As published in Scotsman Guide's Commercial Edition, March 2009.
Consistently ranked among the top areas for business, jobs, higher education and more, North Carolina's Research Triangle region appears to be defying the nation's economic woes.
What the Locals Say _____________________________________
"The market is flat now. Everyone's looking for the other shoe to drop, but it may drop lightly. We were not overdeveloped or overbuilt. Commercial developments kept track with the market, so we didn't have an oversupply."
-- Mac Jones, principal and managing broker, McConnell Jones Realty LLC
In fact, Raleigh -- the state's capital and the largest city in the combined statistical area that also includes Durham, Cary and Chapel Hill, N.C. -- witnessed key growth in 2008. Completions included Raleigh's new convention center, which opened this past September; the RBC Plaza and Condominiums, a 33-story, mixed-use tower; and three hotels, which added more than 700 total rooms to the city.
Likely helping the region's continued growth is the Research Triangle's historically low unemployment and its status as a high-tech, biopharmaceutical and life-sciences hub. The area also ranks among the top 10 office markets for the next five years, according to Grubb & Ellis' Investment Opportunity Monitor.
With more developments in the works and a new comprehensive city plan that looks toward 2030, Raleigh is expected to continue its current trend in years to come.
↑ Population (combined statistical area): 1.6 million
CSA population in 2000: 1.1 million
Rank (U.S.): 28th-largest CSA
↑ Average commute: 24.5 minutes
Average commute in 2000: 23.4 minutes
U.S: 25 minutes
↑ Median household income: $53,300
Median household income in 2000: $50,083
↑ Median age: 34.8 years
Median age in 2000: 33.3 years
U.S.: 36.4 years
↑ Unemployment: 6.1 percent
Unemployment in November 2007: 3.6 percent
U.S.: 6.7 percent
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