The top metros adding to Raleigh’s population
Since 2010, the Raleigh metropolitan area has added 227,000 people to its population.
May 08, 2019
- Since 2010, the Raleigh metropolitan area has added 227,000 people to its population. Over the next three years, the metro is anticipated to grow an average of 2.2 percent each year, reaching a population of 1.5 million by 2023 compared to its current population of 1.3 million. Each day, an average of 42 people move to Wake County, the largest county in the Raleigh metro.
- But where do these new residents come from? According to data from the US Census Bureau’s metro-to-metro migration flows, the top three metros outside of the state of North Carolina are: New York City, Washington DC, and Chicago. These three metros account for nearly 4,500 annual net new residents in the Raleigh metro. A closer look at the top 10 reveals most of these metros are located along the east coast. Major tech market San Jose is the only west coast market to crack the top 10, with 263 residents relocating to the Raleigh market. In total, these markets contribute more than 6,800 net new residents annually.
- What makes the Raleigh market attractive to new residents and tenants? Part of the market’s appeal is its high quality of life and low cost of living, especially when compared to other tech markets in the US. Recent relocations and expansions cite availability of highly educated talent and regional accessibility. Pendo, a homegrown technology company, is currently in expansion mode with plans to hire 590 new employees.
Source: JLL Research, US Census Bureau, Esri