During the last 30 years, growth in Raleigh, and the surrounding Research Triangle Region, has consistently and significantly outpaced the nation. Fueled by an impressive mix of education, ingenuity and collaboration, North Carolina’s capital city has become an internationally recognized leader in life science and technology innovation. It also happens to be a really nice place to live.
"We are able to operate with equal or greater
talent supply at a fraction of the cost"
People are drawn to Raleigh for many reasons – lower cost of living, higher quality of life, arts and culture, education, proximity to the beach and mountains. The list goes on and on. However, when deciding where to start or expand a business, there are many other factors to take into consideration.
Over the past several years, Raleigh’s innovation and startup ecosystem has seen tremendous growth. The City’s Business Assistance Program and a vast network of incubators and accelerators provide resources and connections for area startups and innovators. Raleigh has all the resources needed to help entrepreneurs reach their full potential.
“We are able to operate with equal or greater talent supply at a fraction of the cost” – Justin Miller, CEO & Co-Founder of WedPics, explains why his photo-sharing business is thriving in Raleigh. Justin shares his story of why Raleigh is an efficient place to conduct his business, and adds that Raleigh cares about the small companies just as much as the larger ones. He also credits Raleigh’s low cost of living and abundance of things to do with keeping talented people in the area.
German-based Mann + Hummel, maker of air, fuel, oil and water filters, selected Raleigh for its North American headquarters. The company first came to the U.S. in 1994 when it opened a filter technology business in Illinois. It later added factories in Tennessee and Michigan, then, in 2006, set their sights on North Carolina when it and the Bosch Group jointly purchased a plant in Fayetteville. Most recently, in 2013, the company announced that it would move their North American headquarters to Raleigh, added an Innovation Center at N.C. State’s Centennial Campus, and bought outright ownership of the Fayetteville plant.
In the years leading up to The Great Recession, Raleigh experienced a boom in both residential and commercial development. Large-scale projects including single-family subdivisions, multi-family condominiums, commercial shopping centers, medical facilities and university campuses were either permitted or under review.
The Office of Economic Development has just released its inaugural Annual Report. The FY 2013/2014 report includes data previously found in the Growth and Development Report produced by the Long Range Planning Division and tells the story of development and investment happening all over Raleigh.
A new Business Resource Guide is available now for all those who need information about starting a new business.
"Small businesses are key to Raleigh's economy, I know first-hand how challenging starting a new business can be. This guide provides the information small business owners need to help make starting or growing their business a success."
- Mayor Nancy McFarlane
Shop Local Raleigh is all about promoting and supporting locally-owned, independent businesses. It’s about making your hard-earned money go further, fueling the local economy, and helping to preserve the unique character of Raleigh. As local economist Dr. Michael Walden puts it...
“buying local can be a ‘win-win’ for the retailer and for the economy at large.”