Raleigh-Cary Has the Nation’s Second Fastest-growing Economy.
According to a study recently conducted by the U.S. Conference of Mayors, the Raleigh-Cary economy is likely to rise higher than 4 percent annually by 2020. The U.S. economy is projected to dwindle below a 3 percent growth rate.
Economists at IHS Global Insight, who complied the study, say by 2020 Fayetteville, Raleigh and Austin will be the fastest-expanding large metro areas. Raleigh’s average annual percent change in real gross metro product growth will be 4.3 percent.
Specifically in Raleigh, the positive state of the local economy is direct result of the booming real estate market. The success of the home market in Raleigh will fuel local economic progression through 2020.
Metropolitan areas, such as Raleigh, will continue to provide the majority of economic stability. These areas will also be the source for 89 percent real income growth and employment, 92 percent real gross product growth, and 94 percent population growth.
The findings indicate metropolitan areas with a high concentration on construction, energy, computer jobs and professional business services will see the fastest growth.
Agriculture, construction and mining in Fayetteville, manufacturing in Raleigh and education/health services in Austin will be crucial for economic progression along each of these large metro areas.
For assistance with all of your real estate needs, contact The Wilson Realty Group in Raleigh by phone: (919) 378-1974 or by email: Info@WilsonRealtyGroupNC.com