We are starting a new year and a new decade with the benefit of an economy continuing to break record numbers. GDP is growing; manufacturing companies continue to onshore; interest rates are at record lows; and, inflation has stayed in check. What a great environment for business! Well, there is one downside to this record growth, the availability of labor. Labor shortages are starting to hinder the ability of many companies to continue their expansion plans.
While major metros suffer from limited labor due to higher labor rates and employee job shopping, there are pockets of stable, well-priced labor available. One such location is Fayetteville, NC. Fayetteville has an enviable solution to low employment rates, in close proximity to the largest military installation in the US based on population. Fort Bragg, adjacent to Fayetteville, has 7,000 “proven” US Military service members exiting the military every year and returning to the workforce.
As an employer, who wouldn’t want a highly disciplined, highly trained, drug-free employee on their team? Though a portion of this invaluable and formerly untapped labor pool is returning to their hometowns, many of these dedicated young men and women are being retained in the local economy as detailed in the July 17, 2017 article ‘Fort Bragg to Open New Career Resource Center on Post’ from the Fayetteville Observer. In addition to the former service member, related spouses and working age young adults in the household drive this number even higher.
This program is in place to transition soldiers into the local workforce while partnering with local companies and organizations. So, while this extremely important component of the US economy called “labor” is becoming scarcer by the month, Fayetteville, North Carolina’s sixth largest city (of 550,000 CSA) and the state’s youngest Metro average age of 29.2 years should not just be shortlisted…it should be the strategy location for your long- term expansion plans.
The Hollingworth Companies has a 259,000 SF facility currently available in the Fayetteville market and commercial land for a quick turn, built-to-suit industrial facility starting at 100,000 SF. For additional information, contact Tom Mann at 865-457-3701.
