Tech Sector Resurges in Raleigh Metro AreaMay 9th, 2014 | Articles, Hiring Resources, Job Search, Press Releases and Industry News | No Comments »
Raleigh’s metro area has been on a steady path of economic recovery. Employment numbers are rebounding and confidence about finding jobs is becoming more robust. Add the rejuvenating effects being brought on by certain software and biotech companies in the region and there are some promising prospects in Raleigh’s future.
Ahead of the National Average
According to the Bureau of Labor Statistics, employment numbers in the Raleigh metro area have been making a steady resurgence. Three consecutive months have brought more jobs than the last, culminating in the 584,500 jobs noted in the March jobs report. Compare that to the year before and total non-farm jobs have increased by about 3.7 percent overall.
Unemployment rates remain constant, keeping the Raleigh-Cary area under the national average for March with only 5.2 percent of active labor force participants out of work.
A Promising Place to Find a Job
Wallet Hub recently conducted analysis on employment opportunities in the 60 largest U.S. cities and found that Raleigh surpasses more than 80 percent of the competition. Raleigh placed 11th due to a positive combination of the following criteria:
Hiring Prospects on the Rise
IBM had previously cast uncertainty on the regional tech sector stability, but an impending deal with Lenovo to sell its server business has helped to assuage some fears. Other regional tech companies have promising prospects on the horizon.
Dude Solutions in Cary received an influx of investment (to the tune of $100 million) that is slated to triple the 220 staff over a five year period.
GridBridge, a Raleigh based startup, just sealed a deal with NASA to provide the aerospace industry with distributed energy solutions that can reroute power during outages. The success of the project can boost hiring and further attract aerospace innovators to the region.
Distil Networks, a rapidly growing internet security software firm, is returning to North Carolina by expanding back to Raleigh by opening an office in the Research Triangle Park. $3.5 million has been infused into the venture thus far and more funding is expected as the company continues to more than double its local team.
Biotechnology companies across the spectrum are also flocking to the Raleigh metro area. Novozymes, a bioagricultural business, is taking root in the Research Triangle Park and will bring about 100 R&D jobs. Furthermore, the NC Biotechnology Center awarded nearly $2.5 million in loans and grants which will not only fuel innovation, but potentially encourage more hiring in the region.
What’s in the Future
April’s jobs report shows that 288,000 non-farm jobs were added to the U.S. economy, and the Bureau of Labor Statistics break down of Raleigh in the coming weeks will give a better perspective of where the metro region will go from here.
Moreover, the increase of local tech innovators will attract more likeminded companies, adding greater vibrancy to an already resurging economic ecosystem.
by James Walsh