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Raleigh Economy: Top Industries, Employers, & Business Opportunities
Are you moving to Raleigh, NC, in search of a job? Here is what you need to know about Raleigh's economy and business opportunities.
Offering a high quality of life and endless opportunities, Raleigh is an excellent city to relocate to for many reasons. It is a perfect place for families and young adults to live, featuring sought-after real estate, a thriving job market, and excellent education.
When considering a move to Raleigh, understanding the local economic landscape is crucial for making an informed decision about your future home. As North Carolina's capital city and the heart of one of the nation's most dynamic metropolitan areas, Raleigh has established itself as a premier destination for professionals, entrepreneurs, and businesses.
The city's robust economy, diverse industries, and exceptional growth prospects make it an attractive location for career advancement and real estate investment. With over 30,000 new job openings, many career paths are available for residents on the job hunt.
The median base salary to median home value ratio is one of the best in the country, and this city has a job satisfaction rating of 3.3. As one of the hottest job markets in the country, Raleigh has been experiencing massive job growth as more and more companies decide to relocate to the area.
Here is what you need to know about Raleigh's economy.
1. Raleigh's Economy
Raleigh is one of the most highly sought-after cities in the US, with some of the biggest businesses and most educated professionals in the world. According to the North Carolina Department of Commerce, overall employment is expected to expand by 12.2% between the 2022 and 2032 period.
This sustained growth trajectory reflects the area's ability to attract and retain businesses across multiple sectors, creating a diversified economy that remains resilient even during challenging economic periods. Raleigh ranks number one in overall job growth related to STEM and it ranks number two just behind Austin in technolgy growth over the past decade.
Raleigh has an unemployment rate of 2.9%, which is lower than the national average. This city has a thriving economy and is home to many different companies in which contribute to its economy. This vibrant culture is filled with many attractions which make this city truly unique.
Here are some facts about Raleigh's economy:
- Sales tax rate of 7.25%
- Income tax rate of 4.5%
- Average income for a resident is $49,948 a year
- Median household income of resident is $82,424
- Research Triangle Park is one of the leading centers for high-technology research and development in the country
Raleigh is one of the top 10 cities for economic development in the US. With solid job and wage growth, the city remains one of the most affordable housing markets compared to other surrounding cities. The future outlook on Raleigh remains positive, while the area is expected to have an increase in population and demand for housing.
2. Top Industries
Business is booming in Raleigh as well as numerous companies are moving into the area from other parts of the country. Wake County's most prominent industries are technology, government, education, and healthcare are some of the top reasons why the economy is booming.
There are five key industries that represent 75% of the area's economy based on the economic development and Raleigh Chamber. Below are the top industries.
Technology and Innovation
The technology sector stands as Raleigh's crown jewel, with the Research Triangle Park (RTP) serving as the epicenter of innovation. This 7,000-acre research park houses more than 300 companies and represents over $6 billion worth of research annually.
Major tech giants have made significant commitments to the area, including Apple's $1 billion campus investment creating over 3,000 jobs, Google's $1 billion engineering hub bringing at least 1,000 high-paying positions, and Microsoft's software development center employing over 2,500 workers.
The presence of world-class universities like North Carolina State University, Duke University, and the University of North Carolina at Chapel Hill creates a continuous pipeline of skilled talent, particularly in engineering and computer sciences. NC State alone hosts the nation's tenth-largest school of engineering, providing a steady stream of graduates to fuel the region's tech boom.
Life Sciences and Biotechnology
Raleigh's life sciences sector represents one of the most significant growth areas in the regional economy. The proximity to leading research institutions and medical centers has attracted numerous biopharmaceutical companies and medical device manufacturers. Companies like Gilead Sciences have established significant presences in the area, contributing to both high-paying job creation and groundbreaking research initiatives.
Government and Public Sector
As North Carolina's capital, Raleigh benefits from a substantial government sector that provides economic stability. State government operations, combined with federal facilities and related contractor services, create thousands of jobs that remain largely recession-proof.
Education and Healthcare
The education and healthcare sector employs over 90,000 people in the Raleigh area, representing one of the largest employment categories. Major institutions like Duke University and its health system alone employ more than 38,000 people in the region, generating annual revenues between $2 billion and $5 billion. This sector's growth is driven by the area's expanding population and the presence of world-renowned medical and educational institutions.
Advanced Manufacturing and Clean Technology
The Triangle region has become a hub for advanced manufacturing, particularly in clean technology and sustainable energy solutions. This sector benefits from the area's skilled workforce, research capabilities, and supportive business environment. Manufacturing companies in the region focus on high-value, technology-intensive production that complements the area's innovation ecosystem.
3. Top Employers
Raleigh's employment landscape is dominated by a mix of technology companies, educational institutions, healthcare systems, and government entities. Home to employers of all industries and sizes, there are both public and private companies that employ 2,000 or more people.
