The Triangle area makes a lot of lists for the best places to work and live. Now, Raleigh and Durham are part of another top ten.
In a report by Moody’s Analytics, one of the most trusted names in finance, both cities are among those considered most likely to rebound after the pandemic.
Why?
The local tech industry will play a big part in boosting the economy for these two cities.
At the beginning of April as stay at home orders were ramping up and restaurants were shutting down, Raleigh software company Pendo announced it was hiring.
“People were looking. We wanted to make sure we had access to great talent,” said Todd Olson, CEO of Pendo.
Pendo was not alone. In April, another software company named Bandwidth, located on NC State’s Centennial Campus, announced an expansion which created more than 1,100 jobs.
Announcements like this have economists optimistic about how quickly the Triangle region can rebound when the pandemic is over.
“The world is going more digital,” said Olson. “So as the world goes more digital there is actually long-term demand for something like Pendo.”
According to Brooks Raiford, President and CEO of the NC Tech Association, “A lot of tech companies or tech entities are not necessarily relying on the production of a product. A lot of tech is done through phone, through computer, through technological means that can often be done anywhere.”
The North Carolina tech Association tracks job listings and keeps a close eye on trends.
It released this report Monday, showing job listings dropped significantly in April and May.
While the decline may seem like bad news, experts say the important takeaway is that these companies continue to hire and–maybe more importantly–aren’t cutting jobs at the same rate as other industries.
And these typically high paying jobs will help to boost the entire economy, as employees spend on housing, in retail and at struggling restaurants.
