Last one from the 2016 State of Downtown Raleigh report. Here is the employment breakdown by different sectors. When comparing it to the figure from 2015, there are just a few changes to note:
- In 2015, government employees made up over half of downtown workers. This year, the amount has fallen below 40%.
- In 2015, the only other sector above 10% was “Finance and Insurance”. This year, the only one above 10% is “Professional Scientific and Tech Services.” (which was below 10% in 2015)
The 2016 figure doesn’t mention “Finance and Insurance” or it’s lumped into “Miscellaneous.”
The numbers in this sector could be dropping. At the same time, the other sectors may be growing making this particular one seem to shrink.
Raleigh Magazine recently asked, “Is Midtown NC’s New Financial District?”
within just two miles you’ll find corporate headquarters, campuses for five major banks plus bank branches for PNC, BB&T and Yadkin Bank.
*Is Midtown NC’s New Financial District? via Raleigh Magazine.
The relocation of Bank of America from downtown Raleigh to North Hills may be a factor in the changing percentages.
Keep in mind that the figures aren’t quantitative but instead show the employment distribution. In my experience, technology companies prefer to cluster and collaborate. I’m not sure if that is the case with the financial sector. I’d welcome anyone with insight into that kind of thing.
If true, then expect the tech companies to attract even more tech companies leading to a rise in this sector in 2017.
