300$ Million Expansion Impacts Ohio Real Estate.
In April 2013, GE Aviation announced plans to invest $200 million into operations located in its SW Ohio locations. In October 2013, they announced a revised expenditure forecasting $300 million in investments instead. This represents a whopping $100 million increase over its previous plan.
GE Aviation has plants and facilities located in Peebles, Evandale, West Chester Twp, Sharonville and Beavercreek employing 9100 workers. The majority of the jobs are highly skilled jobs providing excellent income for its employees and their families.
There are many businesses in the vicinity of the facilities that are thriving as a result of the presence of the GE Aviation operations. The additional jobs count could exceed into the thousands.
How Does This Affect Ohio Real Estate?
When a company has 9100 employees, this equates to about 2500 households. This means there are approximately 2000 homeowners, which contributes to the housing demand and supply. The property taxes being paid are a huge boost to the local economies and school systems. The cities where the employees live and work reap huge benefits from the tax revenues. This in turn helps provide more services to its area residents, and a win-win for everyone! A secondary benefit is the additional revenue supporting business appreciate that provide services or goods to these areas and employees.
With more stable jobs in the area leading to more home repairs, new construction, earnest buyers, and confident sellers, this too, along with many state initiatives, will lend itself to increases in housing demands and house values.
The state of Ohio has been very instrumental in the growth of GE Aviation's presence in the Buckeye State by providing generous tax benefits and credits. Ohio is committed to attracting more business to the state and growing what is already here. If you need a local professional Ohio Realtor, I'm glad to be of assistance.