Raleigh Economy: Top Industries, Employers, & Business Opportunities
Raleigh Economy: Top Industries, Employers, & Business Opportunities
Are you living in or moving to Raleigh and are wondering what the economy is like, what the top industries and employers are, as well as all the business opportunities? Keep reading to learn more.
Ranked as the #1 city with the best quality of life in the United States and the second-best in the world, Raleigh is an excellent place to relocate to for many reasons. You will undoubtedly love to call this place your home due to its thriving job market, endless job opportunities, and excellent education. No matter what sector you choose, there will be something for everyone.
If you are moving to Raleigh, you will have an easy time finding a job. Ranked as one of the top U.S. cities for jobs and quality of life, it is no wonder many working professionals are choosing to call Raleigh their home.
With over 24,000 new job openings, there are many options for you to choose from. The median base salary to median home value is some of the best in the country as well as this city has a job satisfaction rating of 3.3.
Ranked as the third-hottest job market in the county, Raleigh has been experiencing massive job growth as more and more companies decide to relocate to the area. If you are looking to live in this thriving city, check out available homes for sale in the area to find the perfect home for you.
Here is what you need to know about Raleigh's economy.
1. Raleigh's Economy
Raleigh is one of the most hgihly sought-after cities in the US with some of the biggest buisnesess and most educated professionals in the world. Raleigh has seen the job market increase by 3% over the last year, while the future job growth over the next ten years is predicted to be 44%, which is higher than projected for the country.
Raleigh has an unemployment rate of 4.3%, which is lower than the national average. This city has a thriving economy and is home to many different companies in which contribute to its economy. This vibrant culture is filled with many attractions which make this city truly unique.
Here are some facts about Raleigh's economy:
- Sales tax rate of 7.3%
- Income tax rate of 5.5%
- Average income for a resident is $31,169 a year
- Median household income of resident is $72,996
- Research Triangle Park is one of the leading centers for high-technology research and development in the country
Raleigh is one of the top 10 cities for economic development in the US. With solid job and wage growth, the city remains one of the most affordable housing markets compared to other surrounding cities. The future outlook on Raleigh remains positive, while the area is expected to have an increase in population as well.
2. Top Industries
Business is booming in Raleigh as well as numerous companies are moving into the area from other parts of the country. Wake County's most prominent industries - government, education, and healthcare are some of the top reasons why the economy is booming.
There are five key industries that represent 75% of the area's economy based on the economic development and Raleigh Chamber. Below are the top industries.
- Professional and Business Services - 19.1% with 127,319 employees
- Accounting and Law Firms to Banks and Marketing Agencies
- Trade, Transportation, and Utilities - 17.3% with 115,884 employees
- Education and Health Services - 16.8% with 112,491 employees
- Duke University and Duke Health Systems, as well as the Wake County Public School System and UNC, take a share of this sector
- Government - 13% with 89,691 employees
- Federal, state, and local employees across Wake County
- Leisure and Hospitality - 9.1% with 60,770 employees
- Luihn Food Systems, Concord Hospitality Enterprises, and PNC Arena are the largest employers
With all the transportation options such as road, rail, and airport transportation services, it makes it easier to access the deepwater port in Wilmington as a result of I-40, making Raleigh a growing distribution center for many things.
3. Top Employers
Wake County has over 70,000 jobs, so if you are job hunting, there are many industries and employers available throughout. Each of these employers employs more than 10,000 workers on average, so if you are searching for new opportunities, find the best employers for you.
- Duke University and Duke Health Services
- 43,108 employees - Education and Health Services
- State's most extensive health system, operated three hospitals throughout the area
- State of North Carolina
- 24,083 employees - Government
- More than 10 million residents which hired for permanent and temporary positions as well as internships throughout the whole state
- Walmart
- 16,800 employees - Retail Trade
- Operated about 10,500 stores around the world
- Local careers range from cashiers and pharmacy techs to corporate business operations roles
- University of North Carolina at Chapel Hill
- 12,204 employees - Education
- Top-ranked research universities
- Offer high-volume positions for faculty, staff, and temporary employees
- WakeMed Health and Hospitals
- 10,307 - Health Services
- Top hospital/health system to work in NC
- Teams of physicians, employees, administrators, and volunteers
If you are interested in the complete Major Employers Directory that contains companies located in Wake County and the Research Triangle Park, check them out here.
