RDU Market
Raleigh/Durham Market Information
By any measure of competitive success, the Research Triangle Region of North Carolina consistently ranked among the best places in the world to live, work and do business. With a collaborative, supportive climate for business; vibrant clusters of businesses; world-class research universities and a highly skilled workforce, it's no wonder that so many choose to become a part of the Research Triangle Region's:
Diversified Economy
Anchored by leading technology firms, government and world-class universities and medical centers, the area's economy has performed exceptionally well. Significant increases in employment, earnings, personal income and retail sales are projected over the next 15 years.
High-Tech/Bioscience Environment
The region's growing, vibrant, high-technology community includes such companies as IBM, SAS, Cisco, Nortel, Network Appliance and Credit Suisse First Boston. In addition to high tech, the region consistently ranks in the top three U.S. regions for life science companies. The region is home to GlaxoSmithKline, Biogen Idec, BASF, Merck, Novo Nordisk, Novozymes, Wyeth and others. The Research Triangle Park and Centennial Campus support innovation through R&D and technology transfer among the region's companies and research universities.
Market Access
Centrally located in the Mid-Atlantic region with an excellent transportation system, the Research Triangle Region offers unparalleled access to markets and suppliers, which lowers the cost of doing business.
Supportive Business Climate
Reasonable taxes, low business costs and sound government provide a supportive environment for R&D and manufacturing. The region is known for its culture of collaboration that promotes business success.
Well-educated Population
Education is highly valued here. More than 40 percent of the population holds at least a bachelor's degree. One in nine holds graduate, professional or Ph.D. degrees. Community colleges offer free, customized industrial training for new and existing companies.
Enviable Quality of Life
Climate, culture and recreational opportunities make the Research Triangle Region one of the best places to live in the world. The region is a "community of communities." Its four mid-sized cities, several smaller towns and numerous rural communities offer a small-town feeling with big-city amenities. An easy drive takes you to some of the world's most beautiful beaches and mountains. Four seasons and a temperate climate make the region a great place to live year round.
The Research Triangle Area continues to hold a position on many of the "Best Of" lists compiled from a number of sources. Some of the recent accolades for our region include:
Economy & Employment
Much of the gradual improvement in the region's commercial real estate is being driven by relocations and expansions of companies attracted in part by the region's lower costs, according to a December report on the region's economy by Wachovia. Job expansion and a cost of living 7% below the national average has given the seven-county area an above-average surge in population, which rose to 1.4 million last year, according to Moody's Economy.com, a unit of Moody's Corp.
The area's highly educated work force, with its strong technology and biotech skills base, is attracting financial-services concerns such as Credit Suisse Group and technology-and-biotech companies that have long been drivers in the region. Wachovia senior economist Mark Vitner recently projected that 25,000 jobs will be created across the Triangle in 2007, on top of an [at the time] estimated 35,000 last year, a record. He added that "There are a lot of companies that have relocated to the Triangle that are still staffing up". As an example Fidelity Investments said last year that it would create at least 2,000 jobs in the Triangle within three years. Vitner said the slower job growth (2007 vs. 2006) locally will be the result of a slowdown in the national economy caused by "the winding down of the housing boom."
RESEARCH TRIANGLE PARK
The growth and prosperity of this region is largely credited to the positive influences of the Research Triangle Park, a major economic engine that began as a public/private partnership between leaders from business, academia and industry in the 1950's. The Park overall grew slowly through the early 1960's. Then, in 1965, with the advent of both IBM and the National Institute of Environmental Health Services, began to grow in earnest. By 1969, 21 companies had located in RTP. From 1970 to 1979, 17 additional companies located there. And by 1989, 28 more companies chose locations in the Park. From 1990 to 2000, more than 42 new companies established facilities in RTP, with new construction and expansion totaling over 5 million square feet. A research business incubator was formed to provide interim laboratory facilities for early-stage companies. And Park Research Center, a campus of about 12 buildings that was formerly occupied by the National Institute of Environmental Health Sciences, was established to provide wet lab space to smaller and mid-sized research companies. Today, RTP totals about 7,000 acres and is home to an estimated 157 organizations. Approximately 82% of the employees in the Park work for multinational corporations. Research is performed in a wide variety of fields, including:
EDUCATION, CULTURE & RECREATION
From preschool to graduate school, Wake County residents understand that excellent education is at the heart of a strong economy and a vibrant community. The Triangle is home to no less than 12 quality colleges and universities, including world-renowned North Carolina State University, University of North Carolina at Chapel Hill and Duke University. Wake Technical Community College, part of North Carolina's exceptional community college system, offers educational opportunities tailored for workers pursuing technical careers as well as businesses seeking a specially trained work force. Families here are fortunate to choose from award-winning public and private schools for their children. In 2005, Expansion Management ranked the Raleigh-Cary area the #1 Best City in their Education Quotient.
