Where To Buy: North Carolina's Fastest Growing Job Markets
Where To Buy: North Carolina's Fastest Growing Job Markets
As you search for a new home, ensure the area has a flourishing job market. North Carolina is full of cities with booming job markets; the fastest-growing job markets are in North Carolina.
North Carolina is growing at a speed much faster than the majority of other states in the nation. According to the state's economic forecast, a total of 53,500 new jobs will be made in North Carolina this year. This totals an increase of 0.9% from December 2023.
Many industries are projected to have strong growth this year; for example, the manufacturing sector is projected to increase by around 2%, according to an economic forecast published by UNC Charlotte's Belk College of Business.
North Carolina is home to 13 Fortune 500 company headquarters and dozens of facilities from the Fortune 500 list. Companies include Bank of America, Nucor, Duke Energy, Lowe's Companies, Sonic Automotive, and many more. Many other companies are opening an East Coast hub in the Triangle, including Amazon, Walmart, Apple, and UnitedHealth.
No matter your education, background, career, or experience, North Carolina has more than enough jobs to go around. The unemployment rate has been trending down and is currently at 3.6%, meaning you can feel extremely comfortable in finding the perfect job along with the perfect home in North Carolina.
Keep reading to learn all about North Carolina's fastest-growing job markets.
Chapters
1. Raleigh
Raleigh is known as the capital of North Carolina, with its booming job market, delicious restaurant scene, plethora of fun activities, and so much more. A new study finds that Raleigh ranks just behind Austin in technology job growth over the past ten years.
In relation to STEM (science, technology, engineering, and math) skills, Raleigh was ranked No. 1. This study was published by Forbes, based on a review of economic data for each of the largest 52 metropolitan areas across the U.S.
The relentless advancement of technology has been reshaping how real estate professionals interact with clients and conduct their business. The growth of the real estate industry is directly correlated with the booming tech scene in Raleigh.
If you are interested in North Carolina's job market, Raleigh should be at the top of your list. The Research Triangle Park is the largest research and science park in the state. In addition to over a dozen Fortune 500 companies' headquarters facilities, the top five companies are Walmart, Amazon, Apple, CVS Health, and UnitedHealth Group.
Several other companies have announced a relocation to Raleigh, including Microsoft and Apple. These new companies will join other billion-dollar industries that have already relocated to the capital.
As a result of the growth in the Triangle area, North Carolina ranks among the top three states in the country for bioscience employment and has been the global leader in vaccine research and manufacturing. Raleigh is one of the country's most affordable places to live with a median household income of $78,631.
2. Charlotte
According to the Wall Street Journal, Charlotte is No. 8 on the extensive metro list based on the unemployment rate, labor force, participation rate, changes to employment levels, size of the force, and wages.
As one of the nation's hottest job markets, Charlotte has an extensive industry base that continues to drive economic growth and stability. The median household income in Charlotte is $53,275. This may be slightly lower than Raleigh, but there are still plenty of job opportunities in Charlotte.
Fortune 500 companies headquartered in the Charlotte Region include Bank of America, Lowe's, Honeywell, Nucor, Truist, Duke Energy, Sonic Automotive, and Albemarle.
As you search for a new home in Charlotte, you can expect to find low housing costs and a low over cost of living. This comfortable lifestyle and financial stability are what has drawn over 113 people moving into the region every day, according to the Charlotte Region Alliance.
The top industries in Charlotte are banking, financial services, manufacturing, energy, automotive, health, technology, and retail. The largest employer in Charlotte is Bank of America. There are plenty of job opportunities in Charlotte, no matter your experience or career.
3. Durham
Durham is known for its universities, restaurants, friendly communities, museums, prime real estate, and much more. Additionally, it is known as a hub for the technology and healthcare industry. Home to many companies, including Apple, Facebook (Meta), Google, Amazon, and more.
According to the Regional Labor Market Overview from May 2024, the number of people employed in Durham has skyrocketed in the past four years. With 11,219 job openings in the last year, Durham has seen a large increase in the job force.
Many companies are currently hiring, including Duke University, Durham Public Schools, Wolfspeed, Inc., IQVIA Inc., Eli Lilly and Company, City of Durham, Durham University Health System, and Duke Medicine. If you are interested in any of these companies and industries, you should undoubtedly look further into each one to find the perfect fit for you in Durham.
As the home of Duke University, one of the best colleges in the country, the University and its students make the city something special. As it is a mid-sized city like Raleigh, Durham has a strong sense of community and a small-town feel. This means that you will have not only many job opportunities at your fingertips but also a friendly community.
The downtown has many amazing restaurants, bars, and cafes. Southern Living rated Durham as the South's tastiest town, with many local restaurants to choose from to find a job or a delicious meal.
If you are deciding between Raleigh and Durham, both are amazing options in the Triangle, especially if you are looking to further your career.
