A recent Milken Report has ranked Raleigh among the top-performing large cities in the nation, highlighting its ongoing growth and success.

The study shows the city’s thriving tech sector and strong wage growth, though it also points to some emerging challenges.

“I feel great about that. It’s recognition of how popular we already are as a destination. We have a strong national reputation, and this only means that growth will keep going,” said Janet Cowell, Raleigh Mayor.

The report reveals that Raleigh’s wages have surged more than 47 percent from 2018 to 2024, with a 15 percent increase in job growth. Notably, tech isn’t the sole driver of this success.

“I think it’s due to several factors. Raleigh’s growth stands out because it’s been balanced. It hasn’t relied on a single sector like many other cities have. Instead, Raleigh has grown by adding jobs across various industries,” Dr. Maggie Switek, Senior Research Director at the Milken Institute said.

While Raleigh celebrates its accomplishments, the rising cost of living presents a new hurdle.

Cowell now faces the challenge of improving affordability and public safety while preserving Raleigh’s top-tier status.

“We’ve been focusing on housing, ensuring development happens quickly without excessive bureaucracy, and making it easier to add accessory dwelling units or build townhomes. We’ve also discussed enhancing public safety as the city continues to grow,” Cowell said.

Raleigh has consistently ranked among the top three cities in Milken’s report in recent years.