The Wake County Public School System, which is the second largest school system in the state. The system and its school board are committed to providing the highest possible quality of education to Wake County students, while maintaining fiscal responsibility and accountability to its 128,000-plus students in its 294 campuses. Wake County schools employ some 8,600 teachers. Approximately 88% of their Year 2005 graduates pursued some form of higher education - 63% to four-year colleges or universities and 25% to two-year colleges. The Triangle area is blessed with a rich mixture of the arts, music and other cultural delights. Theatrical performances grace a number of stages throughout the area and a number of performing arts groups showcase their talents in outdoor venues and amphitheaters. The area is also brimming with some of the finest museums in the Southeast. Examples of our cultural resources include:
The entire state of North Carolina deserves the nickname of "Variety Vacationland." The Atlantic coastline, just two hours away, enjoys mild temperatures from March to October. The mountains, with more than 200 miles of the scenic Blue Ridge Parkway and Appalachian Trail, nine ski resorts and 15 white-water rivers, are within a four-hour drive. Intercollegiate sports competition is intense in the Triangle area. Three nationally high-ranking men's and women's teams in the Atlantic Coast Conference compete in football, basketball, soccer and other sports - NC State University Wolfpack, Duke University Blue Devils and the University of North Carolina at Chapel Hill Tar Heels. The NHL recognized Wake County as a major league market, and we quickly embraced the Carolina Hurricanes. Based at the RBC Center, the Canes were the 2006 Stanley Cup Champions. The area features two minor league baseball teams. The Durham Bulls, made famous by the movie "Bull Durham," is a AAA farm club for the Tampa Bay Devil Rays that enjoys widespread Triangle support. In addition, the Carolina Mudcats is a Class AA professional baseball affiliate of the Florida Marlins and one of the top-drawing teams in attendance in the Southern League.
By any measure of competitive success, the Research Triangle Region of North Carolina consistently ranked among the best places in the world to live, work and do business. With a collaborative, supportive climate for business; vibrant clusters of businesses; world-class research universities and a highly skilled workforce, it's no wonder that so many choose to become a part of the Research Triangle Region's:
Diversified Economy
Anchored by leading technology firms, government and world-class universities and medical centers, the area's economy has performed exceptionally well. Significant increases in employment, earnings, personal income and retail sales are projected over the next 15 years.
High-Tech/Bioscience Environment
The region's growing, vibrant, high-technology community includes such companies as IBM, SAS, Cisco, Nortel, Network Appliance and Credit Suisse First Boston. In addition to high tech, the region consistently ranks in the top three U.S. regions for life science companies. The region is home to GlaxoSmithKline, Biogen Idec, BASF, Merck, Novo Nordisk, Novozymes, Wyeth and others. The Research Triangle Park and Centennial Campus support innovation through R&D and technology transfer among the region's companies and research universities.
Market Access
Centrally located in the Mid-Atlantic region with an excellent transportation system, the Research Triangle Region offers unparalleled access to markets and suppliers, which lowers the cost of doing business.
Supportive Business Climate
Reasonable taxes, low business costs and sound government provide a supportive environment for R&D and manufacturing. The region is known for its culture of collaboration that promotes business success.
Well-educated Population
Education is highly valued here. More than 40 percent of the population holds at least a bachelor's degree. One in nine holds graduate, professional or Ph.D. degrees. Community colleges offer free, customized industrial training for new and existing companies.