4. Greensboro
Greensboro is not as well known for its job market as Raleigh, Durham, or Charlotte. However, it still has a healthier job market than similarly sized metro areas. With a median household income of $65,849 and prime real estate, Greensboro is a great option in NC.
The top industries in the Greensboro area include aerospace, innovative manufacturing, supply chain logistics, life sciences, and specialized business services. It is also a major center for the textile industry, home to the headquarters of Elevate Textiles, Galey & Lordm Unifi, and VF Corporation.
Retail and wholesale trade, finance, insurance, and real estate are also flourishing in Greensboro. The top companies in Greensboro include Procter & Gamble, Volvo Trucks, The Fresh Market, and Qorvo. The top employers are Guilford County Schools and the Moses H. Cone Memorial Hospital.
The area is home to the University of North Carolina Greensboro, which has many job openings and opportunities. This is an amazing option for schooling if you are interested in undergraduate or graduate studies. Greensboro has a plethora of booming industries, giving you more than enough options when it comes to finding a new job.
5. Cary
Cary is a rapidly growing town with many opportunities for work, homes, and fun. Home to several world-class businesses, Cary is one of the fastest-growing towns in North Carolina. The largest employer in Cary is SAS Institute Inc., the largest privately-held software company in the world.
Many other large companies are in Cary, like Epic Games, Deutsche Bank, American Airlines, LORD Corp., Verizon, John Deere, Kellogg's, and Siemens. As a smaller town, Cary has an extremely friendly community and many safe neighborhoods.
The downtown district is growing extremely fast, with many up-and-coming businesses like restaurants, bars, and cafes. According to a 2024 study, Cary has one of hte best job markets in the country.
According to a recent SmartAsset study, Cary was named No. 3 in the report and the only North Carolina city to rank in the top 25. SmartAsset takes 344 cities across the U.S. with a population of at least 100,000, considering average unemployment rates, median income, housing payment ratio, percent of workers, and many more factors.
Cary has one of the lowest unemployment rates in the country at 1.6%. This was the fourth-lowest rate of all 344 cities considered. Almost 40% of citizens work from home, and the median earnings for workers is about $62,929. The unemployment rate is much lower than any of the other cities we have listed above. This makes Cary one of the best places to move to in North Carolina.
Methodology
We used information and data from several different sources, as well as our own data, to determine everything you need to know about North Carolina's fastest-growing job markets. Most of the data was sourced from the following sources:
- NC Department of Commerce
- WRAL Tech Wire
- Spectrum News
- U.S. Bureau of Labor Statistics
- Forbes
- Charlotte Regional Business Alliance
- The Wall Street Journal
FAQ: North Carolina's Fastest Growing Job Markets
Here are some commonly asked questions about North Carolina's fastest-growing job markets.
What jobs are in demand in NC?
According to commerce.nc.gov, the mathematical and computer, healthcare support, and personal care and service occupation groups are projected to grow the fastest in NC between 2018 and 2028. These fields include jobs like public health, registered nurse, retail sales associate, nursing assistant, and customer service representative.
What city in North Carolina has the most job opportunities?
Raleigh tops Charlotte as the city in North Carolina with the most job opportunities. However, both have hot job markets with plenty of opportunities in several fields.
What is the job growth outlook in NC?
According to NC Commerce, service-providing industries are projected to grow from 3,846,200 jobs to 4,238,500 jobs from 2021 to 2030. This accounts for an annualized growth rate of 1.08%, greater than the annualized growth rate of all industries and faster than many other industries, including the goods-producing industries (0.61%).
What is the fastest-growing career in North Carolina?
North Carolina is full of many fast-growing careers. However, the professional, scientific, and technical services industry is forecasted to be the fastest-growing industry with 15.8% growth.
Is North Carolina a fast-growing state?
According to the latest U.S. Census Bureau analysis, North Carolina's population growth has ranked sixth in the nation in 2023. People are flocking to NC, specifically towards the Triangle region, which is growing rapidly. To match the influx of people moving to NC, there has been an exceptional amount of jobs and housing options in NC.
North Carolina's Fastest Growing Job Markets - The Bottom Line
Raleigh, the Research Triangle area, and Charlotte 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.
Raleigh specifically has been ranked as the third-hottest job market in the country, with massive job growth as more and more companies relocate to this location. Many other major cities in NC have been gaining popularity and jobs. In addition, North Carolina has something to offer everyone: natural beauty, southern hospitality, and fun things to do. If you want more affordable housing options, there are many wonderful suburban towns around each of these cities that will give you easy access to city amenities.
No matter where in NC you are interested in moving to, you can guarantee to find an abundance of job opportunities and options. Before you move, ensure you are knowledgeable of the current job and housing market in the area you are most interested in. This will set you up for success in your home search.
Before you buy your next home in North Carolina, feel free to contact one of our helpful real estate specialists, as they are eager to help you find the perfect home. We know that buying a home can be overwhelming, but a real estate agent can walk you through the entire process.
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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