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Jan 27, 2010
Raleigh Ranked Third Among Small Business Vitality Nationally
While big mergers and acquisitions typically make the headlines, small businesses play a crucial role in our country’s economic development. This is particularly true in Wake County, as confirmed by a recent survey.
Portfolio.com has released its annual small business vitality survey and ranked Raleigh third among the nation’s 100 largest metropolitan areas profiled. A six-part formula was used to analyze the nation’s 100 largest metros, looking for the places that are most conducive to the creation and development of small businesses. The formula analyzed each metro’s number of small businesses per 1,000 residents, the one-year change in that concentration, one-year growth rates for small businesses and private-sector employment, and five-year rates for population and employment.
The highest scores went to areas that have prosperous economies, are expanding rapidly, and are densely packed with small businesses. (Portfolio defined a small business as any private-sector employer with 99 or fewer employees.)
Raleigh did top all other cities in the five-year growth rate category, showing a 22.5 percent increase in population. Also of note was that Raleigh finished high among the number of small businesses per 1,000 residents, at 27.44.
Additionally, Raleigh was the only North Carolina city to finish in the top 30. Charlotte, second in last year’s survey, fell 29 positions down from that level this time.
This survey confirmed what we have been saying about how our area is resilient amid the national economic downturn. We are ready for business at all levels, and we mean it when we say that when it comes to economic development, Wake County really is “smarter all around.”
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Dec 21, 2009
Travel Editors Go Nuts Over Raleigh's New Year's Party
Would you believe that the way we celebrate in Wake County has earned us national attention? It’s true.
TripAdvisor, which hosts the world’s largest travel community, came out with a listing last year from its editors and travelers that ranked First Night, the annual downtown Raleigh celebration, as one of the top 10 New Year’s Eve celebrations in America. Actually, it was among the top 10 “quirkiest” ones, but we do not think it’s too odd.
Really, what is so unusual about having a giant, 1,250-pound copper acorn drop in Moore Square to show the changing of the year? The acorn is appropriate for Raleigh, as it is known as the City of Oaks. And Moore Square is in the heart of our artistic district. Makes sense, doesn’t it?
Seriously, this celebration has been going on for nearly 20 years, and people across the Triangle have made it a beloved tradition in the area. It is fun, safe, family friendly (children under 5 are admitted free, and they have a special activities to enjoy that afternoon as well), and it offers music, comedy, dance, and stage shows in two dozen downtown locations – even transportation on the Raleigh tram and a horse-drawn sleigh that goes around the Capitol. How can you beat that?
Efforts like this, to go beyond what is typically expected, have helped define Wake County as a unique place in North Carolina. Events such as First Night Raleigh are the reason why businesses and their employees look forward to relocating and staying here.
Admission is $9 in advance, otherwise it is $12 for adults and $10 for children 6-12. For more details on First Night Raleigh – one of the top 10 events in the nation, remember that – visit http://www.firstnightraleigh.com/home.html.
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Nov 25, 2009
Wake County's Mass Transit: Now And The Future
Wake County is among the country’s leading communities taking a proactive stance to increase ridership and employ electric transportation. There are many approaches already underway addressing these issues.
One is the improved Raleigh CAT (Capital Area Transit) bus system. Its free fare R-Line service has been successful in attracting ridership in the downtown area.
Another is Project Get Ready, an initiative to facilitate the adoption of electric vehicles nationwide. Raleigh is a partner city for this effort, joined by Advanced Energy, Duke Energy, the Rocky Mountain Initiative and Progress Energy, which plans to pay for erecting 10 plug-in stations on downtown Raleigh city-owned property by next year. Each will consist of a pedestal with a plug in it to juice up a car, plus signs and a parking space. More info can be found from the Triangle Electric Auto Association.
A third is Triangle Transit, which operates regional bus and shuttle service for and within Wake, Durham and Orange counties. Its popularity is growing – TT reported a 28 percent jump in bus ridership between July 2008 and February 2009 over the same period a year earlier.
For the future, TT has proposed a combination of a $2.2 billion, 56-mile light rail system to connect Raleigh, Cary, Durham and Chapel Hill and expanded bus service across the region. Wake alone would see 100 new buses, primarily for express service between municipalities.
The state has approved legislation that authorizes referenda in Triangle counties to fund this through a half-cent sales tax, and authorizes other funding measures for transit. Voters must pass the referenda for it to go into effect.
For the latest information on Wake mass transit activities, visit the TT Web site as well as WakeUP Wake County, a nonpartisan advocacy group calling for increased mass transit. -
Nov 17, 2009
Live Blog: The Montreal International Game Summit
I’m live blogging today from The Montreal International Game Summit. Wake County Economic Development is here to learn more about the current state of affairs and future outlook of Quebec's impressive game development industry.
