REOPro - Real Estate Default Professionals

America's Largest Social Network for Default Real Estate Professionals

Raleigh North Carolina Ranks top job growth, low business costs and highly educated workforce for 3rd year

By Kurt Badenhausen,
Mar 26th, 2009
ARTICLE TOOLS: Email article Printable view IM article Save to Bookmark
Raleigh, N.C., and its fellow Tar Heel metros shine in our annual look at America's largest cities.
The economy shed 651,000 jobs in February and 4.4 million since the recession began in December 2007. Only a handful of metro areas have escaped falling employment over the past three months. Yet there are still some places out there that remain attractive to businesses.

Our 11th annual ranking of the Best Places for Business and Careers features clear winners in North Carolina and Colorado, home to a combined 10 of the 20 top metro areas.

Leading the way is Raleigh, N.C., which grabbed the top spot for a third straight year on the strength of strong job growth (both past and projected), low business costs and a highly educated workforce.

In Depth: Best Places for Business and Careers

Employment is expected to fall during 2009 in Raleigh after jobs were added at a 4% annual clip the past five years. But the job picture is expected to brighten in 2010 and 2011, and the three-year projected annual employment gain is 1.4%. according to Moody's, 15th best in the country.

Helping fuel Raleigh's strong economy is the Research Triangle Park, one of the oldest and largest science parks in North America. It is located between Raleigh and Durham and is home to 170 companies employing 42,000 people. Big employers include Biogen Idec, Cisco Systems and IBM.

"Raleigh is holding up better than any other place in North Carolina," says Matthew Martin, an economist at the Federal Reserve Bank of Richmond, Va. He cites the significant higher education presence and low manufacturing base in the area for Raleigh's steady economy.

Keeping Raleigh company at the top are fellow Tar Heel State metros Durham (ranked third), Asheville (sixth), Wilmington (13th), Winston-Salem (18th) and Charlotte (19th).

Our rankings looked at the 200 largest metropolitan areas in the U.S., which range from the New York metro and its 11.7 million people to Olympia, Wash., with a population of 241,000. We examined each on 11 different criteria. Economic research firm Moody's supplied data on job growth over the past five years and projections through 2011. also provided business and living cost data as well as income growth and migration trends.

We also turned to Bert T. Sperling, city researcher and co-author of Cities Ranked & Rated for some labor supply and quality of life information. Sperling furnished data on college attainment, crime rates, local colleges and cultural and recreational opportunities in the area.

In a nod to the current economic climate, we added two new categories this year: projected job growth and subprime mortgages as a percentage of total originations over a three-year period. This change helped boost several metros in the rankings, most notably Austin, Texas, which ranked eighth this year, up from 47th last year. Austin's projected annual job growth rate of 2.3% is fifth fastest in the country, and its subprime mortgage exposure clocked in at 13th.

The city has a fan in the Charles Schwab Corporation. "The city of Austin is extremely business-friendly. They have bent over backwards to accommodate us," says Glenn Cooper, head of real estate at Schwab, which expanded its Austin presence in 2007 when it purchased the 401(k) Co. Cooper highlights the political environment, culture and cost of living as draws for Schwab to Austin.

Bringing up the rear of our rankings are the troubled spots in California. The Golden State had its worst showing ever in our tally. It is home to six of the seven lowest-rated spots, and Riverside was the only one of its 21 metro areas (among the country's 200 biggest) that cracked the top 100. Most California metros are burdened with sky-high living and business costs, and the job outlook is week. The unemployment rate in 199th-ranked Merced, Calif., is expected to hit 21% in 2010.

The current recession is too deep and widespread for even our best-rated cities to escape damage. Yet when things do turn around, expect many places ranked at the top to be at the head of the pack, notes Marisa Di Natale, an economist at

"Austin, Boulder [Colo.], Fort Collins [Colo.] and to a lesser extent Raleigh all have a lot of high-tech investment," she says. "We think that is one of the first things that comes back once the economy does recover."

