Raleigh has been recognized as the best-performing large metropolitan area by the Milken Institute in its Best Performing Cities Index. This index evaluates thirteen metrics, including labor market conditions, high-tech growth, and access to economic opportunities.
This marks Raleigh’s first time at the top of the list in over a decade. Previously, Raleigh was ranked among the top three in the last two editions of the index.
“Raleigh consistently tops ‘best-of’ lists for good reasons,” stated 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 highlights several factors contributing to Raleigh’s success: a strong feeder program from local universities, consistent labor market strength, and economic growth reflected in wage increases. Since 2018, Raleigh has surpassed national employment growth rates consistently. However, it also notes rising housing costs and increased housing challenges since the COVID pandemic.
