In a recent report by the NAI Global national economist, Dr. Peter Linneman, he stated all major industries except for the information sector have registered employment gains. He noted, “Aside from the government sector (591,000), the largest absolute job increases were in professional and business services (314,000), manufacturing (108,000), leisure and hospitality (95,000), and trade, transportation, and utilities (74,000)”.
In our market, the Raleigh-Cary metropolitan area gained 22,100 private-sector jobs between June 2005 and June 2010, the fifth best total among the 100 largest US metros according to the US Bureau of Labor Statistics. This was the biggest job gain of any metropolitan statistical area outside of Texas. Eighty-four major markets suffered declines in private-sector employment during the half-decade, while only 16 finished on the upside as reported by the Triangle Business Journal.
Just this week, additional positive job growth news included Caterpillar’s plans to expand its manufacturing facility in Lee County adding 325 jobs to its operations in Sanford over the next four years. A Caterpillar supplier is also expected to locate 160 workers at the Sanford site bringing the expansion’s job total to 485 new positions. Triangle Business Journal reported Caterpillar was offered almost $5 million in economic incentive grants from state and local governments to pick Sanford over a competing site in Florence, South Carolina.
I think you would agree we live in a unique area. We have an educated workforce, a strong housing market, low cost of living and a high quality of life. These traits are just a few reasons why Wake County has experienced such strong job growth since 2005 (rated #5 by Manpower out of all US Cities).