Recent statistics point to a 3 percent growth in construction in the Charlotte metro area from the beginning of 2011 to 2012, and many professionals believe that trend will continue. The Charlotte Observer reported that commercial construction is “improving,” and that the region’s outlook should continue to grow.
Developer Johnny Harris told the Observer that “things are getting better” and noted the rising number of building permits for non-residential construction in the past few months. One of the fastest growing major populations in the last 10 years, the Charlotte region continues to see a migration of newcomers each year.
Things are also picking up in Cabarrus County. Building permits have increased throughout the county, and new projects continue to begin throughout the area. New construction in Cabarrus County is an appealing alternative, due to the lack of available buildings in the county.
Concord Mayor Scott Padgett says he welcomes all new construction, and that the county is working hard to attract more commercial construction. “The construction of places like Carolina Courts downtown has sparked interest from investors and businesses wanting to capitalize on the large number of visitors that will be coming to campus clinics and league tournaments”. Additions to places like Wingate University are also encouraging tourism and growth.
Other economic indicators locally and nationally point to more construction.
Unemployment is at its lowest rate since 2008, and the stock market has hit its highest point since that time. Mayor Padgett explains that development must continue for the economy to maintain that course. “We have seen an increase in plan submittal and permitting for commercial development. Interest in industrial property has also increased in the past few months”.
The mayor also emphasizes the importance of finding a balance between costs and standards. Maintaining high quality development is a key to ensuring continued interest and growth.