Wake County has over 70,000 jobs, so if you are job hunting, there are many industries and employers available throughout. The regions largest employers include:
- Duke University and Duke Health Services
- 43,108 employees - Education and Health Services
- State's most extensive health system, operated three hospitals throughout the area
- State of North Carolina
- 24,083 employees - Government
- More than 10 million residents which hired for permanent and temporary positions as well as internships throughout the whole state
- Walmart
- 16,800 employees - Retail Trade
- Operated about 10,500 stores around the world
- Local careers range from cashiers and pharmacy techs to corporate business operations roles
- University of North Carolina at Chapel Hill
- 12,204 employees - Education
- Top-ranked research universities
- Offer high-volume positions for faculty, staff, and temporary employees
- WakeMed Health and Hospitals
- 10,307 - Health Services
- Top hospital/health system to work in NC
- Teams of physicians, employees, administrators, and volunteers
North Carolina is also home to 12 Fortune 500 company's headquarter facilities, according to the latest Fortune 500 list. The top five companies remain Walmart, Amazon, Apple, CVS Health, and UnitedHealth Group. With Apple opening an east coast hub in the Triangle, the area is expanding drastically.
4. Business Opportunites
Raleigh's business environment offers exceptional opportunities for entrepreneurs and small business owners. The city's economic development initiatives focus on supporting business growth across multiple sectors, with particular emphasis on technology, life sciences, and advanced manufacturing.
Small businesses are the heart and soul of Raleigh. They serve as an ally for small, minority businesses throughout the community. If you are interested in this, check out the small business resource guide to help you out.
The Greater Raleigh Chamber of Commerce provides comprehensive resources for businesses looking to establish or expand operations in the area. These resources include networking opportunities, educational programs, and connections to funding sources. The chamber's economic forecast events and business development programs help companies navigate the local market effectively.
Wake County Economic Development offers incentive programs for both new and existing companies, helping businesses access resources for expansion, hiring, and innovation. These programs are designed to support companies across various industries and sizes, from startups to major corporations.
Whether you are searching for employment options or starting up a new business, employment in Raleigh is available at high tech entrepreneurial companies, major corporations, and also a vast array of small and mid-sized companies as well. The Research Triangle is one of the top locations if you are searching for a thriving job market.
Discovering your path may seem difficult, but here in Raleigh, there are endless opportunities and industries to choose from, as well as many educational paths to go down if you are not quite sure what you are interested in. Do not worry about finding your path; here in Raleigh, you have many things to choose from.
5. Job Market Prospects and Career Opportunities
The Raleigh job market offers exceptional prospects across multiple skill levels and industries. As one of the hottest job markets in the country, Raleigh has been experiencing massive job growth as more and more companies decide to relocate to the area.
Since the Research Triangle Park is the largest leading research and science park in all of North America, Raleigh continues to welcome large corporations from all over the world, causing a huge job market explosion over the last five years with no sign of slowing down anytime soon.
The technology sector continues to show the strongest growth prospects, with companies actively recruiting for software development, cybersecurity, data science, and artificial intelligence roles. The presence of major tech companies creates opportunities not just within these organizations but also among the numerous suppliers, contractors, and service providers that support them.
The expanding healthcare and life sciences sectors offer opportunities for medical professionals, researchers, and support staff in hospitals. The aging population and continued medical research investments ensure sustained growth in these areas.
As the region continues to grow, demand for professional services including legal, accounting, consulting, and financial services continues to increase. This growth supports both established firms and new practices looking to serve the expanding business community.
6. Economic Outlook and Future Growth
Looking ahead, Raleigh's economic prospects remain exceptionally strong. The city's diversified economy, world-class educational institutions, and business-friendly environment position it well for continued growth.
The Research Triangle's continued development and expansion ensure that new opportunities will continue to emerge across multiple sectors. Infrastructure improvements, including transportation and technology upgrades, support this growth while maintaining the quality of life that makes Raleigh attractive to both businesses and residents.
Methodology
Data was sourced from the U.S. Census Bureau, the U.S. Bureau of Labor Statistics, Wake County Economic Development, and the North Carolina Department of Commerce to determine the top industries and business opportunities in the Raleigh economy.
FAQs
What is the main industry in Raleigh, NC?
As part of the "Research Triangle," Raleigh boasts a robust technology and research industry that propels innovation and economic growth throughout the region. With many other top sectors, technology and research hold the spot for the largest leading one in the area.
Who is the largest employer in Raleigh, NC?
There are a couple of large employers in Raleigh. The largest employer with over 43,000 employees is Duke University and Duke Health Systems.
Why is Raleigh booming?
One of the main reasons that influenced the area's growth was the job market offered by schools and local corporations. The search also showed that university students are choosing to lay permanent roots in the area after graduating due to the high volume of opportunities.
What is the cost of living in Raleigh, NC?
The cost of living in Raleigh is 3% lower than the national average, making it an affordable place ot call home. The housing costs are rising as the market grows, but homes are more affordable here than other similar-sized metropolitan areas.
Making Your Move to Raleigh
Raleigh's economic strength makes it an ideal location for professionals at all career stages. Whether you're a recent graduate looking to start your career, an experienced professional seeking new opportunities, or an entrepreneur planning to start a business, Raleigh offers the economic foundation and growth prospects to support your goals.
The combination of job opportunities, reasonable cost of living, low crime rate, and excellent quality of life creates a compelling case for making Raleigh your home. As you consider your move to the Triangle area, you can feel confident that you're choosing a location with one of the strongest and most diversified economies in the Southeast.
For those ready to move to Raleigh and take advantage of the city's economic opportunities, contact the experts at Raleigh Realty. We are ready to help you find the perfect home in this fast growing city.
