- How businesses in Raleigh thrive through great business enablement initiatives
- The unique sustainable business culture of Raleigh business owners
- Why you should buy a business in Raleigh, NC
- What the Research Triangle has to do with the success of Raleigh
Its nickname is “the city of oaks” thanks to the massive trees that are ubiquitous in the region. But Raleigh, North Carlina is known for much more — even as a great city for businesses to thrive.
Raleigh was founded in 1792 and named after Sir Walter Raleigh, an English writer, soldier, and explorer. It is the state capital of North Carolina, located in the east-central area of the state where the hilly Piedmont region meets the flat coastal plain.
There are many outstanding reasons why Raleigh is a great place to buy a business. One of the most popular ones is that, together with Durham and Chapel Hill, Raleigh forms the Research Triangle.
Let’s explore more about Raleigh, NC.
The Amazing Thing About the Research Triangle
According to its official website, “The Research Triangle gets its name from Research Triangle Park and three Tier 1 research universities—Duke University, North Carolina State University and University of North Carolina Chapel Hill—located only minutes apart.”
This area is a fertile ground for business growth. It was even voted number 1 by Forbes for the Best State to do Business and Raleigh is a major player here.
What Industries Give Raleigh its Reputation?
The Brookings Institution named Raleigh among the World's 50 Leading Economic Growth Areas. The city has maintained a consistent reputation for being excellent for business, even topping Forbes’ 2018 “Best Places For Business And Careers”. It came in number 2 in the U.S. and number 1 out of 4 other cities in North Carolina that made the list of 15.
The business publication tagged Raleigh as “the most consistent performer” in the past 16 years. This list recognizes jobs, economic growth, cost of living, and education as it affects business climates.
Standing on the power of a diverse and talented workforce, these top industries make Raleigh an economic powerhouse to reckon with:
1. Aviation, aerospace, and defense
North Carolina, and Raleigh, specifically, are home to numerous companies and startups in the aviation, aerospace, and defense industries. There are 180 companies in North Carolina, with Raleigh being home to most of the famous ones.
It includes Lockheed Martin, US Department of Defense, SAIC, Leidos, Northrop Grumman, etc. This is the most likely reason North Carolina is the number 5 state for Aerospace Manufacturing Attractiveness.
Raleigh is quickly earning its name in the tech startups scene. It is already home to many large companies like Red Hat, SAAS, etc. There are startups in almost every field of life. From Healthcare IT to cloud computing and cybersecurity to mobile applications.
During 2019-2020, 5248 jobs were created in Raleigh’s tech sector, making it the third one in the state with a 5.7% increase.
3. Cleantech solutions
Cleantech or Smart Grid technology is another rapidly growing area of tech startups in Raleigh. Cleantech startups focus on developing solar panels and other clean-energy substitutes for residential and commercial users of energy.
North Carolina’s Research Triangle region is home to several Cleantech companies, with Raleigh being the most famous. The growing number of companies in this industry and the increased job opportunities have made North Carolina the second-biggest state in solar power capacity.
4. Advanced manufacturing
The manufacturing industry is indeed very competitive regardless of where it’s located. However, it has been revolutionized over the past few years due to the advancement of technologies and big data.
Raleigh has been at the forefront of advanced manufacturing techniques, making it one of the fastest-growing hubs for advanced manufacturing research and businesses.
5. Life science and medical technology
North Carolina is home to 600 life science companies. Even more interesting is that 400 of these life science companies are in Raleigh.
With an average annual salary of $80,000 and employing over 63,000 people, Raleigh is a haven for life science and medical technology.
Why Should You Buy a Business in Raleigh?
Why should acquisition entrepreneurs pay attention to Raleigh?
1. Second fastest-growing MSA in the US
MSA (metropolitan statistical area) is defined as an area with a population of over 50,000. There are 384 MSAs in the U.S. Raleigh is the second-fastest-growing MSA after Austin.
The group of the fastest-growing MSAs has seen a growth of 17.9% since 2010. Raleigh grew by 23%.
These figures show how much business potential there is here. When the population of an area expands, there are a lot of businesses that develop along with the population. Even Forbes listed Raleigh as the 15th fastest growing city in the country in 2018.
2. Promising efforts toward inclusivity, diversity, and equity
Diversity, inclusivity, and equity are the hottest topics in the business world nowadays. Raleigh is proudly a part of the Raleigh’s Chamber’s Triangle diversity, equity, and inclusivity alliance. The vision of this alliance is to create more diverse, equitable, and inclusive businesses.
Besides, it spreads this vision to other business environments, regional businesses, and local governments. The promising efforts of this alliance have created many solutions to promote these basic principles in the workforce, workplace, and marketplace.
The alliance’s contribution is spread through business coaching, networking support, social networking to promote inclusivity and diversity, and organizing Black Business Momentum seminars.
3. Diverse workforce
Raleigh has evolved into an internationally renowned educational center. It is home to many educational institutions like Duke University, Chapel Hill University, Meredith College, Shaw College, North Carolina State University, and Living Arts College. The unemployment rate of the city is just 3.6%, much lower than the national average.
This has blessed the city with a diverse and talented workforce. 45.2% of the population over the age of 25 have a bachelor’s or other advanced degrees.
Also, the Work in the Triangle initiative helps knowledgeable and skillful individuals polish their skills further and become better job candidates. Companies hire Raleigh’s competent and skillful people through this initiative.
4. Part of the research triangle
Raleigh is the part of the growth in this region that’s been driven by Research Triangle Park that was established in 1959. The park hosts world-class technology and healthcare startups. It contains IBM, Cisco, Microsoft, NVIDIA, and a lot more.
5. Capital of North Carolina
Raleigh has been the capital of North Carolina since 1792, and therefore, is under the spotlight. There are a lot of opportunities for small businesses in the area. For instance, the Wake Tech Small Business Center.
Besides, the city is safe with a 29% lower crime index than North Carolina.
The capital city of North Carolina is rich. Many services facilitate success for business owners, such as business disaster recovery tools, business investment grants, business alliances, impact partner grants, etc.
6. Focus on long-term and sustainable businesses
Another pro of buying a business is the extra focus on long-term and sustainable businesses. There are many states and cities in the US that are considered as a billion-dollar exit playing field. However, Raleigh is different. Most of the businesses besides large corporations are family businesses or businesses grown with long-term planning and sustainability.
Therefore, you won’t have to worry much during the due diligence process. Most owners here grew their business with dedication and honesty, not for a billion-dollar exit to move onto another startup.
- You get to pay one of the lowest corporate taxes in Raleigh
- Skilled and competent labor is easy to find
- Raleigh is consistently ranking as one of the fastest-growing cities in the country
- Home service businesses thrive and sustain growth in an area such as Raleigh
If you want to learn how you can get started with looking for business buying opportunities in Raleigh, NC, please talk to our team. We’ll be happy to assist you.
Acquira is a business acquisition in a box service. We help entrepreneurs buy businesses and we invest in them and their chosen businesses. We are here to help ensure that each business we work with is posed to make the biggest positive impact possible for its owners, employees, and community.
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