North Carolina is also home to 12 Fortune 500 company's headquarter facilities, according to the latest Fortune 500 list. The top five companies remain Walmart, Amazon, Apple, CVS Health, and UnitedHealth Group. With Apple opening an east coast hub in the Triangle, the area is expanding drastically.
Suppose you are interested in relocating to Raleigh or the Triangle. In that case, you are in good hands because there are many top employers all throughout the area that are thriving and offer endless opportunities for their employees.
4. Business Opportunites
Raleigh is a great place to work as well as a great place to live. There are endless numbers of opportunities and services available for all. If you are moving to Raleigh and are invested in starting up a new business or finding up-and-coming ones, this city is a perfect place to look at.
Small businesses are the heart and soul of Raleigh. They serve as an ally for small, minority businesses throughout the community. If you are interested in this, check out the small business resource guide to help you out.
Whether you are searching for employment options or starting up a new business, employment in Raleigh is available at high tech entrepreneurial companies, major corporations, and also a vast array of small and mid-sized companies as well. The Research Triangle is one of the top locations if you are searching for a thriving job market.
Discovering your path may seem difficult, but here in Raleigh, there are endless opportunities and industries to choose from, as well as many educational paths to go down if you are not quite sure what you are interested in. Do not worry about finding your path; here in Raleigh, you have many things to choose from.
5. Job Market Overall
Ranked as the third-hottest job market in the county, Raleigh has been experiencing massive job growth as more and more companies decide to relocate to the area. As one of the best cities for jobs in the United States, there is more than 50,000 jobs opening available throughout the region.
Since the Research Triangle Park is the largest leading research and science park in all of North America, Raleigh continues to welcome large corporations from all over the world, causing a huge job market explosion over the last five years with no sign of slowing down anytime soon.
Raleigh may still rank behind other cities like Austin, TX, as well as California, but when it comes to technology growth over the past decade, Raleigh will soon be a leader in technology with over 3,000 more jobs coming in place.
There are so many reasons to relocate to Raleigh: a thriving job market, endless job opportunities, and excellent education. No matter what, there will be something for everyone in any sector you choose. Keep up with the Raleigh trends if you are living or looking to live in this area.
FAQS
What is the main industry in Raleigh, NC?
As part of the "Research Triangle," Raleigh boasts a robust technology and research industry that propels innovation and economic growth throughout the region. With many other top sectors, technology and research hold the spot for the largest leading one in the area.
Who is the largest employer in Raleigh, NC?
There are a couple of large employers in Raleigh; the top ones that hold the spot and large employees are Duke University and Duke Health Systems, the State of North Carolina, Wake County Public School System, and Walmart.
Why is Raleigh booming?
One of the main reasons that influenced the area's growth was the job market offered by schools and local corporations. The search also showed that university students are choosing to lay permanent roots in the area after graduating due to the high volume of opportunities.
What is the cost of living in Raleigh, NC?
The cost of living in Raleigh is considered to be relatively affordable, with a score of 203, which is only 3% higher than the national average. The housing costs are rising as the market grows, but homes are more affordable here than other similar-sized metropolitan areas.
Raleigh's Economy: Top Industries, Employers, & Business Opportunities - The Bottom Line
Raleigh and the Research Triangle area have consistently ranked among the nation's best economies year after year. The rates of unemployment and per capita income remain at all-time lows and highs, respectively.
Raleigh has been ranked as the third-hottest job market in the country, experiencing massive job growth as more and more companies decide to relocate to the area. With over 50,000 job openings available throughout the area, Raleigh is considered one of the best cities for jobs in the United States.
There are over 24,000 job openings available in Raleigh, providing many options for job seekers. The median base salary to median home value ratio is one of the best in the country, and the city has a job satisfaction rating of 3.3.
If you are considering moving, contact us or visit our website. Our team at Raleigh Realty is here to help you with any home buying or selling needs.
Ryan Fitzgerald
Hi there! Nice to 'meet' you and thanks for visiting our Raleigh Real Estate Blog! My name is Ryan Fitzgerald, and I'm a REALTOR® in Raleigh-Durham, NC, the owner of Raleigh Realty. I work alongside some of the best Realtors in Raleigh. You can find more of my real estate content on Forbes, Wall Street Journal, U.S. News and more. Realtor Magazine named me a top 30 under 30 Realtor in the country (it was a long time ago haha). Any way, that's enough about me. I'd love to learn more about you if you'd like to connect with me on Facebook and Instagram or connect with our team at Raleigh Realty. Looking forward to connecting!
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