(RALEIGH) -- Former gubernatorial candidate Fred Smith says he’ll seek the state Senate seat currently held by fellow Republican Buck Newton.

Smith, a builder from Clayton, confirmed he plans to announce a bid for Senate District 11 in the coming weeks. He represented Johnston and Wayne counties in the state Senate for three terms before losing in the 2008 gubernatorial primary to former Charlotte Mayor Pat McCrory.

“There’s a lot of hurting out there and I just decided that the skills that I had as a business leader who’s been involved in turnaround situations, been involved in dealing with the economy, that I had something to offer,” Smith said in an interview. “So that’s why I decided to run.”

Newton, who is currently serving his first term, said he still plans to seek re-election in 2012 despite word that Smith would challenge him.

“I didn’t promise my supporters that I would do this for a year and then quit or do something else,” Newton said. “We have a lot to do. I’ve very happy with what we’ve accomplished to date, but we’ve got a long way to go. I’ve been a part of it so far and I don’t see any reason to quit now.”

Smith said having a primary race would be a good thing for the district. “If you look at the national level, we’ve got eight people running for president and I think competition is a good thing,” he added.

So how does Newton feel about a potential primary with Smith?

“I’d rather arm wrestle with a Democrat, but Fred is going to have to decide for himself,” Newton responded. “You know he’s run for governor before, I kind of thought if he wanted to do something, he might want to do something else.”