Signs of a stabilizing economy in Raleigh
Walking down the street in Downtown Raleigh, you might notice something is different - several new businesses have recently opened. According to the Downtown Raleigh Alliance (DRA), at least 10 new businesses have set up shop in the area this year. This may indicate an opportune time to invest in real estate in Raleigh-Durham as the local economy appears to be more and more stable as of late.
As the political and commercial center of North Carolina, downtown Raleigh offers a great deal to real estate investors and new companies. Since 2003, more than $1.3 billion was spent on nearly 50 development projects to change the urban landscape of the area and make it more attractive to investors and residents, the DRA reports.
Many businesses have started or relocated to downtown Raleigh, including many that have opened since January 2012. Additionally, the Triangle Business Journal states 21 residential unit sales were recorded during the first quarter of this year, and public and private construction projects totaling more than $445 million are underway throughout downtown Raleigh. This is an encouraging sign that local builders and companies are confident in the ability of the Raleigh economy and real estate market to sustain this new construction.