Spotlight On: Ben Pruitt, Executive Vice President – Carolinas, Rycon Construction

Key points:

• • A cautious market, tighter financing, and global uncertainty are slowing multifamily and industrial development.
• • Data centers are the strongest growth opportunity, while firms diversify geographically and pursue partnerships.
• • Differentiation comes from execution, relationships, and disciplined, local-focused growth.

April 2026 — Invest: sat down with Ben Pruitt, executive vice president for the Carolinas of Rycon Construction, to discuss the cautious development environment shaping the region, the sectors still creating momentum, and the discipline required to grow in a volatile market. “We just do what we say we’re going to do. That matters because credibility is everything,” Pruitt said.

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How would you describe the environment in the region, and what trends are having the biggest impact on your work?

The market has been somewhat slow and cautious. A major challenge has been the speculative nature of the market, especially for many of our multifamily clients. Over the past several years, debt and equity dynamics have shifted significantly. Equity return expectations rose, debt structures became more restrictive, and the guarantees required became more burdensome. That made it much harder for multifamily projects to move forward in the way we had been seeing across Mecklenburg County and the Carolinas.

There was some hope late last year that conditions were beginning to improve. Some drawings were being dusted off and taken back to market because subcontractor pricing had softened to a measurable degree, making direct costs more feasible, and debt and equity sources were starting to loosen. But even with those corrections, it has not been enough yet to get us back to the number of units being delivered previously. When you add broader uncertainties such as tariffs, wars, and international conflicts, all of that creates substantial speculation in an already volatile market.

Industrial is still moving more than multifamily because large end users are not as hindered by the same financial impediments as multifamily, but even that market has slowed meaningfully. There is substantial competition on municipal and hard-bid work, and there is a saturation factor in this market. There are a lot of developers in Charlotte, all competing for the same sites and many of the same deals.

How has Rycon’s project pipeline evolved in response to those conditions?

We have diversified our approach in how we source and pursue opportunities out of the Carolinas business unit. At times, that means expanding our geographic reach and looking beyond North and South Carolina with key partners. We talk to clients who may have work in places like Nashville or Richmond and determine if that is an appropriate pursuit for our office. Because we are part of a larger company, we can also lean into longstanding client relationships nationally and locally and make sure we stay top of mind as projects come up.

We also get creative. We look at joint venture opportunities where it makes sense. As a company with strong financials, substantial bonding capacity, and a long history, we can bring real value to those conversations and pursuits. We are also selective about the public work we pursue and try to target the projects where we believe we have the best chance of success.

Internally, I like to run lean and hire people with an entrepreneurial mentality. If someone treats a project like it is their own, they are going to keep a close eye on cost, quality, safety, and relationships. That is something I cannot teach. People either have that mindset or they do not. When you have those kinds of team members, they become a tremendous asset.

Where are you seeing the strongest opportunities today, whether by sector or project type?

The biggest opportunity in the market right now is data centers, regardless of geography. That is the one segment that is monumentally taking over in terms of resources and sheer amount of work. It is a specialized product type with a substantial amount of risk, and these projects can be highly contentious depending on where they are located, especially in more rural areas. But for construction managers and general contractors with the right experience, the right risk management approach, and the right internal expertise, it is a huge opportunity.

Rycon has a major push in data center pursuits and possesses the staff to execute it well. While we can pursue data center work out of our Charlotte office, our main focus remains industrial, multifamily, commercial office, retail, along with adaptive reuse and historic preservation work. So while data centers are clearly the hot market, we are staying disciplined about where we can bring the most value locally in the Carolinas.

In a competitive landscape, what differentiates Rycon and what guides which opportunities you pursue?

For my office, it comes down to two things: value and relationships. There are a lot of generic statements construction firms make in interviews and pitches. What separates us from many others is that we actually do the things we say we are going to do. If we say we are going to be involved in a certain way, we follow through. We just do what we say we’re going to do. 

That matters because credibility is everything. If your word is not solid, your value is diminished immediately. A lot of the value we bring comes from experience in this market, lessons learned over time, and an honest understanding of what a project needs to be successful.

The second piece is relationships, especially with subcontractors. We have long-standing relationships with trade partners, and we understand the nuances of matching the right subcontractor to the right project. We carefully curate who we bring to the table based on the project, and that creates value for owners.

How are you approaching talent in such a demanding environment?

Finding the right people is one of the hardest parts of my job. The biggest challenge is not just technical ability. It is finding people who care. I am looking for people who treat a project’s purse strings like they are their own dollars, because they are. I am looking for people for whom saying “that is not my job” or “I have always done it this way” are simply not part of the lexicon.

Finding these people is rare in today’s climate. Maybe 1 out of 30 candidates possess that combination of ability, mindset, and initiative. My operations leaders will evaluate whether someone can perform the baseline technical tasks. By the time they get to me, I am not asking much about software or check-the-box skills. I want to know how they think, how they respond, whether they carry themselves in a way that suggests they will not get run over, and whether they fit where this business unit is going.

That is difficult to assess in a short interview. But if you want people with an entrepreneurial spirit, you have to look beyond the resume.

Adaptive reuse and historic preservation are clearly important to Rycon. How do those projects fit into your broader strategy?

Those projects are deeply important to me personally and professionally. Adaptive reuse and historic preservation are not the same thing, but both are incredibly meaningful forms of work. They are also difficult projects, and many developers only do one because they try to treat it like new construction. That is the first step toward failure. You need the right architect, engineer, contractor, and subcontractors, and you need to understand from the start what you are getting into.

Developers are drawn to these projects because there can be strong incentives, favorable acquisition costs, and long-term tax benefits. But beyond that, these buildings are beautiful. They carry a legacy you simply cannot recreate. When someone walks into one of these buildings and sees not just what it is, but what it can be, that is when you know you are moving in the right direction.

You have to have an appetite for this kind of work. It is not easy. But it is worth it.

What are your top priorities for the Carolinas office over the next few years?

This is a business, so we absolutely want to continue to grow in our market, but it has to be responsible, controlled growth. 

A big part of that is local investment. We are not bringing people in from outside our market. Our people are local. We want to continue growing the business, strengthening the relationships we already have, building new ones, and maintaining a real local presence not just through our projects, but through our people as well. That is how we build reputation and legacy.

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