A recent article in the News & Observer details the rapid Economic Growth in Fuquay-Varina, showing that not only has the town seen a rise in its residential property numbers and value amongst home owners at new home communities like South Lakes, but also that the spike in income entering the town should make for many ‘quality of life’ projects for residents to enjoy for years to come.
The News & Observer piece, written by staff writer, Will Doran, explained that the calendar year of 2015 was one of growth for the Southern Wake County tow the likes of which had never before been seen on many levels. “In 2015, Fuquay-Varina saw more growth than ever before, even during the peak of the housing bubble in 2007.” Doran continued to explain, “The new homes mean the town’s budget is shaping up to be much larger than anticipated.”
The article further explained that this spike in revenue will help residents financially as well, considering at one point it appeared their would be a sizable property tax increase based upon a referendum voted upon this past November to improve traffic in the town. Due to the unforeseen rapid growth, however, Assistant Town Manager, Mark Matthews explained optimistically that the increase should be slated to be much less that initially anticipated.
With budget forecast that were presented midway through the fiscal year projecting the town to be bringing in much more money than expected, Town Commissioner, Bill Harris agreed with Matthews sentiments, saying, “The time is right. We’ve positioned ourselves to benefit from all of this growth and we’re in a good position.”
Both Fuquay-Varina Mayor, John Byrne and Town Manager, Adam Mitchell pointed towards the increase in residential home sales as a very positive factor in the increased revenue the town has generated and with about 800 new home building permits issued in 2015 and an estimated 1,000 more homes that have already been approved but not yet built, both town officials see this as a “good problem to have.”
“We’ve seen record home sales,” Mayor Byrne said. “We’ve seen all our trends going up. Growth presents opportunity.” Mitchell, speaking optimistically about the trend continuing upwards this year, “In 2016, we expect to be far over that.”
With many big projects on the horizon in some sort of planning stages, including the possibility of a downtown Arts Center, a business park, the expansion of utlity connections, and a new water plant, both Byrne and Mitchell are excited for what lies ahead as a result of the Economic Growth in Fuquay-Varina.
“The future is bright, right here,” Byrne enthusiastically stated. Mitchell agreed, “This sets the stage for some quality-of-life projects we can fund for 20, 30, 40 years in the future.”