RALEIGH, N.C. (WNCN) — Raleigh is nationally ranked as one of the best and fastest growing cities in the country.

“It’s been awesome to watch how much it has changed,” said Bill King, CEO of the Downtown Raleigh Alliance.

Wednesday, hundreds gathered to hear The State of Downtown Raleigh.

The biggest takeaway – more housing units are under construction than ever before.

A new rendering from the Downtown Raleigh Alliance shows what Raleigh’s skyline will look like in the next few years, after more than $7.1 billion in development.

The blue buildings have been built since 2015, the yellow ones are currently under construction and the red buildings have been planned or proposed.

Crews are currently building 2,899 new residential units, which will allow for about 4,000 new people to move in.

“When you add those type of residents, you typically add a lot more storefront business as well. So we’ll see more stores, more restaurants as well come out of that,” King said.

There’s also a strong bounce-back for downtown’s economy, with 25 new storefronts so far in 2023, and a 14 percent increase in food and beverage sales.

Adina Sylver opened her business, The Metro Suite event venue, in the Glenwood South district two years ago.

“Glenwood South kind of chose me,” she said. “I wasn’t really looking to be downtown, but I found a space that was perfect for the event space and decided to bring the business there.”

And with more housing options coming, she wants to move downtown and live closer to her business.

“To be able to live in the same community that I do business in is a dream,” she said.

At this rate, Downtown Raleigh’s population is expected to double what is it now, over the next five years.

Click here to read the State of Downtown Raleigh 2023.