Jul 16, 2014

Raleigh local economyThe accolades just keep pouring in for our beautiful City of Oaks!

According to a recent study released by the US Conference of Mayors, the Raleigh-Cary economy is expected to surge above 4 percent annually through 2020.

As a means of comparison, the US economy as a whole is expected to have a long-run growth rate of just below 3 percent.

Why Raleigh Home Owners Should Be Proud of This Recent Recognition

Here are some of the highlights of this recent study, which was compiled by economists at HIS Global Insight:

  • Through 2020, Austin, Texas, Raleigh, and Fayetteville, Arkansas will be the three fastest-growing large metro areas.
  • Austin’s average annual percent change in real gross metro product growth through the year 2020 will be 4.4 percent.
  • Meanwhile, Raleigh’s will be 4.3 percent
  • And Fayetteville, Arkansas’ will be 4.2 percent.

Experts are saying that the information and professional business services sectors are expected to play critical roles in strengthening local economic growth. What’s more, manufacturing is expected to play a big role in Raleigh’s local economy as well.

The study also revealed that the country’s metropolitan areas are expected to provide 89 percent of the employment and real income growth in the next several years. They’re also expected to provide 92 percent real gross product growth and 94 percent of the population growth through 2020.

It also noted that those communities that will receive the most growth are located in the South and West. The study predicted that economic growth rates among the 363 US metro areas between 2013 and 2020 will be fastest in those metro areas that focus on construction, energy, computer jobs and professional business services.

Purchase Your Next Wake County Home In Raleigh!

We always love it when our city is recognized on a national level. It gives us such a great sense of pride and further confirms what we’ve known for years: Raleigh is a great place to live!

If you’re interested in making our Capital City your next home, then please contact me, Rachel Kendall, and my team of Wake County real estate experts.

We would be happy to assist you by answering any questions you may have and telling you about available listings. We’ll also provide you with valuable Wake County home buying resources.

Until next time,

Rachel

 

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