Meanwhile, Rooney notes that the industrial, manufacturing and industrial market sectors continue to show strength for the region, including the recent announcement of a large capital investment by electric-vehicle manufacturer Canoo. 

“The industry faces the same challenges as other parts in the country regarding skilled labor availability and material price escalation factors,” he adds. “The region continues to attract out-of-state business looking to build capital improvement projects, especially in the industrial and manufacturing market sector. We don’t see a slowdown in this momentum in the next few years given the number of companies relocating away from high-cost states.”