SEATTLE, Nov. 16, 2016 /PRNewswire/ -- Today Charter Construction, an award winning Pacific Northwest company specializing in commercial, custom residential, remediation and emergency restoration construction, announced that it will convert its ownership structure to an Employee Stock Ownership Plan (ESOP). Through transitioning to an ESOP model, Charter Construction is making a long-term investment in its future viability. This change will also build an even stronger company foundation, as ESOPs are a proven tool for effective business succession. "Over the last 30 years, we have worked hard to make Charter Construction a leader in the Pacific Northwest," said Peter Saladino, president of Charter Construction. "With the construction industry growing at such rapid pace in Seattle and Portland especially, this was the right time to transition to an ESOP model to ensure we continue to attract and retain the best talent, and are positioned to grow alongside this region for years to come." Each year the company will make a contribution to the ESOP Trust, which will buy company stock to distribute to eligible employees. Over time the employees acquire increasing shares and rights to the stock, which eventually becomes fully vested. The Seattle-area construction and commercial development industries are booming, with recent reports noting that there are more major construction projects in downtown, South Lake Union and surrounding neighborhoods than at any point since 2005.  The same can be said for Portland, where Charter Construction has had a thriving office for more than 10 years. When you look at the more than 7,000 apartments currently under construction, and the more than 15,000 apartments proposed for the Portland-area, this trend doesn't seem to be slowing down anytime soon.  As skilled construction workers and managers consider employment options in these increasingly competitive markets, Charter Construction's employee ownership plan will provide a valuable benefit to help attract and retain the best talent across both regions.