The Carolinas

The Carolinas consistently rank as some of the best places in the country to do business.

Midsized cities, of which there are many here, have also acutely benefitted from the shift to remote work. Raleigh is already home to one of the world’s largest hubs of life-science companies, and can credibly position itself as a more affordable alternative to cities like Boston. Charlotte can do the same with its large banking sector. Charleston, meanwhile, can present itself as a more affordable alternative to all of the above.

North Carolina’s construction industry has been quite busy, particularly in the Research Triangle (the area roughly bounded by Raleigh, Durham, and Chapel Hill). The life-sciences sector which has been a driver of the local economy over the past several years has cooled off for a variety of reasons, leaving a glut of unused laboratory space. The debate about what to do with this space continues to heat up, with the simplest answer being to take advantage of federal money set aside for semiconductors and electric vehicles and re-tool some of the unused labs for that purpose. Raleigh has a skilled labor force and contractors with a background in building the kinds of facilities this would need. Notable projects in the region are exactly this – renovations of existing spaces into things like electric vehicle factories.

South Carolina has seen a similar boom in construction, although this is primarily residential and mainly due to an influx of new residents. The area enjoys a mild climate and comparatively low cost of living, and historic buildings dotting its cities. Regionwide, developers are investing in mixed-multifamily projects. These tend to have residential and commercial spaces and are anchored by something that draws people in from other parts of the city – usually a stadium or industrial space. This is a notable departure from the last twenty years, which were characterized by sprawling suburban development. We expect this to continue as sustainability moves to the forefront of public discussion.

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

– SIGN UP –

Receive a full version of our

construction Market Analysis

each quarter.