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The Intel Factor

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Paul George,

The Intel Factor on Housing

They’re coming…

While much of the nation and much of Ohio’s home sales will be stagnant, Columbus is positioned to have a solid housing market for years to come but, there is one small issue.

INVENTORY!

We will go into the inventory numbers in a minute.

Columbus is becoming a major economic force for the entire Midwest.  We have the state capitol, a common sense logistics hub, a favorable workforce and I like to think, common sense Midwest values.

International and national companies have noticed. We all know about Nationwide, Chase, Honda and Wendy’s.  We have heard about Intel.  Here are some projects that our area has attracted and maintained. Intel is bringing over 3000 new jobs plus over 7000 construction jobs.  Veritiv is expanding and adding 100 jobs.  Pharmavite (one of the many new biotech companies in Columbus) is adding 225 jobs, Amplifybio is adding 263 jobs, Magna is adding 224 jobs, Overon 150 jobs, Hyperion adding 650 new jobs, Forsee Power 150 jobs, ADS is expanding and adding 200 new jobs and Honda will be adding 300 more jobs.

These are just projects currently on the books! Over 34,000 potential new jobs in Central Ohio.  Where are we going to house them?

That is our challenge.

According to a study commissioned by The Building Industry Association of Ohio and The Mid-Ohio Regional Planning Commission, the population is projected to grow by about 720,000 people by 2050, that’s almost 27,000 new residents every year. With our building regulations, government bureaucracy and NIMBY (not in my back yard) we can’t build housing units fast enough to keep pace.

We need to build at least 19,000 housing units (apartments, multifamily and single family) per year to serve our growing population.  We are currently building about 8000 per year.  See the problem?

Great areas like, Upper Arlington, Westerville, New Albany will thrive assuming the schools stay solid and homeowners keep investing in the needed updates on their homes.  They also have the advantage of proximity, located just a 30-minute drive to many of the new projects mentioned above.

The good news is many of the new employees from out of state do not mind driving an hour to work so that puts Newark, Plain City, Grove City, Mount Sterling, Heath and many other rural towns in play but we still have to build more.

Schools and community will be important factors.  Many communities are starting to get it, and are making themselves more attractive by adding the arts, restaurants, downtown living spaces, athletic facilities and community events.

Many of the above businesses have plans and programs in place to partner with schools, but they can only do so much.  Schools will be a big deciding factor when the buyers come.  This is where established school districts like Westerville, Olentangy, New Albany and Granville have an advantage with enough of a track record that homebuyers can compare.  Other districts that will see exponential growth will go through some growing pains.  Private schools will become more and more popular but again, that is the advantage of established school districts.

So, buckle up Columbus, overall, the housing market will stay strong.  Investments in your home will certainly bring dividends not only in value, but in enjoyment for yourself.

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