RALEIGH, N.C. -- There's no question, Raleigh continues to grow with more people living, working, shopping, and playing in the heart of the Capitol City.  From construction projects, to food and beverage sale increases, the numbers are in for the end of 2018, showing strong public and private investment downtown.

  • Spectrum News reporter Caroline Blair sat down with the future President & CEO of the Downtown Raleigh Alliance
  • Starting February 11, Bill King will take the reigns of the nonprofit organization whose mission is to continue to revitalize the city’s downtown
  • You can see the full economic report here.

Spectrum News reporter Caroline Blair sat down with the future President & CEO of the Downtown Raleigh Alliance, for a look at the state of Downtown Raleigh’s economy.  Starting February 11, Bill King will take the reigns of the nonprofit organization whose mission is to continue to revitalize the city’s downtown and he says it’s a good time to be taking on his new role.

On Tuesday, January 29, the DRA released its 4th Quarter Economic Development Report. The 17 page document highlighted real estate development, trends, street level business activity, construction, planning, food and beverage tax revenue and a Snapchat of the population.

According to the report, it was a strong year in 2018 for completed projects, with more than $329 million, the highest since 2013.  At least $2 billion in projects are construction, delivered from 2015, or planned for downtown in the near future, and King says that number is growing.

King says Raleigh’s Union Station is seeing great public investment, along with Moore Square, and the Capital Boulevard/Peace Street bridges and interchanges.  He says more people are living and working downtown, which is leading to the growth. More than 2,400 new residential units were delivered over the past four years, with another 1,314 units planned for the near future.  Office occupancy’s been near historic highs according to the report, with a decrease in vacancy from 11.4 percent in 2017, to 6.8 percent in 2018.

It was also a great year for food and beverage sales, with more than $240 million seen in 2018, up 7.6 percent from 2017.  Storefront businesses are also playing a factor, with 12 new street-level businesses opening downtown in the 4th quarter, and a total of 45 in 2018.

Getting people to visit Downtown and better know the area is one of the biggest hurdles they face when it comes to growth, King told Blair. But that’s what he hopes to help improve when he takes on his new role come February 11. You can see the full economic report here.