You have probably heard the rumors that Amazon’s HQ-2 could potentially come to Raleigh. But, if this is true, what impact could this have on our market?
Well, it is important to first realize that no final decision has been made just yet. However, Raleigh is a strong contender.
As for how it will impact our market, we can expect a dramatic influence. Amazon’s HQ-2 will bring 50,000 jobs to whichever location is chosen, so this would obviously be fantastic for our city.
But how likely is it that we will be chosen? Well, ATTOM Data Solutions, which ranks cities based on factors like crime rates, property taxes, and more, has placed Raleigh as No. 1. And based on my own research, there are essentially four main reasons why we topped that list.
- Our talented labor pool. According to Zillow, Amazon would draw about 40% of their 50,000 jobs from the existing labor pool in our market. In other words, a huge number of jobs would be created for people who already live here. To put it into context, 50,000 jobs is about as many as currently exist for RTP, and that figure is spread over 200 companies in this instance.
- Affordable real estate. It may not feel this way to those living here, but housing is still very affordable here compared to other cities. Rent rates would likely be the first statistic to rise if they did move here, though. This would put even more pressure on the limited supply we have in our market. So if you are thinking of investing in real estate, now may be the time to do so before rates are pushed up.
- Tax benefits.
- Crime rates. Atlanta is listed as the second-most-likely city for Amazon’s HQ-2 to move to, but their crime rates are three times higher than ours. So this certainly bodes well for Raleigh.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.