They have a very robust cluster of companies up here – it’s very diverse and contains several world-class brands; Quebec Province is also very aggressive in it's efforts to grow this cluster. I sat in on a roundtable discussion this morning which focused on doing business in Montreal. I was able to chat with Mr. Robert Pare' and a colleague from Ville de Montreal about their recruitment and retention efforts and shared some of my new material highlighting the Triangle's game development cluster. They were impressed and happy to know that I wasn't there to entice any companies to leave Quebec for NC! I assured them that Austin, TX was my primary target, not Montreal!
With so much volatility in the marketplace it is valuable to visit and make some connections with other regions that share a similar focus on growing this dynamic industry. I believe there are avenues worth exploring that could hopefully connect some of our companies in the Triangle with some of the game-dev companies here in Montreal.
Heading back into the conference for a few more sessions this afternoon. I’ll be here tomorrow and then will fly back to RDU on Thursday. -
Nov 5, 2009
Wake County - A Golfer's Haven
Many people think of Southern Pines when you say the world “golf” in these parts, but you do not need to drive an hour or so south of Wake County to have a good time on the links. There are more than 20 courses available within Wake’s borders for duffers. Here are some notable ones:
Prestonwood Country Club
Consisting of three 18-hole, championship-level courses (Fairways, Highlands and Meadows), this has long been Wake’s biggest (and some would argue best) facility for golf play. Located in Cary off High House Road, this hosts the annual SAS Championship tournament as part of the PGA Champions Tour.
Lonnie Poole Golf Course at N.C. State University
Designed and developed by famed golfer and North Carolina native Arnold Palmer, this facility opened this summer after two years of construction. Located on the southwest corner of N.C. State’s Centennial campus, the par-71 course tips out at an impressive 7,358 yards. The Jimmy V Foundation for Cancer Research held its annual celebrity golf classic tournament here in August.
The Raleigh Country Club
Arnold Palmer played several rounds at this course while in college. Established in 1948, this club has hosted professional tournaments on its challenging yet beautiful 18-hole course, located at 400 Donald Ross Drive in Raleigh. It claims to have the largest golf-teaching facility in the county.
Hasentree Golf Course
This was the first Wake County course certified with the Audubon Silver status, a designation from Audubon International that the course operates in an environmentally friendly manner. Located in Wake Forest, it features a course designed by Tom Fazio that includes a challenging 88 bunkers.
A listing of many other Wake golf courses can be found here. Wherever you wind up playing, have fun and good luck. -
Oct 29, 2009
Home for the Holidays in Wake County
With the holiday season approaching, we would like to remind you that there are plenty of ways to celebrate without leaving the area. Here is a sampling by upcoming special days:
Halloween
Cary is offering scary movies at the Koka Booth Amphitheatre through Friday, Oct. 30, for $3 per adult and free for kids under 12. On Oct. 30, Zebulon Community Center hosts “Trunk or Treat” for kids in the early evening, while the “Family Fall Day Festival” occurs Oct. 31 at Michael Blake’s Garden Center and Gift Shop in Knightdale before evening of trick-or-treating begins. Some Halloween-related activities also take place Oct. 31 at Fuquay-Varina’s “Day in Downtown” and Holly Springs’ “HollyFest”.
Thanksgiving
For those who want to dine out rather than eat in, in Raleigh Margaux’s Restaurant and the Angus Barn offer buffets. Reservations are recommended for both. A less pricey option is the K&W Cafeteria buffet at Cameron Village in Raleigh.
Christmas
The many activities include the Centennial Community Christmas Gala in Wake Forest and the Historic Oakwood 2009 Candlelight Tour. There will be Christmas parades held in downtown Raleigh (it’s held early, before Thanksgiving on Nov. 21), Fuquay-Varina and Zebulon (both Dec. 6). For eating out lunch or dinner Christmas day, the Irregardless Café is open in Raleigh.
New Year’s Eve
For New Year’s Eve, there is the big acorn drop in Raleigh as well, but we will tell you more about that when we approach that date. For now, enjoy the merriment and learn why Wake is not just a great place to do business, but take it easy as well. -
Oct 27, 2009
A Look At The Raleigh 2030 Comprehensive Plan
Just as experts encourage businesses to develop plans for future growth in a changing environment, the same recommendation is made for communities who want strong economic development. With that in mind, the Raleigh City Council unanimously passed on Oct. 7 the Raleigh 2030 Comprehensive Plan, crafted after two years by the city’s planning department along with hundreds of residents who contributed their input into envisioning the way they want to see the state capital city appear in 20 years.
