Ralegh, the City of Oaks, considered best performing large city in US

RALEIGH, N.C. (WTVD) -- A new economic report names Raleigh as the top large city in the country.

This week, the Milken Institute named Raleigh its Best Performing Large City for 2025, up from the #2 spot Raleigh held in the 2024 rankings. But that report also highlighted some major question marks Raleigh faces as that growth continues, particularly as it pertains to housing.

"We've got a lot of people moving here. We have a lot of people investing here. And those are all good things. But it puts pressure on affordability, housing prices, et cetera," said Mayor Janet Cowell.

That report noted that "Raleigh's ability to maintain a balance between its growth and affordability will likely be key" moving forward. Cowell described that process as a balancing act between keeping tax rates attractive to businesses who want to come to the Triangle and being able to provide housing and services to the people they hire.

"Trying to keep affordability, but also provide and invest services. So you've just got to be really smart about your decisions," Cowell said.

At Raleigh's Economic DevelopmentOffice, Director Kyle Touchstone knows what's at stake when it comes to housing, but believes Raleigh is competitive when it comes to housing prices -- and says more relief is on the way.

"If you look at the developments that are occurring, especially multifamily developments that are occurring in downtown Raleigh, the number of units that are coming online will help support and offset some of those affordability issues," Touchstone said.

But housing advocates like Denzel Burnside -- head of the newly-formed North Carolina Housing Table -- say the unseen impacts of the shortage are already here.

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"I meet folks all the time who are doing the most essential work, who are staying two counties away, you know, where the Johnson or Chatham driving in the Wake County to be able to provide the services that we need to be able to sustain our community," said Burnside.

While more units are in the pipeline -- and the city says they're working to find new paths to subsidize housing options -- city leaders are vowing to meet the growing task.

"We've got the workforce, we've got people moving in and people want those opportunities. Growing smart is the biggest demand," Cowell said.

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