Businessing Magazine Logo Businessing Magazine Logo

The Top 5 Growing Industries In Raleigh

The Top 5 Growing Industries In Raleigh

When it comes to the lifecycle of businesses, there are often multiple transfers of owners during the business lifetime. Acquisitions make sense in order to allow businesses to become more competitive, grow, and create better chances of longevity.

If you are an investor in the Carolina area looking to acquire a new business to add to your portfolio, or if you are a business owner looking to sell your business so that you can enter retirement, it’s important to understand how the industries in your geographical area can impact these sorts of transactions. Let’s go over some of the fastest-growing industries in the Carolina areas according to business brokers in Raleigh.

Defense Contractors

The Raleigh area is very unique in that it is close to the Naval Information Warfare Center, which brings in over $2.6 billion annually in different size contracts. Because of this, there are over 80 large defense contractor companies in the area that attract highly skilled workers in the field of cybersecurity, communications, and space systems. These highly skilled workers often come with larger salaries, which help to improve the economics of the Raleigh area greatly, and has helped Raleigh to boom with new housing, restaurants, and entertainment options.

Some of the large companies that operate in this space include I.T.T. Kilburn, BAE Systems, and the Scient Applications Corporation. This has helped Raleigh to become one of the fastest-growing areas in the country for computer engineers as well as hardware engineers.

Shipping

Since the Raleigh area is somewhat near a coastline, the opportunity for shipping exports and imports internationally is possible. There are many deepwater ports, as well as an international airport which makes this location a prime spot for international logistics.

The South Carolina Ports Authority provides services to more than 140 destinations internationally which can handle vessels that can draft up to 48 feet. This port is also world-renowned for its efficiency as it boasts one of the highest efficiency ratings in the world when it comes to how quickly cargo is moved onto and off the vessel.

What most people also don’t know is that the international airport is a joint civil-military airport. This means that government and military transportation of equipment and people happens often in this area which further bolsters this industry and its growth potential.

Information Technology

Most business brokers Raleigh firms agree that this space is one of the fastest-growing industries in the state. While there are many other places in the country that boast “Silicon Valley” type potential, Raleigh has proven to be one of these areas. The proof of this is that there are over 400 technology-based corporations in the local area. Some of the larger companies that were grown in this area include Benefitfocus, Blackbaud, and PhishLabs.

Since there are military bases and presence nearby, lots of these technology firms also work with the government when it comes to satellite locations for Google, Infosys, and other large technology players in the space.

Auto Industry

The Raleigh area is unique in that Mercedes built a sprinter van facility in 1999, and then doubled the facility size in 2018. This doubling in size has brought in a lot of people as this plant employs 4,151 people, which is 141% above the national average.

Sprinter vans have become very popular, especially during the pandemic, as many people see them as an alternative to buying a large RV. These vans can be retrofitted to include sleeping quarters, kitchens, and more in order to get the small RV you’ve always wanted with more fuel-efficiency and less impact on the wallet at the gas pump.

These sorts of vans are also wildly popular among shipping companies as they make fantastic delivery fans. Fleets of these vans are purchased for large and small delivery companies alike, which is what helps to keep this industry thriving in this area.

Aerospace

This industry has become a staple in the area, especially once The Boeing Company announced that it was going to consolidate all 787 airplane production to South Carolina. This has led to a joint aeronautical training center that is used by both private companies and government entities.

This industry alone boasts 5,148 jobs and brings in highly skilled workers such as electrical and mechanical engineers and scientists.

So how does this information become helpful when it comes to buying or selling a business? If you are buying, it’s important to know who your competition is, as well as the resources available when it comes to hiring new people to grow the business. It also will help you from a cost prediction standpoint as you can get a better read on if the skill sets you need will be available locally, or if you’ll have to relocate employees in order to meet your needs.

If you are selling a business, it is helpful to know what players nearby might be interested in acquiring your business to increase their market share and strengthen their portfolio. It also helps you to create a much more attractive offering by educating the buyers on the area and what they can expect due to competition and available resources.

As you can see, this area holds a lot of unique industries that are growing and provide value to the area and other businesses alike. By using a business broker, you can dive into more of this information to make the best decision when buying or selling a business.


short url:
https://bsng.us/bd6

by Rebecca Jones // Contributor to Businessing Magazine.

Opinions expressed by contributors are their own.