Q1 2017 was a period of transformation concerning economic topics we have repeatedly addressed in our local market report over the preceding year. 2017 ushered in the 45th President of the United States, Donald Trump, as predicted the Federal Reserve implemented a 25 basis point (bp) rate hike, and North Carolina’s House Bill 2 (HB2) was officially repealed. While these factors all impact our local economy, the HB2 repeal is likely to have the most direct impact in the year ahead. The NCAA has already announced the return of several championships to the state, and several companies appear to be dusting off corporate expansion plans that were tabled by the controversial legislation. Despite the challenges and uncertainty felt through most of 2016, Raleigh-Durham saw a 4.7% increase in office jobs over the past year, the second highest increase amongst all metropolitan areas on Cushman & Wakefield’s quarterly employment tracker. Unemployment rates have continued to fall both locally and nationally, falling 20 bps and 10 bps YoY, respectively. In the face of constricting labor markets, Triangle employers can depend on the local pipeline of candidates flowing out of the regions three tier-1 research universities to satisfy the demand for skilled labor.
Source : Cushman & Wakefield