North and South Carolina are two of the fastest growing states in the country. The Charlotte and Raleigh communities in particular are experiencing a mass influx of people who are calling the Carolinas home.
Here are some of the trends that we are seeing within the construction industry;
1) New construction is booming across the Carolinas, particularly in Charlotte. Charlotte is the third fastest growing city in the country. This is leading to a surge in the number of new homes being built in the area. To meet the increase demand, many home builders are producing “production style “homes. These houses are often constructed quickly, cheaply, and with building practices that lead to many homeowners needing remodeling services before they initially intended.
2) Nanotech, hi-tech, and biotech jobs are flocking to the region. This trend is particularly true in Charlotte, Raleigh, and Winston-Salem. residence within the Carolinas increasingly find themselves without large amounts of leisure time. This makes the time-consuming activity of finding, interviewing and hiring a contractor increasingly taxing.
3) Millennials and young professionals comprise a large portion of the population increase. The flourishing growth of the banking and technology sectors in the Carolinas are driving the significant increase of young people in the Carolinas.
4) Land prices are rising while home values are remaining relatively stagnant. We expect this trend to reverse in the next 8 to 15 years as home values will increase as usable land continues to decrease. This should lead to a remodeling renaissance within the North and South Carolina metros. Many homeowners will opt to remodel their existing home in place of building a new house.
North and South Carolina are in the midst of a transformation. Hatch Homes’ goal is to bring the same technological innovation that is spreading through the Carolinas to the home-improvement industry . Our company wants to do this while maintaining the classic charm of the Carolinas.