Enviable Quality of Life
Climate, culture and recreational opportunities make the Research Triangle Region one of the best places to live in the world. The region is a "community of communities." Its four mid-sized cities, several smaller towns and numerous rural communities offer a small-town feeling with big-city amenities. An easy drive takes you to some of the world's most beautiful beaches and mountains. Four seasons and a temperate climate make the region a great place to live year round.
The Research Triangle Area continues to hold a position on many of the "Best Of" lists compiled from a number of sources. Some of the recent accolades for our region include:
- Top Ten Tech Town (Raleigh-Durham, NC), by Wired Magazine, January 2007
- #1 School District in the Nation for Certified Teachers (Wake County), by National Board of Certified Teachers, January 2007
- Gold Rating (Wake County Schools), by Expansion Management's Education Quotient, January 2007
- #1 Best City for Women Entrepreneurs (Raleigh-Cary, NC), by AllBusiness.com, November 2006
- #9 Health Ranking (Raleigh-Durham, NC), #13 Overall Quality of Life (Raleigh- Durham, NC), and #15 Climate Ranking (Raleigh-Durham, NC), by Business Development Outlook, September/October 2006
- #1 Area Overall (Raleigh-Durham, NC), by Tampa Bay Partnership Regional Economic Scorecard, September 2006
- #6 Area for Relocating Singles (Raleigh-Durham-Chapel Hill, NC), by Primacy Relocation, October 2006
- #1 Area for Tech Business (Raleigh-Durham, NC), by Silicon Valley Leadership Group, September 2006
- #3 Best City for Entrepreneurs (Raleigh-Durham-Chapel Hill, NC), by Entrepreneur.com, August 2006
- #10 Fastest Growing MSA (Raleigh-Cary, NC), by US Census Bureau, July 2000 - July 2005 (Released August 2006)
- #3 Top Metro Overall (Raleigh-Cary, NC), by Expansion Management Mayor's Challenge, August 2006
- #12 Best Sports City (Raleigh-Durham-Chapel Hill, NC), by The Sporting News, August 2006
- #4 Greatest Home Price Appreciation Market (Raleigh-Durham, NC), by Veros, July 2006
- #6 Best City for Singles (Raleigh-Durham, NC), by Forbes.com, July 2006
- 5-Star Business Metro for Business Expansion (Raleigh, NC), by Expansion Management, July/August 2006
- #13 Fastest Growing Cities (Raleigh, NC), by US Census Bureau, June 2006
- #6 Brainiest Mid-sized Metro (Raleigh, NC), by Bizjournal, June 2006
- 5-Star Quality of Life Metro (Raleigh, NC), by Expansion Management "Quality of Life Quotient," May/June 2006
- #2 Best Place for Business & Careers (Raleigh, NC), by Forbes, May 2006
- #13 Boom Town (Raleigh, NC), by Inc. Magazine, May 2006
- Top 20 Business Schools (Duke University #11, UNC-CH #20), by US News and World Report, 2006
- #2 Best Value Public Colleges (North Carolina State University), by Princeton Review, March 2006
Economy & Employment
Much of the gradual improvement in the region's commercial real estate is being driven by relocations and expansions of companies attracted in part by the region's lower costs, according to a December report on the region's economy by Wachovia. Job expansion and a cost of living 7% below the national average has given the seven-county area an above-average surge in population, which rose to 1.4 million last year, according to Moody's Economy.com, a unit of Moody's Corp.
The area's highly educated work force, with its strong technology and biotech skills base, is attracting financial-services concerns such as Credit Suisse Group and technology-and-biotech companies that have long been drivers in the region. Wachovia senior economist Mark Vitner recently projected that 25,000 jobs will be created across the Triangle in 2007, on top of an [at the time] estimated 35,000 last year, a record. He added that "There are a lot of companies that have relocated to the Triangle that are still staffing up". As an example Fidelity Investments said last year that it would create at least 2,000 jobs in the Triangle within three years. Vitner said the slower job growth (2007 vs. 2006) locally will be the result of a slowdown in the national economy caused by "the winding down of the housing boom."
