Is Raleigh the next big boom town? Forbes seems to think so in the firm’s latest ranking of top US cities positioned to grow and prosper in the next decade.
Raleigh ranked number two with regards to future prospects for prosperity. The study looked at the top 52 metro areas and ranked each with regards to past, current and future prospects for growth.
One third of the score was based on job growth over the past two years. This was done to get an idea of how well each area is dealing with the current economic slump.
The remaining two thirds of the score consisted of a broad range of equally weighted demographic factors including:
- Rate of family formation
- Educated migration
- Population growth
- Attractiveness to immigrants
The rate of family formation was a measure of the percentage growth in children ages 5-17. Attractiveness to immigrants measured how the area is perceived as a place to settle, make money, and start a business.
This focus on demographic factors was important as a method to capture the attractiveness of the areas to college educated migrants, new families and immigrants. All of these groups are thought to be critical in determining the future prosperity of towns and cities.
It’s clear that the Raleigh area is doing relatively well during these tough economic times. This Forbes study supports the findings of a recent United Van Lines study that ranked North Carolina as the number three state in terms of inbound migration.
With great schools and universities, major hospitals and corporations, Research Triangle Park, relatively low taxes, and a mild climate it’s no wonder we end up being a destination for so many families seeking to relocate to a better lifestyle.
Welcome to the next big boom town… Raleigh, North Carolina.
