Charlotte area sees economic performance ranking slip. Raleigh rises high in new study
The Charlotte region’s economic growth fell when compared to other large U.S. metro areas, while Raleigh’s was the best in the country, according to a new study from a nonprofit think tank.
The Milken Institute ranked Charlotte’s metro at No. 24 out of 200 places in its 2025 Best-Performing Cities: Mapping Economic Growth across the U.S. report. This is a decrease of 14 spots, compared to last year when the region was in 10th place.
The index evaluates the economic performance of more than 400 metro areas in several different tiers through 13 metrics, such as job growth, wages, technology and housing affordability.
With more than 2.8 million people, the Charlotte region includes counties in North Carolina and South Carolina.
Raleigh became the best-performing metropolitan area for the first time in more than 10 years, according to the study. Its ranking was due to having a thriving high-tech sector, strong labor market and access to economic opportunities, according to Milken.
Mayor Janet Cowell, in a news release from Milken, said the city has a pipeline of talent, innovative start-ups and the low cost of doing business attracts companies from all over the world.
Last year, Raleigh was second among large metro areas and third in 2023 in the Milken report.
Milken said that last year, the Charlotte metro area had improved from its 2023 ranking of 20th place because of job and wage growth — which pushed it into the first tier of regions. It praised the area for having a labor market that was attracting new residents.
But it didn’t do as well this year, with declines or no improvement in 11 of the 13 metrics, according to the study. For instance, the Charlotte region was 107th in short-term job growth for the 2025 report — a major decrease from 12th last year.
A bright spot for the Charlotte region was job growth over a one-year span — moving from 67th to 48th.
Carolina metro areas continue to grow
Among other large areas in the Carolinas listed in the top 25 spots in the Milken study:
▪ The Charleston region remained at 11th place. It was first in one-year job growth and 10th in one-year wage growth.
▪ The Myrtle Beach region came in 12th — a jump from 19th place. The tourist destination had the fastest wage growth and the second-fastest job growth.
▪ Wilmington followed in 13th place — an improvement from 21st last year.
▪ The Durham-Chapel Hill area was ranked 16th. It was previously 36th.
▪ The Hickory-Lenoir-Morganton region was 175th. It was 115th last year.
More on the Milken Institute
The Santa Monica, Calif-based Milken Institute is a nonprofit economic research organization.
It focuses on financial, physical, mental, and environmental health matters. It was founded in 1991 by billionaire Michael Milken.
