Ohio's Intel project triggers housing fears in tight market

But behind that enthusiasm lurked a pressing question.

Experts agree that years of underbuilding dating to the Great Recession of 2008 has caused widespread housing shortages. Nationally, the country is short about 1 million homes, according to Rob Dietz, senior economist at the National Association of Home Builders. The National Apartment Association estimates a rental shortage of about 600,000 units.

The challenge for areas like rural Ohio is that they don’t have local employees to build or staff a large project, said Mark Stapp, director of the Center for Real Estate Theory and Practice at Arizona State University. There's neither the housing nor the infrastructure to accommodate the thousands of new arrivals, increasing housing prices and possibly forcing existing residents out.

“We’re not building enough of anything,” said the group's executive director Jon Melchi. Central Ohio, with about 2.4 million residents today, will grow to at least 3 million by 2050, the group said. Affordable housing is crucial for the low-wage workers who keep the economy running, from pre-school teachers to medical assistants, said COHIO executive director Amy Riegel. But housing also has to be viewed on a spectrum: Without enough higher-end properties to purchase, buyers will snap up rentals, which then shuts out workers of limited means.

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Ohio's Intel project triggers housing fears in tight marketCOLUMBUS, Ohio (AP) — Intel’s announcement earlier this year of a $20 billion manufacturing operation bringing thousands of jobs to rural Ohio was greeted as an economic boon. Jim Jordan thinks the answer to housing people in his state is in Hunter Biden's laptop thousands of jobs created. dependency on China lowered. but debbie downer has a bad day. AP scaring me these days. ppl there already need jobs... no need to worry about finding homes for ppl already there... jus'say'n
La source: AP - 🏆 728. / 51 Lire la suite »

Ohio's Intel project triggers housing fears in tight marketIntel’s announcement of a $20 billion manufacturing operation bringing thousands of jobs to central Ohio has been greeted as an economic boon
La source: WOKVNews - 🏆 247. / 63 Lire la suite »

Ohio's Intel project triggers housing fears in tight marketIntel’s announcement earlier this year of a $20 billion manufacturing operation bringing thousands of jobs to rural Ohio was greeted as an economic boon. Intel says its initial two computer chip factories will employ 3,000 people when the operation is up and running in 2025. Nationally, the country is short about 1 million homes, according to Rob Dietz, senior economist at the National Association of Home Builders.
La source: YahooNews - 🏆 380. / 59 Lire la suite »