The plan addresses all aspects of Raleigh’s quality of life, emphasizing neighborhood preservation, a strong economy, ample parks and recreation, improved mobility for all modes of transportation, and the protection of the City and region's natural resources and environmental quality. Sustainability is the cornerstone of its vision for the future, which focuses on the interdependent relationships of environmental stewardship, economic strength, and social integrity.
In terms of economic development, the plan includes as three co-equal goals the attraction of new business, retention and expansion of existing business, and creation of conditions for productive investment in areas of the city that have suffered from disinvestment or a lack of investment. It will use incentives to promote mixed-use zoning development, encourage niche office space development, and expand and enhance creative industries. It also identified 18 areas that demonstrate a need for economic development intervention and that also present opportunities for economic development.
The plan takes effect on Nov. 1 and can be viewed here. We urge you to take a little time and read it over. Its goals are bold, but if they are properly implemented and achieved, Raleigh will be a model for economic competitiveness that other cities will envy. Because of its prominence, that will be good news for the economic future of Wake County as well. -
Sep 23, 2009
Wake Most Prosperous County in North Carolina
A report by The News and Observer regarding 2008 census data for North Carolina found that Wake County was the most prosperous of the state’s largest counties last year, meaning counties with more than 65,000 residents.
Our median household income of approximately $65,000 was nearly $20,000 greater than the state median income ($46,500). Another strong indicator was fewer than 13 percent of Wake County residents lacked health insurance in 2008, compared with nearly 16 percent statewide.
In terms of richest cities in North Carolina, two from Wake County made up the top three. Cary was at number one, with a median income of $91,947, while Raleigh finished third at $53,825, just a few thousand shy of Charlotte at number two.
This does not mean, of course, that you will strike it rich should you relocate to Wake County. However, it does point out the resiliency of the county amid tough times. Even with more people arriving every day, there is on average a better economic opportunity to succeed here than in the rest of the state, and we are talking considerably better than average, for that matter.
The reason is – and we have said it before and will say it again – diversity among employment opportunities. The county has never become too dependent on one single industry as its primary source of jobs. Because of that, a collapse of one market or considerably large employer will not devastate the county’s constantly positive trend of economic growth.
In a year where median income actually dropped in five states – Arizona, California, Florida, Indiana and Michigan – it is reassuring to know that people in North Carolina and particularly Wake County are able to weather the storm. When the storm ends, you can bet that Wake will emerge even stronger economically afterward.
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Sep 17, 2009
Live Blog: Game Developers Conference, Austin
I am live-blogging today from the Game Developers Conference in Austin, Texas. Wake County Economic Development is here to keep Raleigh and Wake County plugged into a dynamic gaming industry.
Despite the show being smaller than last year, the traffic flow at the event has been pretty good and I have been busy connecting with some folks who are bright stars in gaming. The Motus Digital team out of Dallas is pretty excited about the upcoming Triangle Game Conference. And Paladin Consulting is keen on serious games groups in the Triangle. They are looking to cultivate a cognitive or exercise game for seniors to exercise their brains in order to stave off dementia. What a great cause. There are a lot of educational institutes and programs with good niches within the interactive software field present, as well.
Game Developer Magazine spoke with me earlier today. There is a buzz building about gaming in the Triangle, especially the Triangle Game Conference!
The show runs until 3 p.m. tomorrow, then I fly back to RDU.
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Sep 3, 2009
Wake County Projected to Surpass Mecklenburg County
Charlotte is easily North Carolina’s most populated city. Consequently Mecklenburg County, which houses Charlotte, also has the highest population of any county of North Carolina. But as Wake County is increasing in population by leaps and bounds, it will not be long before Mecklenburg will be in second place in the state.
Whether it is attributed to the excellent education system, the comparatively stable housing market, or the seemingly recession-proof economy, Wake is booming, so much so that its population is predicted to grow faster than that of Mecklenburg over the next two years. According to an estimate released earlier this year by the U.S. Census Bureau, by 2011 the populations of North Carolina’s two largest counties will differ by fewer than 25,000 people.
The population of Wake County is estimated to increase by 4.9 percent and 4.3 percent in 2010 and 2011, respectively. Mecklenburg will continue to grow, though at an estimated slightly slower pace than Wake over the next two years. This means that if these exponentially increasing trends remain stable, Wake could potentially become the state’s most populated county in 10 years. Given the trends among newcomers in relocating to the state, there is every reason believe this can and will happen.
While Charlotte and Mecklenburg remain at the top of the chart, Wake County is a rising star, so keep your eyes on the horizon.
For more information visit this Triangle Business Journal article.