Support Us Button Widget

Downtown Raleigh is growing in a big way, according to the 2023 State of Downtown

According to the Downtown Raleigh Alliance report, since 2015, $7.1 billion has been in the downtown development pipeline.

The skyline of downtown Raleigh with completed, under construction, and planned buildings highlighted.

Raleigh is the hottest housing market in the US, according to US News.

Photo provided by Downtown Raleigh Alliance

Table of Contents

Downtown Raleigh Alliance released its annual State of Downtown report, detailing city trends in housing, transportation, culture, and more. Let’s dive into these numbers and what they mean for the city, including $7.1 billion in developments since 2015.

Housing

As of September 2023, 2,899 residential units are under construction, the most in downtown Raleigh’s history. These units will bring an estimated 4,000 new residents to downtown. Nearly 7,000 more units in 28 different projects are proposed or planned.

According to Integra Realty Resources, 94.1% of downtown apartments are occupied with over 19,000 residents living within a mile of the city center, an increase from approximately 17,900 in 2020.

Local biz

Downtown Raleigh knows how to eat. Food + bev sales are up 14% year over year, and according to DRA, there are 108 downtown lunch spots and over 260 places to eat or drink. Additionally, 22 Raleigh chefs have received James Beard Award nominations since 2010.

Between July 2022 and June 2023, 53 downtown storefront businesses opened, making for over 150 places to shop. More than 90% of downtown storefronts are locally owned and independently operated.

Bill King presents at State of Downtown 2023

President and CEO of DRA Bill King presented during the 2023 State of Downtown, showcasing the exciting developments for downtown Raleigh.

Photo by RALtoday

Tourism + transit

Between July 2022 and June 2023, outdoor events were attended by over 586,000 people with 3.7 million unique downtown visitors. Dreamville music festival’s 100,000 attendees sold out every hotel in downtown and generated $6.7 million in Wake County.

Raleigh boasts 18 miles of bike lanes downtown and has a 97 high walk score, outstepping both downtown Durham and Chapel Hill.

RDU connects to 57 destinations nonstop with 186 average flights per day. Plans are in motion for a high speed rail connecting Raleigh to Richmond with stops in Sanford and Wake Forest. Additionally, over 20 miles of bus rapid transit leading to the center of downtown are planned.

Read more about downtown moving up in the 2023 State of Downtown report.

More from RALtoday
Poole’s Diner, a Raleigh staple has opened and expanded into its new era.
College basketball is back, and NC State’s men’s and women’s teams are still riding the high of their Final Four performances last year. Here’s what you need to know in the early days of the 2024-25 season.
Fall colors are fun, but you have to get them out of your yard at some point. Here’s how leaves are collected in Raleigh, including important dates and pro tips.
Planning seasonal and annual photos can be a hastle — let us lessen the load and check out local photographers + photo spots for your holiday portraits.
With the holidays approaching and out-of-town relatives making their way to town, we have to know — how are you entertaining your company? From local coffee shops + restaurants to attractions and city views, we want to know your must-have experiences.
Take the stress out of prepping and planning on Thanksgiving Day with these 13 restaurants + eateries offering takeout and dine-in seasonal feasts.
The way Raleigh elects its leader has changed, and this year’s mayoral election is the first during a presidential general election. Here’s what’s new about how Raleigh elects its mayor.
Sponsored
Families have several opportunities this fall to explore innovative learning at CCMMS.
Looking for the best coffee in the City of Oaks? Whether you’re aiming for a quick caffeine fix or a place to relax and enjoy a cup of joe, find your new favorite coffee shop with our guide featuring 40 local cafes.
Need a ride to the polls? GoRaleigh has you covered with transportation to and from voting precincts.