Downtown Raleigh Alliance released its annual State of Downtown report which details economic + housing trends, outlines the anticipated strategy for downtown Raleigh, and more. Let’s unpack the information + numbers for 2024 and see what’s next for the City of Oaks.

Downtown’s new strategy

Since the pandemic, Raleigh and beyond have faced the new reality of increased hybrid work and its impact to downtown’s foot traffic. New strategies to increase downtown activity include:

• Energizing downtown by making street designs more flexible, and refreshing City Plaza and Fayetteville Street.
• Diversifying retail opportunities by creating a specialized ecosystem for entrepreneurs and bringing regional + national brands.
• Creating exceptional spaces by elevating art and adding more greenspaces. 

Knowing what’s going on in your community and the changes it’ll endure is comforting. |

Housing

Downtown Raleigh is experiencing continued significant growth. Since 2015, the area has gained 5,065 new residential units adding approx. 5,852 residents. The development boom continues with eight ongoing projects adding 1,607 units. A pending list of 25 additional projects could bring nearly 11,000 more people to Raleigh in the next five years.

Local biz

During the 2024 James Beard Awards, Raleigh’s culinary scene made waves with semifinalists like Bittersweet and Crawford and Son. Downtown is also buzzing with new + upcoming dining spots with 268 restaurants and bars currently open and 28 on the way, like Birdie’s Barroom and Kitchen and Homebody Yoga and Wellness.

Tourism + transit

From July 2023 to June 2024, downtown Raleigh welcomed 3.8 million unique visitors and hotel room occupancy averaged 69.8%. The local hotel scene is checking in with 1,652 existing rooms + 410 more currently under construction. 

Transit is expanding with plans for 20 miles of Bus Rapid Transit, 121 miles of greenway trails for cycling and walking, and 69 nonstop flights from RDU