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vi

City of Raleigh

Introductory Section

Retail sales for the county have continued

to grow at a strong pace, with the City’s

distributions increasing by 7.3% from 2015

to 2016. The value of construction permits

remained steady at $1.6 billion in 2015

and 2016. During this period, the City’s

taxable property base gradually increased

and represents a balanced tax base

of commercial and industrial property

complementing our residential base.

Going forward, property tax revenues

are projected to increase 6.7% over fiscal

year 2016 results. Sales tax revenues are

budgeted to increase 2.5% over fiscal

year 2016 results, and utility franchise tax

revenues are expected to provide $31.2

million in fiscal year 2017. These improving

economic conditions, combined with

diligent management of both revenues

and expenses, have allowed the City

to continue to maintain an excellent

financial position and exceed fund balance

objectives for 2016.

The nearby Research Triangle Park (RTP)

was developed in 1959 for industrial,

governmental and scientific research. Its

primary objective is to attract research

related institutions to the area, and its

residents currently consist of more than

200 organizations including International

Business Machines, Cisco Systems,

Cree, GlaxoSmithKline, Syngenta and

RTI International. Industries such as

micro-electronics,

telecommunications,

biotechnology,chemicals,pharmaceuticals,

and environmental sciences invest

more than twice the national average in

research and development at the region’s

universities each year. The research

institutions in RTP employ more than

50,000 full-time equivalent employees

and contract workers.

Raleigh annually attracts over 15 million visitors for conferences, special events, shopping and other attractions.

This experience is enhanced by facilities such as the Raleigh Convention Center, Red Hat Amphitheater and Festival

Site, PNC Arena, Coastal Credit Union Music Park at Walnut Creek, the Duke Energy Center for the Performing

Arts, Marbles Kids Museum and IMAX Theater, numerous state museums, and major retail shopping malls. The

PNC Arena is the home of the National Hockey League 2006 Stanley Cup champion Carolina Hurricanes, and

North Carolina State University’s Wolfpack basketball team. Memorial Auditorium, at the Duke Energy Center for

the Performing Arts, hosts a diversified slate of plays and performances including productions of the NC Theatre

and the Broadway Series South. The Progress Energy Center for the Performing Arts is the home of the North

Carolina Symphony and the Carolina Ballet and features four performing arts theaters.

Fiscal year figures as of June 30

Five-Year Assessed Property Values

$60

$55

$50

$45

$40

2012 2013 2014 2015 2016

Billions

50.5

51.2

52.7

52.7

53.8

Median Family Income

Calendar year figures as of December 31

74,900

76,900

77,700

78,800

78,800

78,800

79,900

75,300

$100,000

$80,000

$60,000

$40,000

$20,000

$0

2011 2012 2013 2014 2015

76,600