Meta could join tech giants' growth in the Triangle
On Monday, WRAL reported that Meta, the parent company of Facebook, was looking at opening an office in Durham.
- Though it remains unclear what that office could look like (Meta declined to comment), it's yet another sign that U.S. tech giants view the Triangle as a hub of talent — much like they have with Austin, Texas over the last decade.
Yes, but: Meta said last month it would reduce its hiring after posting slowing revenue growth in the first quarter of the year. It’s possible that could impact the reported plans.
- Meta already has remote workers here as well as online job postings that already advertise Durham as an option.
What they’re saying: "I think what you are seeing in the Triangle is a maturation," former N.C. Commerce Secretary Anthony Copeland, who helped recruit many tech companies, told Axios.
- "The Triangle," he added, "has morphed into a place that can offer talented people, who could go anywhere in the world, cultural and intellectual stimulation and the ability to raise children."
- The number of tech workers in the state grew by nearly 5% since 2019 — the fifth-highest growth rate in the U.S., according to a recent analysis by the Technology Councils of North America (TECNA).
- And that was before the tech giants really exerted themselves.
- North Carolina gave Apple the largest incentive package in the history of the state to open a 3,000-person campus in Wake County.
- And Google, Amazon and Microsoft are already expanding in Raleigh and Durham.
The big picture: The Triangle has been identified as a place for future growth by the country’s largest tech firms. The growth brings a lot of new opportunities to the region, but also many challenges, most noticeably rising housing and rental prices.
- Ted Zoller, a professor of entrepreneurship at UNC-Chapel Hill, said the tech giants will make hiring harder and more expensive for homegrown companies.
- "Of particular note, Meta may seek to challenge Epic Games, by far North Carolina’s most exciting growth venture," Zoller said in an email.
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