Spotlight on North Carolina Construction
With one of the highest net migration rates in the country, folks have been consistently re-locating to the Tar Hell State for the past decade.
The state’s noted growth and pro-business climate is fueled by a few factors including access to professionals graduating from Research Triangle institutions, access to capital with four of the country’s top five branch banks headquartered in the state and quality of life.
Further, noted government investment incentives recently attracted Apple to build an east coast hub, Toyota to manufacture a battery plant, Boom Supersonic to construct an airline manufacturing facility VinFast to build an electric vehicle plant and Wolfspeed to design a microchip manufacturing plant.
It’s no wonder that Zillow ranked Raleigh and Charlotte in the top five hottest housing markets in 2022.
Summit in Charlotte
Originally invited by a multifamily client to build a couple projects in North Carolina, expanding to this booming real estate market was a natural move for Summit Design + Build.
Summit is actively working on Vida 2 – a 7-story building with first-level retail and 6 levels of 97 residential units in Kannapolis. And Stadium Lofts, also currently under construction, is two stories of retail and five stories of residential overlooking the Kannapolis Cannon Ballers stadium, a Chicago White Sox minor league baseball team. Expected to wrap this summer, the building will feature a lobby, fitness center, club room and a parking garage, and the apartments will offer balconies, and high-end appliances and finishes. In addition, the new building will house the Towel City Tavern with drinks brewed by the local Cabarrus Brewing Company and a top-shelf bourbon bar with seating overlooking Atrium Health Ballpark.
Just two miles west to the Appalachian Mountains and an hour and a half east to the outer banks of the Atlantic Ocean, the State offers whitewater kayaking, mountain biking, hiking, two national parks, bird watching, and great restaurants and wineries.
With a strong job and housing market and lower cost of living, as compared to other states and cities, people are drawn to North Carolina.
A commuter rail from Raleigh to Sanford is currently under construction, and is anticipated to bring more development to the area.
“We see North Carolina as being a very successful market,” relates Summit Design + Build’s project team. “The growth potential is astronomical.”