, including IBM, GlaxoSmithKline, Syngenta, Credit Suisse, and Cisco. The wider area is also home to several major universities: North Carolina State University is in Raleigh, while Duke University is situated in nearby Durham, and the University of North Carolina at Chapel Hill. The combination of universities and job opportunities has made for a highly educated population: nearly 50% of people ages 25 to 65 have a college degree. These draws keep many grads in the local area, says Harvey Schmitt, chief executive of the Greater Raleigh Chamber of Commerce. “We’ve got great quality of life. You’ve got the university system, great health care, a decent climate year-round, and affordable cost-of-living.”


 


Those factors, plus a relatively low cost of doing business (FORBES ranks N.C. 4th on its list of Best States for Business) are attracting more companies to the area. MetLife recently opened a 1,300-employee IT campus in Cary, a western suburb, and software company Citrix is opening a campus in Raleigh’s downtown later this year. Raleigh is also a hub of smart grid activity, and the president recently announced a $140 million grant to create an advanced manufacturing institute to NC State. Raleigh’s jobs grew at a rate of 2.44% year-over-year while the population jumped an estimated 2.15% in 2013. Even faster population growth is expected in 2014. All of this was enough to push Raleigh up two spots from its slot last year, to rank No. 2.

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