Greater Fayetteville Business Journal - September 10, 2021 Issue

Page 1

Small Business

WashRoom Laundry Service comes to Fayetteville Page 21

September 10 - September 23, 2021 Vol. 1, No. 8

$2.00

bizfayetteville.com

WEB EXCLUSIVE Commercial Real Estate Crown Theatre and Feasability Study presentation Sept. 15 bizfayetteville.com

Developing

Greater Fayetteville Chamber prepares to launch new website and initiative Page 13

HOT MARKET

Health Care

Mental health providers see influx of patients amid shortage Page 10

Index

Technology ............................................. 3 Editor's Notes ........................................ 4 Achievers ............................................... 8 Health Care .........................................10 Commercial Real Estate .......................11 Banking and Finance ...........................12 Biz Leads .............................................16 Profile ..................................................23

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PHOTO USED WITH PERMISSION FROM H&H HOMES

Longtime builder and developer Ralph Huff says the housing market is the hottest that he’s seen in 45 years. The Highlands at Bedford, pictured above, is one popular and recent development in Raeford, North Carolina.

A

year and a half into the unpredictable COVID-19, one thing has remained surprisingly consistent — the ongoing redhot housing market. To gain some insight on the current environment for the building and selling of homes, the Greater Fayetteville Business Journal (GFBJ) sat down with longtime builder and developer Ralph Huff. Huff and his wife, Linda, grew Fayetteville-based H&H Homes into one of the largest private home building firms in the state before selling the company last year to Florida-based Dream Finders Homes. Huff remains involved with the company and also is co-owner of a large, private real estate firm.

Q&A:

Ralph Huff Builder & Developer

GFBJ: At the recent GFBJ Power

Breakfast, you said the nation has a shortage of 5 million homes. Could you talk a little bit about that and how that is impacting the current market?

HUFF: Well, the last year that we built 1.8 million new homes — the normal number in a year — was 2006. Then the great depression happened and it ran through 2012. During that time, So many people left the home-build-

>>

By Scott Nunn

ing industry. Even during this boom that we've had the last three or four years, there just aren't enough people to build the houses that the current demand requires. So even now, in the hottest market that I've seen in my 45 years in the business, we're still not building the million eight. The cumulative effect of those shortages — along with the fact that the Gen Xers are now in their peak buying years — is just a tremendous demand. That demand trickles down to everything, including rentals. If you can't find the new house, then you go to an old house. If you can't find an old house, then you rent a house. If you can't find a house to rent, you go to an apartment. It's a critical trickle-down effect and there's just no end in sight. See HOT MARKET, page 6


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