Phil Hughes Offers a Developer’s Perspective on Doing Business in 2024

GroundBreak Carolinas is pleased to share thoughts and insights from key construction industry leaders in the Carolinas. Phil Hughes, founder and President of Hughes Investments, offers a 2nd-Quarter 2024 perspective on doing business in the Southeast.

What is your outlook on the construction industry?

In my view, the construction industry seems to be in a favorable position with prices stabilizing and interest rates easing slightly. However, the key consideration is whether these improvements, along with persistently high land costs, justify initiating new projects. Larger projects benefiting from government subsidies are more likely to be financially viable, whereas traditional projects lacking such incentives are less likely to move forward. We’re all navigating towards a ‘new normal,’ but it seems the fog has yet to lift.

What are you most concerned about?

I’m most concerned about the so-called “leaders” in our government who have egregiously mishandled finances, accumulating a staggering debt of over $34,000,000,000,000 – a burden our successors will have to suffer. And we will likely approach or exceed a TRILLION DOLLARS of interest payments this year. We should all be concerned!

Phil Hughes founded Hughes Investments, Inc. in 1991. The company has a diversified portfolio of retail, industrial, office, mixed-use residential, land accumulation, and property management concentrated in the Carolinas. Looking into the future, Hughes Investments is uniquely positioned as the developer and owner of dozens of completed projects, which they continue to own and manage. Learn more at https://www.hughesinvestments.com/about