Raleigh’s job forecast helps steady housing prices

By Jason • January 19th, 2010

Why has the housing market in Raleigh fared better than other markets that have crashed and burned? Ask economists from outside our area and they will like point to employment forecasts that look pretty healthy for Raleigh. Stan Humphries, Chief Economic Officer for Zillow.com (As opposed to the famed Quarter Back who led the San Diego Chargers to three playoff appearances and their only Super Bowl appearance) noted in an earlier comment “Given the current trajectory of home values [in Raleigh], relatively low foreclosure activity (compared to other markets), good employment outlook and lots of new demand via the tax credit, I’d agree that a continuation of stabilization across the winter months appears likelier in that market.”

Saturday’s New & Observer ran Data center has eye on Garner announcing that an unnamed company has expressed interest in opening a new, $60 million data center in Garner at the expanding Greenfield South Industrial Park where U.S. 70 and Interstate 40 intersect. Speculation is that Fidelity is interested in expanding their RTP Presence and using the industrial park in Garner to do so. Garner is a prime candidate to attract more jobs with it’s conveniently located business park, growing retail community and it’s close proximity to downtown Raleigh.

Raleigh is the capital so we will always have a fairly stable job center based on government jobs. We have a strong technology presence centered on private firms, the Research Triangle Park and major universities like NC State, Chapel Hill and Duke. Continued job growth like the proposed data center will help us continue on the right path.

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