News Summary
Raleigh, North Carolina, has been ranked as the best-performing large city in the U.S. for 2025 by the Milken Institute. Notable for its job and wage growth, largely due to a booming tech industry, Raleigh’s success also includes relatively affordable housing amidst a rapidly growing population. With a significant increase in residents and job opportunities, this city is positioned for a bright future despite challenges like a housing shortage. Ongoing efforts by city leaders aim to address these concerns while maintaining economic momentum.
Raleigh: The Crown Jewel of Large Cities in 2025
Raleigh, North Carolina, has officially taken the crown as the best-performing large city in the U.S. for 2025. That’s right! This vibrant city has jumped from its impressive No. 2 spot in the previous year, showcasing rapid advancements in job and wage growth, thanks to a bustling tech industry and even a knack for keeping housing relatively affordable despite a growing population.
A Jump in the Rankings
The Milken Institute, known for its analysis of economic conditions across the country, evaluated over 400 metropolitan areas and ranked Raleigh at the top. The city’s success is no accident; Raleigh excelled in 11 out of 13 metrics the institute looked at, including wage growth, job growth, and affordable housing. It’s a massive win for a city that has experienced an average job growth of 15.5% from 2018 to 2023, with wages soaring by over 47% during the same period. That’s a lot to cheer about!
North Carolina’s Bright Future
It’s not just Raleigh making waves; the report also highlighted other cities in North Carolina and South Carolina. Charleston took an impressive 11th place, while Myrtle Beach wasn’t far behind at 12th. This shows a promising trend for the region, which is experiencing a population boom. In 2024 alone, North Carolina welcomed nearly 165,000 new residents, bringing its total population to over 11 million. Raleigh’s metro area has seen similar growth, swelling by more than 30% from 2010 to 2023—now home to around 1.5 million.
The Tech Powerhouse
Why is Raleigh flying high in these rankings? A significant contributor is its thriving tech sector, which has become a beacon for innovation. The city showcases impressive performance in software publishing and computer systems design, attracting a skilled labor pool from nearby academic institutions such as Duke University and North Carolina State University. This synergy between education and industry is creating a self-sustaining ecosystem that supports job creation and economic growth.
Housing: The Elephant in the Room
Despite its accolades, Raleigh does face challenges, especially when it comes to housing. As of November 2024, the median home price in Raleigh had soared to around $450,000, reflecting a nearly 15% spike from the previous year. While 75% of residents manage to keep housing costs under 30% of their income, the housing shortage in Wake County is a concern, with estimates suggesting a need for around 65,000 additional housing units.
City leaders are already hard at work, strategizing solutions to not only increase housing supply but also to ensure that it remains affordable. The Economic Development Office has reported plans for new multifamily developments to tackle this pressing issue. With such proactive measures underway, residents can look forward to a better balance in the housing market.
Looking Ahead
As Raleigh continues to attract new businesses and residents, the city’s commitment to sustaining its economic momentum is clear. It’s not just about being the best-performing city today; it’s about laying the groundwork for a thriving community tomorrow. With ongoing efforts to manage housing challenges alongside a booming job market, Raleigh is poised to remain a top destination for both work and play.
In conclusion, Raleigh stands out not only as a hub for economic activity and job creation but as a city dedicated to enhancing the quality of life for its residents. It’s an exciting time to be part of this bustling metropolis, where opportunities abound, and a bright future awaits.
Deeper Dive: News & Info About This Topic
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