Raleigh leaps into top 5 in Milken's 2023 best performing cities rankings
Raleigh is back in the top 5 on an elite list of cities for economic development. But it’s not alone among North Carolina cities in the top 10.
The City of Oaks is number three on this year’s Milken Institute’s Best-Performing Cities rankings, climbing from No. 16 a year ago. Raleigh ranked fifth among large cities in 2021.
Strong job and wage growth helped propel Raleigh back into the top 5, the report says. But the city dropped 24 spots in terms of housing affordability as rapid growth in the region has resulted in a surging cost of living. Still, it remains one of the most affordable housing markets among tier 1 cities.
As usual, Raleigh benefits from the Triangle’s concentration of high-tech jobs. The city ranks seventh for the number of high-tech industries.
Joining Raleigh in the top 10 is another North Carolina city, but it’s not Charlotte or Durham. The fast-growing coastal city of Wilmington ranks No. 7, jumping 14 spots from a year ago.
The “up-and-coming” city stands out for its robust wage and job growth numbers – wages were up 44 percent between 2016 and 2021, the report says. The area’s economy is shifting from being primarily tourism-driven to being more diverse “with an emphasis on professional services and education.”
The Durham-Chapel Hill metro fell to 29th on the list, down from 11th a year ago. Durham ranked high for wage growth over the five-year period from 2016 to 2021 (up 43 percent) as well as for its concentration of tech jobs.
At the top of the list once again this year is Provo, Utah, followed by Austin, Texas. Nashville, Tennessee, and Boise City, Idaho, round out the top five.
The Charlotte metro ranks 20th this year, up from 31 a year ago. Greensboro and High Point climbed 30 spots to 108. And among large cities, Asheville saw the biggest gain, leaping 118 spots to No. 47.
– Charlie Sarratt
From the Triangle Business Journal: https://www.bizjournals.com/triangle/news/2023/05/16/raleigh-ranks-high-milken-institute-best-cities.html
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