Metro Comparisons Analysis
The comparative metrics in this document are part of a Independent Study conducted by Economic Leadership, LLC in partnership with Wake County Economic Development. 12.13.2022
A series of seven indexes were created to aggregate the indicators and highlight key business growth and site selection decision factors. The indexes included Economics, Trade & Insourcing, Economic Diversity, Demographics, Costs & Quality of Life, Innovation and Education & Workforce. Our team ranked each statistic individually and then totaled the rankings into an aggregate score. The Raleigh MSA and the competitor region were ranked based on the combined data points.
Our comparison revealed that the Raleigh MSA outranked Denver, CO. The study revealed that, although the Raleigh MSA is smaller than some of their competitors, they consistently “punches above its weight,” outpacing other larger communities in many of the metrics utilized in the study. These metrics represent the Raleigh MSA as a stable place to do business, with low costs, a low-tax structure, and pro-business regulatory environment. Construction costs, electric rates, overall taxes, and our cost of living are all below the national average. Raleigh's thriving workforce and tech market are fueled by several components: innovative startups spinning out of the region’s many incubators, corporate headquarters and technology centers, the largest research park in North America, partnerships originating in the area’s three Tier One research universities and access to the largest community college in the U.S., Wake Technical Community College. Combined with a favorable business climate, excellent quality of life, and entrepreneurial vibe, Raleigh is a robust metro that has something for everyone.
Please see Tab 2 of this spreadsheet "Metro Comparison" for rankings of each metric, as well as the overall ranking score. For the "Overall Ranking" the lower the number the better the ranking. For each metric, there is a "High (H)" or "Low (L)" designation. This represents whether a "higher" number or a "lower" number is better.
Disclaimer: The information in this document is proprietary. No part of this document may be modified or disclosed in any manner to a third party without the prior consent of Wake County Economic Development. (Metrics are from July 2022 dataset)
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