CUMBERLAND COUNTY – Even as the Federal Reserve has increased the cost of borrowing, in part to tamp down the rising cost of housing across the nation, new homes are still being built in North Carolina and across the Southeast, and a national homebuilder will invest more than $33 million in the state.
Here’s what’s happening: The national homebuilder NVR, Inc., which operates the Ryan Homes brand, will construct a new facility in Cumberland County and expand machinery operations at an existing facility in Cleveland County following a deal struck with the state’s Economic Investment Committee on Tuesday.
The company will invest more than $33 million in the state, and plans to add at least 261 net new jobs to the state’s economy with wages that average more than $46,500 annually.
At the proposed Cumberland County facility, the company will construct a manufacturing line to deliver tresses and other essential homebuilding components for the company’s southeastern building operations, according to an official with the North Carolina Department of Commerce who summarized the project at a scheduled meeting of the state’s Economic Investment Committee.
According to the state official, the company already employs more than 500 workers in the state, and has other subsidiary companies that provide financial services to homebuyers.
To land the project, the state’s Economic Investment Committee approved a deal that would provide a total incentives package worth more than $3.6 million to the company over a 12-year period, should job creation and investment targets be met.
The company will also expand its existing facility in Cleveland County, adding additional machinery to increase capacity.
Between the two facilities, an economic model used by the state to approximate the return on investment during the 12-year grant period estimates that the project, called “project dogwood,” would add about $517 million to the state’s gross domestic product and nearly $6 million in net state revenue.
Not the only national homebuilder operating in NC
Multiple housing markets in North Carolina are primed for new homebuilding opportunity, as WRAL TechWire has previously reported.
And that opportunity may continue as the state is projecting a shortage of 900,000 housing units by 2030, according to Alexandra Forter Sirota, the executive director of the North Carolina Budget & Tax Center, who spoke during a virtual event in April on the topic.
NVR, Inc., which owns the Ryan Homes brand, is building communities in Charlotte and Raleigh, but also in Elizabeth City, Moyock, Sanford, Wendell, Youngsville, and Zebulon, according to its website.
The Triangle in particular might be an attractive market for builders and for homebuyers alike, as a recent report identified the region as one of the nation’s best areas for building and buying a new construction home.
NVR is the latest homebuilder to land a deal with the state. Earlier this year, Service Offsite Solutions agreed to terms with North Carolina to build a facility in Sanford that will employ more than 200 people. And Atlantic Building Components will invest $6 million in a facility in Robeson County, hiring 105 workers.