Category: Raleigh
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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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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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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. -
Raleigh - The Hub of Wake's Economic Activity
Even if it was not located in the middle of Wake County, Raleigh no doubt would be considered the hub of economic activity for the county. It has the most diverse economy of all the municipalities in the area – make that in the state of North Carolina. You can find state government jobs that employ tens of thousands in the downtown area, since Raleigh is the state capital; two public and four private colleges and universities with their own tens of thousands of students, staff and support personnel; and a professional sports team, the Carolina Hurricanes. There is much more, of course.
Raleigh has been growing immensely as a result of these opportunities, with more than 100,000 new residents during this decade alone. It attracts and retains newcomers because it is a distinct location with unique amenities. For example, its new free Downtown Circulator attracted more than 2,000 riders in its first week of operation. This is a green-friendly bus service on the R Line that runs every 10-15 minutes seven days a week to shuttle employees, residents and visitors in the central business district to retail and entertainment venues, restaurants and parking.
Helping Raleigh remain an economic hotspot is its relatively low cost of living and its highly educated workforce (more than half the residents ages 25 and up hold at least an undergraduate college degree). For companies looking to relocate or open a business in Raleigh, there are many business support organizations available to help make that happen. One of them, the Greater Raleigh Chamber of Commerce, will host the 2009 Business Expo on May 7, the largest business-to-business trade show of its kind in the Carolinas, with more than 300 vendors and some 5,000 attendees expected.
With all these activities, the possibilities of doing business in Raleigh are endless.