The job market in Raleigh-Durham is experiencing significant growth and development, driven by a thriving tech scene. The area is projected to become the East Coast's second-biggest tech hub, with major companies like IBM, Cisco, and Red Hat contributing to this expansion. The tech sector is a key driver, with annual job growth of 15%, surpassing national averages.
The employment landscape in Raleigh is diverse, with major growth in cybersecurity, data science, and software development. The average tech salary in the area is around $122,240, and the cost of living is lower compared to other major tech cities, making it an attractive location for tech professionals. The Research Triangle Park (RTP) plays a crucial role, generating $37 billion annually for North Carolina's economy and hosting numerous startups and established companies.
Employment statistics indicate a strong labor market. As of recent data, the unemployment rate in the Raleigh-Cary area was around 3.5%, which is lower than the national average. The total number of people employed in North Carolina has increased, with significant gains in industries such as Education & Health Services, Construction, and Financial Activities.
Trends in the job market highlight the booming cybersecurity sector, with a projected 28% growth by 2026 and over 20,000 current positions open in North Carolina. Entry-level cybersecurity roles offer starting salaries around $88,000, and companies are looking for skills in network security, cloud services, and AI integration. AI and machine learning specialists are also in high demand, along with software developers who make up 72% of new tech talent jobs.
Major industries driving employment include technology, healthcare, and education. Key employers in the area include IBM, Red Hat, Cisco, and Epic Games, as well as numerous startups and educational institutions like NC State University. The healthcare sector is particularly hungry for cybersecurity talent to protect digital health records.
Recent developments include the expansion of remote work options, which are becoming standard in the tech industry, offering professionals flexibility while working in cutting-edge roles. The low corporate tax rate of 2.5% in North Carolina also enhances job creation and attracts more companies to the area.
Seasonal patterns in employment are notable, with employment estimates subject to large seasonal changes. However, over-the-year changes in not seasonally adjusted estimates provide a clearer picture of employment trends.
Commuting trends are not extensively detailed in recent data, but the area's growing population and expanding job market suggest an increasing need for efficient transportation solutions.
Government initiatives support the growth of the tech industry through favorable tax policies and educational programs. NC State University and other local educational institutions provide essential skills training, contributing to high starting salaries for tech graduates.
The market evolution in Raleigh-Durham indicates a continued strong growth trajectory, with a projected 25% increase in job openings by 2027. This growth is fueled by the vibrant tech ecosystem and the presence of major tech companies.
Key findings include the robust growth of the tech sector, particularly in cybersecurity and data science, a low unemployment rate, and attractive salaries coupled with a lower cost of living.
Current job openings include:
- Cloud Security Architect at IBM, with salaries between $145,000 and $165,000 annually.
- Security Analyst at Red Hat, offering starting salaries around $88,000.
- Software Developer at Epic Games, with salaries varying based on experience but generally high due to the area's tech salary averages.