Economic Conditions & Outlook

Our region continues to adapt from what was once a traditional manufacturing workforce to a more advanced manufacturing workforce. In addition, Conover has become a more service-oriented economy than in the past. Though we are still a far cry from the extremely low unemployment of the 1990s, signs of improvement are showing. The City of Conover continues to be more confident that we have "turned the corner" on the economic recession.

At the peak of the recession in June of 2009 the unemployment rate for our region was 15.5%. Since that time we have seen a steady improvement. Over the past year, the unemployment rate has hovered around the 10% mark. Our region has added nearly 2,500 jobs since 2009. Despite this, our region still has the 2nd highest unemployment of North Carolina's 14 metro areas.

Commercial

Increased activity and interest in new commercial construction projects have provided a more positive outlook for Conover. Over the past year, we have seen the construction of a Bestway rental center and plans have been approved for a new Walgreens and a Waffle House restaurant. Furthermore, renovations and alterations continue to take place to revitalize older and underutilized buildings that should increase tax value, create new jobs, and increase commerce.

The City continues to seek a prospective developer for the Conover Station site. This former furniture factory is now a Brownfield site being redeveloped by the City. Currently, there are over 12 acres on the market for commercial development. It is Conover's goal to foster investment and job creation on this site. Also on this site is the Conover annex of the Catawba County Library and Conover Community room housed in the converted Warlong Building as well as a new park, public restroom, and shelter.

Residential

Whereas; before the recession, new home construction was commonplace, since the recession began, new single-family home construction has been extremely rare in Conover. For example, in 2006 alone, 41 new homes were constructed. In 2011, 1 new home was constructed. We are seeing positive signs in residential construction. So far this year, 7 new single-family homes have been constructed or are currently under construction. A once-dormant residential subdivision located at Rock Barn Golf and Spa is actively working to revise the previous concept of large lots to smaller more economical lots in response to the economy. Three new homes are currently under construction here.

Starting this year, the City has taken a major step to protect existing neighborhoods. With the struggling economy and foreclosures, property maintenance has become an issue. An unmaintained property can create a public nuisance and lower neighboring property values. The City transferred a code enforcement officer position from the planning department to the police department. This individual strictly enforces the City's nuisance and minimum housing codes. To date, multiple properties that were abandoned and deteriorating have been repaired or demolished, thus helping to improve property values throughout the City. This is a strong example of how Conover is being proactive in protecting our community and ensuring we continue to be a desirable City in which to live.

Industrial

The Manufacturing Solutions Center, a 30,000-square-foot research/development/testing laboratory opened its doors in November of 2012. The Manufacturing Solutions Center hosts multiple spaces for new entrepreneurs and business startups. Two businesses have already been housed in the facility. The City believes this will serve as a catalyst for development in the surrounding Conover Station property and ultimately in the entire downtown area.

A source of great optimism is the new major industrial projects the City of Conover has been fortunate to witness over the past year.

Taiji Group USA, a Taiwanese-based company, has made its first U.S. location in Conover with an investment of 3 million dollars and the addition of 78 jobs.

Smart Electric North America LLC, a lighting manufacturer has occupied an existing building and opened its headquarters in Conover this year.

Hickory Springs, now known as HSM Solutions, has been within the City for decades and is continuing to grow. Most recently they have occupied an existing building for a research and development facility, constructed a new wet lab facility on-site, and announced 3.3 million dollars in investment in Conover and Hickory with an addition of 162 jobs.

Carroll Leather 6,000 square foot factory expansion.

Apple Inc. has constructed a major solar energy facility on a 214-acre property in Conover. This 20-megawatt, 85-million-dollar solar farm will generate clean, renewable energy for years to come, and is currently the largest privately held solar farm in the United States.

Interstate Foam, an existing Conover business, has begun a new 3.3 million dollar 76,000 square foot manufacturing facility.

Overall Growth

During the past fiscal year, new businesses in Conover included 12 manufacturing and 38 professional/commercial/restaurant service establishments. Fortunately, new commercial occupancies in the City have rebounded to pre-recession totals. Businesses and developers have taken advantage of the area's work ethic, accessibility to major transportation corridors, favorable climate, and cleanliness of the City. The total permit value during the past fiscal year was $94,633,983.

Conover continues to benefit from its proximity to Charlotte; downtown Conover is less than an hour from the Charlotte Douglas International Airport. The City will continue to diversify from a traditional manufacturing base to a more balanced economy by encouraging a mix of industry, business, professional services, and a growing retail sector. The City's transportation access, increasingly diverse economy, stable local leadership, and entrepreneurial spirit will continue to make it possible for Conover to enjoy both fiscal strength and a low tax rate.