The Research Triangle area of Raleigh Durham is best known for its tech companies, universities, and commitment to research and innovation. This area is home to major employers such as Labcorp, IBM, Lenovo, Dupont, Novo Nordisk, and many other large technical companies. With such a strong list of employers, the Research Triangle has presented a strong draw for qualified and skilled employees.
Employment growth in the region has been steady, with an increase across all employment sectors. This rise in employment doesn’t show any signs of slowing down, and big developments are expected in the region.
Novo Nordisk will be adding a new $1.85 billion manufacturing facility and hundreds of new jobs. The RTP Foundation has large plans for development in the area, which could generate $2 billion in private investment and 100,000 jobs. With the additional employment positions and developments in the region comes an increased demand for housing.
Investors have taken note as the local economy continues to strengthen, and the real estate market is following suit. Although there has been an increase in construction permits for single and multifamily real estate, it is nowhere near the previous peak. In order to keep pace with the increase in jobs, housing will be playing catch up. This lack of available housing and new workers moving to the area will increase the need for single family rental properties.
HomeUnion’s Research Services team has taken a deeper look at the economic climate of the Raleigh Durham region, evaluating numerous statistics and indicators. Download our in depth report to learn why Raleigh is a great place to invest.