Top 5 Best Places

1. Raleigh, NC
Metro Area Population: 1,086,000

2. Fort Collins, CO
Metro Area Population: 292,000

3. Durham, NC
Metro Area Population: 487,000

4. Fayetteville, AR
Metro Area Population: 442,000

5. Lincoln, NE
Metro Area Population: 296,000

Click here for the full list of the Best Places for Business and Careers.

Showing page 1 of 1 ARTICLE TOOLS: Email article Printable view IM article Save to Bookmark ADVERTISEMENT

Search Mortgage Rates in your Area
Loan Amount
FICO Score Good Credit ( >= 700 ) Not Good Credit ( < 700 )
Loan Purpose Purchase Refinance Home Equity
Loan Type Fixed ARM Interest Only

More at Y! Real Estate
Browse Homes For Sale Find Foreclosure Deals Search Rental Properties Buy vs. Rent Calculator Calculate how much home insurance you need Find the value of any home more...
What would my loan payments be?

Loan Information
Loan amount $
Annual interest rate (0-30) %
Term of loan (months): (1-360)
Desired table display monthlyyearly

Powered by CalcXML» See all calculatorsResetTop Rated Articles by the Experts
Don't assume default means foreclosure
by Ilyce Glink Fri, Feb 6, 2009
Truth about home fixture warranties
by Paul Bianchina Fri, Jan 30, 2009
Is owning real estate in LLC smart?
by Ilyce Glink Fri, Mar 6, 2009
New tax credit gives fence-sitters hope
by Ilyce Glink Wed, Feb 18, 2009
» See All Expert Advice
Next step: Search for a home...

Search Location
City & State or ZIPListing Type (what's this?)
Homes for Sale New Homes Foreclosures Apartments for Rent
Show Options
to Beds
Any Studio+ 1+ 2+ 3+ 4+ 5+ Baths
Any 1+ 2+ 3+ 4+ Hide Options
Sponsored Links
Real Estate for Sale in Andover, KS
Max at ReMax offers a Free easy MLS home search. Real Estate services.
Real Estate for Sale in Minnesota
Kavanaugh's Sylvan Lake Resort offers you the opportunity to own a part of the resort in Minnesota. Available in one, two, three or four bedroom cottages.
View Seattle Property and Homes For Sale
Find Homes and Property for Sale. View our MLS Listings and much more.
Phoenix Area Discount Real Estate Agent
50% Buyers Commission Discount Rebate & 2% to 4% Full Service Listing.
Add Real Estate to Yahoo! Toolbar Browse by State or City
Homes for Sale - Apartments for Rent - Home Values - Mortgages - Real Estate Agents - Foreclosures - Refinance Mortgage - Home Equity Loans
Top Cities:
Atlanta real estate | Austin real estate | Chicago real estate | Denver real estate | Houston real estate | Las Vegas real estate | Myrtle Beach real estate
Orlando real estate | Phoenix real estate | San Antonio real estate | San Diego real estate | San Francisco real estate | Seattle real estate | Tucson real estate

Top States:
Arizona | California | Colorado | Florida | Georgia | Hawaii | Illinois | Indiana | Maryland | Massachusetts | Michigan | Minnesota | Missouri | Nevada
New Jersey | New York | North Carolina | Ohio | Oklahoma | Oregon | Pennsylvania | South Carolina | Texas | Tennessee | Utah | Virginia | Washington | Wisconsin

Related Yahoo! Services:
Jobs - Personal Financial Advice
Partner with Yahoo! Real Estate
Some Yahoo! Real Estate information is provided by our trusted partners.
However, Yahoo! does not guarantee the accuracy or completeness of any third party content.
A REALTOR® is a real estate professional who is a member of the National Association of REALTORS®
Copyright © 2009 Yahoo! Inc. All Rights Reserved.
Privacy Policy - Terms of Service - Copyright/IP Policy

Views: 65


You need to be a member of REOPro - Real Estate Default Professionals to add comments!

Join REOPro - Real Estate Default Professionals

© 2019   Created by Jesus (Jesse) Gonzalez.   Powered by

Badges  |  Report an Issue  |  Terms of Service