Raleigh’s credentials as a great place to live have never been in question. But Raleigh’s financial bona fides got a boost when the Milken Institute named Raleigh as the best-performing large metropolitan area in its Best Performing Cities Index.
The index is based on thirteen metrics that combine labor market conditions, high-tech growth, and access to economic opportunities into one economic benchmark.
This was Raleigh’s first time at the top of the list in more than a decade. The City of Raleigh was in the top three in the previous two editions of the index.
“Raleigh consistently tops ‘best-of’ lists for good reasons,” said Raleigh Mayor Janet Cowell. “Our highly educated pipeline of talent, innovative startups, and low cost of doing business attracts high-tech firms, advanced manufacturing, and corporate headquarters from all over the world. Our parks and greenways, our vibrant downtown, and our diverse music, art, and restaurant scene offer plenty of options to enjoy time with family and friends outside of work. We’re honored to receive this recognition of our efforts from the Milken Institute.”
The report cited the Triangle’s strong feeder program from the area’s universities, consistent strong labor markets, and economic growth in terms of wages as strong factors for Raleigh’s top marks. Raleigh also has outpaced national rates of employment growth consistently since 2018. The report does mention rising housing costs and increased housing challenges since the COVID pandemic.
