As the U.S. economy will taper out at a long-run growth rate below 3 percent, theRaleigh-Cary economy will likely surge above 4 percent annually until 2020, according to a study released by the U.S. Conference of Mayors.
Through 2020, Austin, Texas, Raleigh, and Fayetteville, Arkansas will be the three fastest-growing large metros, according to the study, which was compiled by economists at IHS Global Insight. Austin’s average annual percent change in real gross metro product growth through 2020 will be 4.4 percent, while Raleigh’s will be 4.3 percent and Fayetteville, Arkansas’ will be 4.2 percent.
The information and professional business services sectors will be some of the most critical sources of economic growth across each of these metros, as well as agriculture, construction and mining in Fayetteville, manufacturing in Raleigh and education/health services in Austin.
The nation’s metropolitan areas are expected to continue to be the crux for the next several years, providing 89 percent of the employment and real income growth, 92 percent real gross product growth and 94 percent of the population growth through 2020.
Areas seeing the most growth are bundled in the South and West where the real estate market has fueled the economy. The study projects average economic growth rates among the 363 U.S. metro areas between 2013 and 2020 will be fastest in metro regions focusing on construction, energy, computer jobs and professional business services.