While some expect to see a dip in the economy this year, North Carolina’s construction sector does not plan to go that route. With many projects planned and significant growth still playing a role, North Carolina should have a very positive outlook for 2020.
So, what exactly should professionals expect for the beginning of this decade? Here are three exciting developments ahead, as well as one challenge to look out for.
Hotels on the Rise
Several hotels will be constructed throughout 2020, with expected openings ranging from this year through 2022. Some notable projects are the JW Marriott, University City, the Intercontinental, the Grand Bohemian, and the Southpark Marriott.
These buildings are expected to draw larger conventions and similar events to North Carolina, and specifically Charlotte. The city is growing rapidly, and it is expected to keep doing so in the years to come. As a result, we can anticipate more frequent visitors for both business and pleasure here.
These grand structures are not the only new feature in North Carolina’s cities, however.
Forbes has once again named North Carolina the best state for business. Because of its regulations, low costs, and labor pool, North Carolina is increasingly popular among the working world. When organizations are looking for the right place to relocate or open a remote office, this state offers many of the answers and solutions they seek.
As such, new office buildings are being constructed in cities like Raleigh and Charlotte. Additionally, if the new hotels succeed in attracting conventions and events, North Carolina’s popularity may continue to skyrocket. This will in turn create more demand for commercial structures.
The Multifamily Market
Naturally, if more people are working in North Carolina, more people will be living in North Carolina. As the population continues to grow, more people will occupy the state. Therefore, we will need to grow the available housing options here.
This opens up the opportunity for the multifamily market in North Carolina to expand, especially in its cities.
The Challenge: A Labor Shortage
While all of this growth and construction is excellent news, professionals in the industry may face the difficult challenge of staffing their projects appropriately.
Currently, the entire construction industry is facing a talent shortage. There are simply not enough talented professionals to fill the amount of available jobs on the market. This means that qualified talent is increasingly sparse and expensive.
However, we have an excellent team of Michael Page recruitment consultants who specialize in the North Carolina construction market. They are available to help you locate and acquire the right talent to meet your needs swiftly and effectively. These consultants have both market knowledge and networks that will give you access to top professionals in the area, some of which are not even available on the general job market.
If you’d to discuss your needs with one of our expert consultants, please reach out today. You can also browse our Michael Page advice section to learn more about industry trends.