How Will Coronavirus Crisis Impact Local Development?

CHARLOTTE, NC.– Over the past few years, cranes have been a staple of the Charlotte skyline. Development is the sign of a healthy local economy. Now, it’s being affected by the coronavirus.

“You won’t see much change in 2020, to the visible eye driving around. The impact will be more seen next summer in 2021 as you’ll see less cranes a year from now,” says CEO of Grubb Properties Clay Grubb.

Grubb says projects already underway will continue moving forward. Under the stay at home order, construction workers are considered essential employees. They are required to stay six feet apart.

“What you’ll see is a dramatic drop and drawing for new projects and you should see a dramatic drop in permits for new projects.”

Grubb says he’s concerned about how the future of affordable housing will be affected.

“So if you see a real slow down and start to apartments and new homes, you’ll see more and more people forced out of their existing homes and their existing apartments and onto the streets.”

TJ Larsen develops and sells townhomes in the Charlotte area. He says from a real estate perspective, Charlotte is in a good spot to make a quick comeback.

“My feeling is we are actually going to come out on the other end with an even stronger market because we will have pent-up demand,” says Larsen.