California has been losing population, 500,000 the last couple of years. NC has gained 259,000 during this time. I think one problem is housing. I remember driving around San Jose around 25 years ago, and looking at neighborhoods that were like 900-square-foot tract housing dating probably from the 1950s and ’60s. They were going for like $900,000. Because the supply was basically fixed. It was hard to open up new subdivisions.
At that time, in North Carolina, new subdivisions were springing up in the outer-ring counties around Raleigh and Charlotte because builders could build. And today, there is basically an entire undeveloped state between Clayton and the coast. We have nearly 11 million people in North Carolina and you could put another 11 million down East if you ran utilities.