Durham has one of the strongest economies in America

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The Triangle Business Journal reports Durham has one of the strongest economies in America, according to a new index developed by American City Business Journals.

Dubbed the On Numbers Economic Index, it measures the economic health of 102 major metropolitan areas. The index is generated by an 18-part formula that assesses private-sector job growth, unemployment, earnings, housing-price appreciation, and construction and retail activity.

The Bull City ranked No. 12 on the index, the highest of any North Carolina city. Federal data show Durham’s one-year private sector growth was at 1.87 percent and the city’s unemployment rate was about 7.9 percent, far below the state average. The City of Medicine enjoyed a 41 percent growth in earnings in a five-year period, but home values during the same time fell by more than 3 percent.

Raleigh came in at No. 32, even though it had a higher a one-year private sector growth, at 4.66 percent. But the Capital City lags Durham in five-year earnings growth with a 12.31 percent gain. Percentage-wise, Raleigh’s housing market dropped farther than Durham’s with a five-year negative growth of 5.88 percent. North Carolina’s largest city, Charlotte, clocked in at No. 56 in the rankings.  Read More.

 

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