Raleigh-Durham, NC

Raleigh has an unemployment rate of 4.3%, which is lower than the US average of 6.0%.

Raleigh has seen the job market increase by 3.0% over the last year. Last fall, North Carolina ranked as the top state in the nation for business. Several recent projects would help the state grow in 2022 and beyond. Many of these are related to manufacturing and technology – and include factories for electric vehicle batteries, supersonic business jets, and cameras and optical equipment. The Research Triangle has long been a hub for science and technology (hence the nickname), and stands to benefit from increasing costs on the West Coast and renewed interest in domestic manufacturing.

The Research Triangle area was not hit as hard by the pandemic as many other cities in the Southeast. The market has averaged about 6% growth over the last two years, although 2022 is expected to be the end. The market should drop by about 8% this year, mainly due to the residential sector. Projects that began during the pandemic are set to wrap up this year, and concerns about inflation and eased restrictions mean that there are fewer newer projects to replace them. Our research predicts that the Research Triangle will remain steady, however, through 2024.

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* Other structures include religious buildings, amusement, government communications, and public recreation projects.
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