News Summary
Raleigh, North Carolina has been recognized as the best-performing large city in the U.S. for 2025 by the Milken Institute. This accolade reflects significant economic improvements, including solid job and wage growth, an expanding tech sector, and relatively affordable housing. Alongside neighboring cities also achieving noteworthy rankings, Raleigh’s flourishing environment and educational institutions contribute to its vibrant community and job market. Despite challenges like a housing shortage, the city is focused on sustainable growth and development.
Raleigh Rises to the Top as Best-Performing Large City in the U.S.
Things are looking bright in Raleigh, North Carolina! The Milken Institute has just crowned this bustling metropolis as the “best-performing” large city in the entire U.S. for 2025. It’s quite an achievement for a city that was ranked No. 2 just last year, showcasing a tremendous leap forward in its economic performance.
What Makes Raleigh Shine?
So, what’s the secret sauce behind Raleigh’s success? A combination of solid job and wage growth, an ever-expanding tech industry, and housing that is still relatively affordable compared to other major cities. It seems like Raleigh has struck the right balance, allowing both new and existing residents to thrive.
Raleigh’s Mayor has been working diligently to enhance the city’s appeal, ensuring that it becomes even more attractive to new residents. With a growing talented labor force and a low cost of doing business, Raleigh has become a prime destination for job seekers and entrepreneurs alike.
Stats that Speak Volumes
Between 2018 and 2023, job growth in the Raleigh area averaged around 15.5%, with wages soaring by over 47%. These numbers not only reflect the city’s upward trajectory but also indicate a healthy environment for both job creation and economic development.
Neighboring Cities Join the Fray
The High-Tech Advantage
The high-tech sector has played a critical role in the Carolinas’ economic narrative, with Raleigh at the forefront specializing in software and computer systems design. Jacksonville has witnessed impressive growth as well, ranking 4th among small cities for its high-tech GDP.
Charleston, affectionately dubbed “Silicon Harbor,” is not far behind and continues to foster the development of its own tech sector, although growth may be a bit uneven.
An Educational Powerhouse
Raleigh’s success also stems from its proximity to some major research institutions, including the University of North Carolina, North Carolina State University, and Duke University. Together, these institutions churn out around 40,000 graduates annually, many of whom choose to stay in the area, contributing to its workforce.
A Growing Population
Raleigh’s population has skyrocketed, increasing by over 30% to reach approximately 1.5 million from 2010 to 2023. This population boom has coincided with North Carolina’s overall growth of nearly 165,000 residents in 2024, ranking it the fourth-highest in the nation for population growth.
Addressing Housing Challenges
However, not all is perfect in paradise. Despite the bright lights of opportunity, Raleigh faces a housing shortage of around 65,000 units. The median home price has surged to about $450,000 as of November 2024, marking a nearly 15% increase from the previous year and pushing it up almost 50% since November 2020. Fortunately, plans are underway to address this shortage through funding for affordable housing initiatives and partnerships with local organizations.
With its thriving economy and community-focused initiatives, Raleigh’s journey to the top is a vibrant tale of growth, resilience, and opportunity. As the city looks toward the future, it continues to reflect broader economic trends across the Carolinas, ensuring brighter days ahead for all.
Deeper Dive: News & Info About This Topic
- ABC11: North Carolina Senate Advances Budget Plan
- Wikipedia: Raleigh, North Carolina
- U.S. News: Job Growth Tech Success for Carolina Cities
- Google Search: North Carolina economy
- Spectrum News: WBB Scores Big for Local Economy
- Encyclopedia Britannica: North Carolina
Author: STAFF HERE FLORENCE WRITER
FLORENCE STAFF WRITER The FLORENCE STAFF WRITER represents the experienced team at HEREFlorence.com, your go-to source for actionable local news and information in Florence, Florence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Florence Festival of Lights, Pee Dee Pride, and agricultural expos at the Florence Center. Our coverage extends to key organizations like the Florence Regional Chamber of Commerce and the Pee Dee Area Council of Governments, plus leading businesses in healthcare and retail that power the local economy such as McLeod Health and Pee Dee Electric Cooperative. As part of the broader HERE network, including HERECharleston.com, HEREColumbia.com, HEREGreenville.com, and HEREHiltonHead.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