RESEARCH TRIANGLE PARK
The growth and prosperity of this region is largely credited to the positive influences of the Research Triangle Park, a major economic engine that began as a public/private partnership between leaders from business, academia and industry in the 1950's. The Park overall grew slowly through the early 1960's. Then, in 1965, with the advent of both IBM and the National Institute of Environmental Health Services, began to grow in earnest. By 1969, 21 companies had located in RTP. From 1970 to 1979, 17 additional companies located there. And by 1989, 28 more companies chose locations in the Park. From 1990 to 2000, more than 42 new companies established facilities in RTP, with new construction and expansion totaling over 5 million square feet. A research business incubator was formed to provide interim laboratory facilities for early-stage companies. And Park Research Center, a campus of about 12 buildings that was formerly occupied by the National Institute of Environmental Health Sciences, was established to provide wet lab space to smaller and mid-sized research companies. Today, RTP totals about 7,000 acres and is home to an estimated 157 organizations. Approximately 82% of the employees in the Park work for multinational corporations. Research is performed in a wide variety of fields, including:
- Biotechnology/Biopharmaceutical Computer Hardware/Software
- Chemicals Environmental Sciences
- Financial Services Information Technology
- Instrumentation Materials Science
- Microelectronics Pharmaceuticals
- Public Health Telecommunications
- Statistics
EDUCATION, CULTURE & RECREATION
From preschool to graduate school, Wake County residents understand that excellent education is at the heart of a strong economy and a vibrant community. The Triangle is home to no less than 12 quality colleges and universities, including world-renowned North Carolina State University, University of North Carolina at Chapel Hill and Duke University. Wake Technical Community College, part of North Carolina's exceptional community college system, offers educational opportunities tailored for workers pursuing technical careers as well as businesses seeking a specially trained work force. Families here are fortunate to choose from award-winning public and private schools for their children. In 2005, Expansion Management ranked the Raleigh-Cary area the #1 Best City in their Education Quotient.
The Wake County Public School System, which is the second largest school system in the state. The system and its school board are committed to providing the highest possible quality of education to Wake County students, while maintaining fiscal responsibility and accountability to its 128,000-plus students in its 294 campuses. Wake County schools employ some 8,600 teachers. Approximately 88% of their Year 2005 graduates pursued some form of higher education - 63% to four-year colleges or universities and 25% to two-year colleges. The Triangle area is blessed with a rich mixture of the arts, music and other cultural delights. Theatrical performances grace a number of stages throughout the area and a number of performing arts groups showcase their talents in outdoor venues and amphitheaters. The area is also brimming with some of the finest museums in the Southeast. Examples of our cultural resources include:
- NC Symphony ALLTEL Pavilion at Walnut Creek
- NC Museum of Art North Carolina Theatre
- NC Museum of History National Opera Company
- NC Museum of Natural Sciences Carolina Ballet
The entire state of North Carolina deserves the nickname of "Variety Vacationland." The Atlantic coastline, just two hours away, enjoys mild temperatures from March to October. The mountains, with more than 200 miles of the scenic Blue Ridge Parkway and Appalachian Trail, nine ski resorts and 15 white-water rivers, are within a four-hour drive. Intercollegiate sports competition is intense in the Triangle area. Three nationally high-ranking men's and women's teams in the Atlantic Coast Conference compete in football, basketball, soccer and other sports - NC State University Wolfpack, Duke University Blue Devils and the University of North Carolina at Chapel Hill Tar Heels. The NHL recognized Wake County as a major league market, and we quickly embraced the Carolina Hurricanes. Based at the RBC Center, the Canes were the 2006 Stanley Cup Champions. The area features two minor league baseball teams. The Durham Bulls, made famous by the movie "Bull Durham," is a AAA farm club for the Tampa Bay Devil Rays that enjoys widespread Triangle support. In addition, the Carolina Mudcats is a Class AA professional baseball affiliate of the Florida Marlins and one of the top-drawing teams in attendance in the Southern League.