MEMPHIS, Tennessee – The new jobs at the Ford electric vehicle plant could potentially energize and challenge the West Tennessee real estate market, which will need thousands of new homes and apartments for employees.
A celebration of Ford Motor Company’s major decision to build an electric vehicle and manufacturing campus at the Memphis regional megasite took place Tuesday at Shelby Farms. This announcement came with the confirmation that thousands of jobs will be added to the Memphis area economy.
âWe need to have access to 6,000 people to work here and many other direct people, as the governor said. It’s access and commitment to training, âsaid Jim Farley, Ford President and CEO.
Ford’s manufacturing campus, called Blue Oval City, is planned on 3,600 acres in Haywood County, about 30 miles northeast of the city limits of Memphis, near Interstate 40. Rural county was estimated at just over 17,000 in 2019.
âThis will mean huge things economically for West Tennessee. As you have heard, 27,000 indirect and direct jobs,â Gov. Bill Lee said.
The addition of thousands of jobs could also create economic challenges as well as opportunities for the region. One of those challenges will be buying a house.
“I anticipate it will be a godsend like I told you earlier for the local real estate economy, but we are already in a very tight market so this could add needs that we may not be able to meet.” , said Steven Ford. , co-owner and broker at Carter Group Realtors.
He says it takes around 180 days to build a new home and prices have already gone up for potential buyers. âThey are getting kicked out now. There are a whole bunch of people out there who would like to buy a house. There are not a lot of houses to buy. All we’re going to do is add to that crowd, âsaid Ford.
Ford said people wishing to rent an apartment would likely face a similar situation. âWe manage rental properties and have always been full. Whenever we have a vacancy, we fill it within hours. It’s a very difficult environment right now, âhe said.
There will be potential growth challenges in the coming years for the Memphis area as it prepares to welcome thousands of new jobs to Ford’s facilities.
Some real estate agents predict that home prices may continue to rise as more people compete to buy a limited number of existing homes.
âIf you’re on the sidelines, it could be entertaining. If you’re in the fight it could be a lot, âsaid Ford.
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