MSA: Durham, NC
Best places ranking: #15 among midsize metro areas Population: 489,762
To hear local entrepreneurs tell it, Durham is putting the D in diversity. Once known for tobacco and textiles, today it's part of The Research Triangle, the world's largest research and development center. The city is home to an array of high-tech, medical and financial services companies, as well as federal agencies and educational institutions.
The locals are a highly educated bunch: Duke University, North Carolina Central University and Durham Technical Community College employ and train area residents. Business support organizations like the Institute for Minority Economic Development and the Women's Business Center offer the resources entrepreneurs need to thrive. The city's strong sense of community helps its assorted enterprises and individuals come together. It's the kind of place where businesses embrace struggling local schools by donating supplies, volunteering classroom speakers and hosting field trips. Living, business and construction costs remain low compared to national averages. Another local perk: Durham offers plenty of ways to unwind after a hard day's work, from kayaking and hiking to performance art and gallery tours. -Maya Payne Smart |
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47.1% | 26.9% | |
| Violent crime (rate per 100,000 inhabitants, 2007) |
n/a | 478.8 | |
| Property crime (rate per 100,000 inhabitants, 2007) |
n/a | 3,562.2 | |
| Demand | City stats | Average for all midsized metro areas | |
|---|---|---|---|
| Population growth (2003-2008) |
9.8% | 5.73% | |
| Per-capita income (2007) |
$38,845 | $35,547 | |
| Per-capita income growth (2002-2007) |
24.2% | 24.0% | |
| GDP (in millions) (2006) |
$27,874 | $18,559 | |
| GDP growth (2001-2006) |
34% | 32% | |
| Costs | City stats | Average for all midsized metro areas |
|---|---|---|
| Average hourly wage (2008) |
$23.48 | $18.69 |
| Housing foreclosure rate (first half of 2009, 1 per every X housing units) |
288 | 286 |
| Median rent (2009, for a 2-bedroom housing unit) |
$896 | $848 |
| Housing price-to-income (HPI) ratio (first quarter of 2009) |
1.9% | 1.9% |
| Long-term HPI ratio (20-year average, 1984-2004) |
1.8% | 1.8% |
| HPI deviation from long-term average |
5.4% | 0.0% |
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All statistics are for the full Metropolitan Statistical Area. For a complete list of data sources, see "How we picked the Best Places."
From the November 2009 issue
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