That is, our cost of living is favorable in this time of a highly inflationary economy. That is a very favorable situation for Raleigh because it means we have had lower wage growth and so businesses in our region have less pressure to raise prices. “Our 22nd overall ranking on this last attribute is well below the rankings of the other top five cities. But we are the highest rank for the change in the labor force size and then the lowest rank among these top five cities for change in average weekly wages. For the five attributes on which they did the rankings, among the top five MSAs, Raleigh comes out as 3rd or 4th highest in the unemployment rate rank, labor force participation rate rank, and change in payroll rank. “In examining the rankings of the top five areas, there are a few facts that are interesting. “I compared the ranking numbers on the top five cities and noticed this pattern,” York tells TechWire. Anne York says the data provides a “very favorable situation” for Raleigh when economic developers are out and about the world trying to land more jobs to further grow the economy not only in Raleigh but the Triangle and the state. But for now, these thought leaders like what they are seeing. Not all the jobs data right now is as strong with tech-sector layoffs, fewer job openings and executives’ cooling expectations for 2023. That talent is able to take advantage of the wide array of job opportunities our local economy has to offer.” We have one of the most educated and skilled workforces in the nation with nearly 47% of the population having a college degree or more. “Two of the most important fundamental, underlying strengths of our market is our talent and the diversity of our economy. “I find the reports such as the one in the Wall Street Journal about the nation’s strongest job markets encouraging in that they help to convey the strength and dynamism of our local economy,” he says. Haley’s team will likely be touting the report’s findings in meetings with potential clients. Change in average weekly wages rank: 22.How Raleigh ranked by category in the study: Tat could change and help the state’s startup community which since the pandemic has been producing record numbers of new companies, according to state data.įirst Citizens’ deal for Silicon Valley Bank could be huge growth opportunity for Triangle, leaders say Investment capital has never been abundant in the state. Representatives of First Citizens were “on the ground” in San Francisco the day the deal was announced, looking to recruit and retain SVB talent. Not to be overlooked for future development is Raleigh-based First Citizens Bank’s acquisition of Silicon Valley Bank – a global source of venture capital and technology investment before its collapse last month. (Among smaller cities, Durham ranked 35th.) “Any time you are in the top 10, much less the top 5 in a national ranking means you are operating in world-class manner.” “Absolutely this is positive for the region and a reflection of the quality of life, cost of living, variety of amenities and diversity of industry in Raleigh and the Triangle,” Snyder explains. And he salutes the leaders drive Raleigh forward economically. Tom Snyder, director of the growing internet of things tech users group called RIoT that’s based in Raleigh, isn’t surprised by the findings in the report. Michael Haley, executive director of Wake County Economic Development and senior vice president at the Greater Raleigh Chamber of Commerce.
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