While “availability of trades and subcontractors” continues to be “cyclical,” Kreye says subcontractors are “coming into the area from outside the region,” a move that had been “cost prohibitive.” 

Kreye says that “all sectors appear to be doing well within the region,” adding that “any slowing is part of planning or adaptation to future growth [and] so should be temporary.”  Inflation and high interest rates introduce uncertainty in the market, but he does not see indications of a slowdown on “the visible horizon.”

Kreye says Richmond’s variety of markets, including higher education, technology, power and renewables, commercial/industrial, retail and the full residential spectrum—from single family to multifamily—help to insulate the area from business peaks and valleys.