North Carolina has continued to realize steady economic gains, with a YoY reduction of 30 basis points bringing state-wide unemployment to 4.7%. In fact, unemployment rates hit record lows in 7 states in the second quarter of 2017. While most economists are forecasting a decrease in the pace of hiring as labor markets approach full employment, the Raleigh-Durham region has experienced a wave of corporate expansion plans that prove there is still gas left in the tank locally. Recent job announcements include Credit Suisse and Infosys, who committed to bring a combined 3,600 new jobs to the Triangle. Executives from Infosys cited the regions education systems and entrepreneurial culture as major drivers for their increased presence, while Credit Suisse pointed to lower costs of staff and property as major factors for their decision. North Carolina continues to be a regional hot bed for startups and innovation. According to PWCs MoneyTree Report, which tracks venture capital investment, the past 4-quarters have seen more VC activity in North Carolina than any other 4-quarter time period on record. Economic growth and strong property fundamentals will likely be sustained by GDP and office space demand indicators (population, workforce, personal income) growing at a higher rate than the national average.
Source : Cushman & Wakefield