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Happy Saturday! Big moves and big numbers this week across North Carolina.
Amazon just broke ground on a $10 billion AI data hub between Raleigh and Charlotte, a project set to reshape Richmond County’s economy.
Over in Apex, construction has officially started on Veridea’s first apartments, marking the beginning of an entirely new live-work-play community years in the making.
And for homebuyers, there’s some good news: mortgage rates just hit a 13-month low, opening the door for more affordable moves ahead.
Let’s dive in! ⬇️
—Brette Davis
🎉 The Best Things to Do This Weekend in The Triangle!
Amazon Breaks Ground on $10B AI Data Hub in Rural NC
📌 Driving the news: Amazon has begun construction on a $10 billion, 20-building data center in Richmond County, North Carolina, one of the largest private capital projects in state history.
📌 Details:
The facility spans nearly 800 acres in Energy Way Industrial Park, located between Raleigh and Charlotte.
It will support Amazon Web Services' (AWS) growing AI needs.
The company plans to employ at least 500 people within five years, with roles in engineering, operations, and security.
To receive county tax breaks, Amazon is only required to spend $1 billion and hire 50 full-time workers by 2030.
Richmond County is offering a 50% property tax and 65% personal property tax break over 20 years.
State incentives were not part of the deal.
📌 Why it matters: This project is a major economic lift for Richmond County, one of North Carolina's most economically distressed areas.
With population declines and an average wage below the state norm, Amazon’s arrival promises stable, long-term jobs and a boost to local infrastructure.
📌 The big picture: As demand for AI infrastructure surges, tech giants are racing to expand data capacity. Amazon recently launched a similar $11 billion center in Indiana, while Microsoft is doubling its footprint.
Richmond’s proximity to major cities and existing energy grid made it a strategic pick.
📌 Between the lines: Though economic leaders hail the project as transformational, concerns remain around energy use and noise, issues that have sparked opposition in other NC communities.
Amazon has not disclosed projected energy consumption.
📌 What’s next: Construction will unfold over the next several years, with hiring and development scaling up in phases. Community leaders are already eyeing complementary growth in housing and services.
📌 Driving the news: Construction has officially kicked off on Summit House, the first apartment complex in the sprawling Veridea development in Apex, marking a turning point for the 1,100-acre site that’s been years in the making.
📌 Details:
Veridea will include thousands of new homes, 3.5 million square feet of commercial space, a Wake Tech campus, and the future NC Children’s Hospital.
Summit House is a two-building luxury apartment complex, expected to open to renters in early 2028.
The groundbreaking was attended by RXR developers, Apex Mayor Jacques Gilbert, and town leaders.
Over the next decade, the project is expected to create 2,300 jobs.
📌 Why it matters: This development helps Apex manage its rapid growth by expanding housing options and drawing in long-term economic investment.
Local residents can look forward to more jobs, educational access, and healthcare services, making the area even more livable.
📌 The big picture: Veridea is a full-scale community blueprint aiming to balance residential life, education, healthcare, and economic vitality.
RXR’s focus on “eds, meds, and well-leds” targets regions poised for sustainable growth, and Apex made the shortlist.
📌 What’s next: Construction will continue in phases, with further residential and retail projects lined up behind Summit House.
RXR has signaled that the next decade will be full of visible changes and opportunities.
📌 The bottom line: As the Triangle region sees continued population and business growth, Veridea positions Apex as a serious player in attracting residents and talent without compromising the town’s small-community charm.
Veridea’s launch is a bold step toward giving the town the infrastructure and amenities it needs to thrive in the years ahead.
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What 13-Month Low Mortgage Rates Signal About the Economy
📌 Driving the news: The average 30-year fixed U.S. mortgage rate dipped to 6.30% last week, its lowest level since September 2024, following a cooler-than-expected inflation report.
📌 Details:
The Mortgage Bankers Association reported a 7 basis point drop in the popular loan rate.
Refinance applications jumped 9.3%, while home purchase applications rose 4.5%.
Mortgage rates have declined by more than 0.75 percentage points since January.
A Federal Reserve interest rate cut is widely expected, with another possibly on deck for December.
📌 Why it matters: This is welcome news for prospective homeowners and anyone looking to refinance. Lower rates make borrowing cheaper and monthly payments more manageable, a boost for housing affordability across U.S. communities.
In cities grappling with tight housing markets, the dip could increase activity and offer a chance for more families to buy or stay in their homes.
📌 The big picture: Rates are easing just as signs point to a shift in the Fed’s strategy.
With inflation slowing and job market weakness becoming a bigger concern, policymakers are more likely to trim rates to help stimulate economic activity.
📌 Between the lines: Falling Treasury yields are helping drag mortgage rates down. The 10-year yield, which heavily influences mortgage pricing, has now dropped for four straight weeks, a sign that investors expect more lenient monetary policy ahead.
📌 What’s next: All eyes are on the Fed’s December meeting. A
nother rate cut could drive mortgage rates even lower, setting the stage for a potentially more active winter housing market.
📌 The bottom line: For anyone considering a home purchase or refinance, this could be a prime window.
Lower borrowing costs could make dreams of homeownership more achievable, especially as we head into the holiday season.
The Raleigh market is holding steady but staying active. Homes are selling in about 48 days with a median price of $450K, up 2.3% year over year. Most homes get two offers and sell for around 98% of the list price, showing demand is still healthy, just more balanced than before.
For Buyers: With competition cooling slightly, you’ve got more breathing room to negotiate and find the right fit. But act fast on homes priced well, they still move quickly.
For Sellers: Inventory remains tight, so well-priced, move-in-ready homes still attract solid offers. Lean on strong marketing and pricing strategy to stand out and sell with confidence.
I’m a Raleigh-based agent who’s passionate about real estate, local life, and making homeownership feel easy (and fun!). Subscribe and join 2,000+ readers who get the inside scoop every week!
