Immigration: Good for Economy and Real Estate?
In an ongoing effort to be more competitive, Dayton and Cincinnati are once again joining forces to attract future business and revenue and this time the focus is becoming more immigrant friendly. This is not a new concept for Ohio though as initial efforts began back in 2011 about fifty miles north of Dayton. I'm all for this idea, so long as it doesn't encourage illegal immigration, and don't ship new jobs back overseas which is what has many concerned.
More job skills, innovation, investment funding, and creativity coupled with fresh sources of capital is great from the larger picture for Southwest Ohio down to the region's local economies. More opportunities on the job market, increasing area amenities and a more attractive region can have a strong, far-reaching effect on local real estate markets.
Cincinnati Mayor John Cranley stated ""I just think it shows cities are on the forefront of long-term economic growth in the country, cities are back. Cities are popular again and immigration's been the lifeblood of New York and all the big cities for the entire history of the country." Source - Dayton Daily News.
After initial efforts had gained momentum, becoming more immigrant friendly caught the national attention of the Rust Belt Community. If you're unfamiliar with the term, it's referring to our manufacturing sector and territory here in the upper Midwest and Eastern United States. The term Rust Belt community was coined and used with the decline of major manufacturing in this large area of our country. Loosely put, running from New York through states like Pennsylvania, West Virginia, Ohio, Indiana, Michigan, Illinois and Wisconsin.
In another blog post of mine, I posted about how Dayton and Cincinnati Mayors had joined forces to vie for a highly coveted manufacturing designation hoping for a piece of a $1.3 billion dollar pie. And by "piece" I mean one twelfth of it. If the mayors are successful, this a a major boon not only to our economy, but also to our real estate markets. Designation winners to be announced later this year. Cincinnati and Dayton by themselves aren't that large, but combined you have a metro area comparable to the size of Fort Worth - Dallas Texas area.
If find it inspiring to see two of our most notable cities working together for the bigger picture with mutual cooperation.
Should our region win the designation, and add becoming more immigrant friendly we should see higher demand for housing and existing housing becomes more valuable. All signs say that the powers that be aren't idle, but pro-actively working on it, and these aren't the only two efforts underway as cities themselves are working on increasing amenities, pursuing beautification programs and providing assistance for distressed neighborhoods and tactically moving to impede decline of communities in jeopardy.