Raleigh is — once again — considered among the best-performing cities in the U.S., according to the annual Milken Institute report .
Why it matters: Raleigh was recognized for its high wages, plentiful jobs, (relatively) low cost of living and thriving tech sector — making it an economic model for the rest of the nation.
Driving the news: The city was ranked No. 2, after Austin, up from last year’s third place ranking .
- The report notes that the area has attracted “high-tech firms and high-quality talent,” in part driven by its proximity to Duke, UNC and NC State.
How it works: The Milken Institute, a nonpartisan nonprofit, assessed 403 U.S. metropolitan areas using 13 economic metrics, based on data from January 2022-August 2023.
- The report divided cities into large metros (more than 275,000 people) and smaller ones.
- Raleigh has ranked in the top 20 for the last 12 years.
What they’re saying: “These rankings really look at growth,” Maggie Switek, an author of the report, tells Axios. “What we mean by top-performing is that these are the cities that are growing the fastest.”