New Raleigh apartment complex points toward increasingly stable economy

According to the Triangle Business Journal, construction has begun on a luxury apartment community in Morrisville. Located about 10 minutes from Cary by car, the apartment complex will be near the Park West Village Shopping Center. This is located at the southwest corner of N.C. 54 and Cary Parkway.

Construction is being handled by Wood Partners LLC and the project is expected to cost $34 million. The community will be called The Bristol and feature 260 residential units. It's predicted to be complete by the end of 2013.

The good news for people currently looking at homes for sale in Raleigh-Durham area is that this construction is a good sign that the Raleigh economy is becoming increasingly stable. The news outlet notes the community is expected to bring in $500,000 in annual tax revenue to the town and initially provide jobs to about 20 people when it opens.

CNN Money reports that the Milken Institute has placed Raleigh seventh on its list of the best-performing cities for creating and maintaining economic growth. Furthermore, Raleigh was named number one on the Inman News list of 5 Housing Markets Expected to Outshine the Rest.