MARKET & TRENDS
RALEIGH SPOTLIGHT
Spotlight: Raleigh, NC SIGNIFICANT OPPORTUNITIES ARE BLOOMING AROUND THE RESEARCH TRIANGLE
by Fred Heigold III
entRange, an industry leader in market data and analytics for the single-family rental (SFR) housing industry, found in its recent data report that the Raleigh-Cary, NC Metropolitan Statistical Area (Raleigh MSA) provides ample opportunities for real estate investors. JOB GROWTH According to the Bureau of Labor Statistics (BLS) Job Report through December 2019, the Raleigh MSA has been surging in per-capita job growth. The Raleigh MSA ranked #1 in annual job percentage gains with 3.7 percent growth between 2017 and 2018. Over the last five years, Raleigh ranks 10th amongst the 1M+ population metro areas, showing excellent job growth of 14.5 percent. The Raleigh MSA has added 23,200 non-farm postions in the last year, a 3.7 percent increase. R
The MSA’s annual percentage increase continues to outperform the nearby Charlotte MSA’s 2.7 percent gain, the state of North Carolina’s two percent increase and the national average of 1.4 percent gain. In the last five years, the overall increase in non-farm payroll has added 83,500 jobs, a 14.5 percent increase, versus statewide 9.3 percent job growth. The top job categories in the Raleigh MSA from December 2018 to December 2019 was led by the Professional and Business Services sector (6,600 jobs), followed by Leisure and Hospitality (5,600 jobs), Education and Health Services (2,700 jobs) and Trade, Transportation, and Utilities (2,600 jobs). RALEIGH LARGESTJOB CATEGORYGROWTH The Research Triangle area is home to many large tech companies such as Cisco, IBM, SAS, Lenovo, NetApp and Red Hat to name a few. It is also attracting
INDUSTRY GROUP / JOB CATEGORIES
1 YEAR CHANGE 3 YEAR CHANGE 5 YEAR CHANGE 1 YEAR % CHANGE 3 YEAR % CHANGE 5 YEAR % CHANGE
Leisure & Hospitality
5,600
5,700
12,400
8.16%
8.32%
20.06%
Professional & Business Services
6,600
11,500
14,900
5.60%
10.18%
13.59%
Information
1,200
2,000
4,100
5.41%
9.35%
21.24%
Education & Health Services
2,700
7,100
13,400
3.42%
9.53%
19.65%
Mining, Logging & Construction
1,300
4,900
9,600
3.24%
13.42%
30.19%
82 | think realty magazine :: april 2020
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