Southeast

The Southeast has seen a period of unprecedented growth, buoyed by trends in where Americans live and work.

Charlotte has become the nation’s largest banking hub after New York, while Orlando sees more visitors each year than Paris and Venice combined. Miami has grown so fast that the term “Manhattanization” was revived to describe its skyline, and Raleigh-Durham is home to one of the world’s largest clusters of life science companies. This has come with its own set of problems – spending has increased substantially – almost 60% over the last ten years – but the labor force has only grown by around 45%. This has pushed costs up as firms compete with each other for labor.

The Carolinas have benefitted greatly from this trend, and we examine that market later in this report. Florida has emerged as one of the largest markets in the region, primarily driven by construction in Miami. Miami has also seen a lot of growth in the luxury segment of the market: high-end residential, hospitality, and even commercial spaces have emerged as key drivers. This has mostly been limited to the Miami area, but has begun to spill over into Orlando as companies in the tourism sector there have begun to take note. We expect this trend to spill over into the rest of the Southeast in the coming years. See below for more of our findings about the market.

* Other structures include religious buildings, amusement, government communications, and public recreation projects.
Source: BuildMarket

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