What does the word “rural” mean to you? You’re probably thinking: grassy fields, wide-open skies, peace and quiet, and cheap land (and lots of it). Do you also picture a progressive and pro-business region abound with growth opportunities? Believe it or not, some rural areas are both of these seemingly contradictory descriptions.
Rural areas can offer great prices for undeveloped land, but the perception is that these areas can make it difficult to do business. However, in places like Currituck County, North Carolina – which is classified as 24% rural - a rural region can also be progressive and pro-business. Here are a few characteristics to help you identify these prime opportunities for real estate development and growth.
Rural regions that are dedicated to supporting commercial development will have a wide range of pro-business incentives in place to help make investment in the area appealing to many different kinds of businesses. These incentives may include:
Existing transportation and utility infrastructure is key for growing rural regions. Important questions to consider are whether the local and state governments have invested in crucial elements such as highways, train, airports, ports and riverways. In addition, does utility infrastructure exist that can easily be tapped into, or expanded, to new real estate developments and projects? Are local regulatory and transportation departments supportive of this growth?
Do local and regional approvals processes – including zoning, planning and other regulatory bodies – demonstrate flexibility and creative standards relative to site design and approvals? A pro-business mindset can make all the difference in pushing through new real estate projects from the conceptual phase through site acquisition and construction to completion (and profitability!).
Are there colleges or universities located within or near to the rural region? Academic institutions often influence the local culture, imbuing it with forward thinking and providing resources for research and testing. Institutions of higher education also introduce a well-trained pool of new graduates into the local workforce, ready to be employed by local businesses.
Are there well-established industries in the region that can help fuel further growth? For example, Currituck County is located adjacent to both the Outer Banks and the Hampton Roads, Virginia region. The Outer Banks possesses a substantial seasonal tourism industry – which can provide potential fodder for both new customers and workforce recruiting – and Hampton Roads is a highly developed metropolitan region that houses a number of Fortune 500 companies. Regional partnerships with areas that offer complimentary strengths can be a strong indicator of pro-business appeal.
Rural regions can offer the quality of life and lower cost of living that appeal to many in the workforce. The mobility of today’s workforce enables people to live where they want to, not where they have to, and expands the location opportunities for businesses. Rural areas that are trending toward growth and transition offer prime opportunities for relocating employees or luring recruits from more urban regions in the area.
To learn more about the pro-business real estate opportunities in Currituck County, N.C., and the region’s progressive approach to growth, visit us at www.ThinkCurrituck.com.
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