Raleigh continues to lead the way grasping the top spot for the third year in a row as the highest strength of strong job growth (both past and projected). The ability to retain this accolade is due to the low business costs and a highly educated workforce.
Matthew Martin, an economicst at the Federal Reserve Bank of Richmond, cited the significant higher education presence and low manufacturing base in the area for Raleigh's steady economy. "Raleigh is holding up better than any other place in North Carolina," says Martin.
Helping fuel Raleigh's strong economy is the Research Triangle Park, RTP, one of the oldest and largest research parks in North America. Located between Raleigh and Durham, RTP is home to 170 companies employing 42,000 people. Large employers include Cisco Systems, GlaxoSmithKline, IBM Corporation, and RTI International.
The job picture is expected to brighten in 2010 and 2011 with the three-year projected annual employment gain of 1.4% according to MoodysEconomy.com. This will place Raleigh on the leading edge of job growth, ranking 15th in the country.
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