Report: Raleigh No. 10 fastest growing large city in US

A new study ranks Raleigh as the nation’s 10th fastest growing large city based on a wide variety of economic and demographic data. Cary came in at No. 90. Durham ranks No. 165.

Financial news website WalletHub’s “Fastest Growing Cities in America” report relies of a combination of 15 metrics based on seven years of most recent statistics from a variety of sources to compile the ranking. Categories ranged from population growth, new jobs, media household income, building permits and several measures related to the entrepreneurial community:

Increase in the number of new businesses
Increase in the number of startups
Increase in venture capital

Overall, Raleigh received a score of 48.87 to rank 68th among more than 500 metros measured. The capital city ranked No. 50 in what WalletHub describes as “sociodemographics” (population growth, education, several other categories) and No. 172 in jobs and economy rank.

The study is the second in recent months to rank Raleigh highly. The city came in No. 7 as the fastest growing large metro economy in a survey by Headlight Data in July.

Raleigh’s highest ranking came in new job creation at No. 34.

Charlotte ranks No. 2 among large cities with a 55.45 score.

Maximum score was 100 points.

Cary scored 47.18 to finish 90th overall and, scoring 21st on sociodemograhpics and No. 387 in jobs and economy.

The city scored best in population growth (No. 13) and new job growth (No. 14).

Durham received a 43.26 score, ranking No. 42 in sociodemographics and No. 457 on jobs and economy. Its best rank came in population growth at No. 37.

Fayetteville came in at No. 513 with a 20.97 score, No. 457 in sociodemographics and 514 in jobs and economy.

Raleigh’s growth statistics and rank include:

2 percent population growth (61)
2.12 percent growth in working population (53)
0.87 percent increase in college education population (143)
Median household income grew 4.46 percent (73)
Unemployment decreased 0.56 percent (397)
Rate of poverty decreased 1.05 percent (49)
3.31 percent growth in jobs (34)
3.65 percent increase in ratio of full-time jobs (249)
1.3 percent growth in regional gross domestic product (213)
1.72 percent increase in number of businesses (106)
0.83 percent growth in new startups (330)
9.30 percent growth in venture capital (407)
2.41 percent in median home price (286)
28.7 percent growth in building permits (291)
0.12 percent decline in foreclosure rate (353)

Cary’s growth statistics and rank include:

3.25 percent population growth (13)
1.99 percent growth in working population (62)
0.77 percent increase in college education population (174)
Median household income grew 2.25 percent (325)
Unemployment decreased 0.4 percent (458)
Rate of poverty decreased 0.43 percent (179)
4 percent growth in jobs (14)
5.51 percent increase in ratio of full-time jobs (136)
-2.16 percent growth in regional gross domestic product (509)
1.14 percent increase in number of businesses (257)
0.67 percent growth in new startups (451)
14.22 percent growth in venture capital (398)
2 percent in median home price (310)
18.95 percent growth in building permits (354)
0.8 percent decline in foreclosure rate (398)

Durham’s growth statistics and rank include:

2.33 percent population growth (37)
2.02 percent growth in working population (60)
0.77 percent increase in college education population (174)
Median household income grew 2.48 percent (297)
Unemployment decreased 0.56 percent (397)
Rate of poverty decreased 0.65 percent (115)
3.05 percent growth in jobs (50)
4.94 percent increase in ratio of full-time jobs (166)
-2-16 percent growth in regional gross domestic product (509)
1.14 percent increase in number of businesses (257)
-0.67 percent growth in new startups (451)
14.22 percent growth in venture capital (398)
1.64 percent in median home price (333)
32.12 percent growth in building permits (266)
0.05 percent decline in foreclosure rate (421)

Here is how WalletHub defines the two overall statistical categories:

Sociodemographics – Total Points: 50

Population Growth: Double Weight (~25.00 points)
Working-Age Population Growth: Full Weight (~12.50 points)
Note: “Working-Age Population” includes individuals aged 16 to 64.
College-Educated Population Growth: Full Weight (~12.50 points)
Note: “College-Educated Population” includes individuals with at least an associate’s degree.

Jobs & Economy – Total Points: 50