Quality jobs are an important part of any thriving city. When good jobs are available that provide enough income for families to be supported, an area can grow and the people in that area can set down roots for the long run. Ongoing available employment is one of the most important elements of a strong housing market, among many other economic factors.
A Big Economic Boost
While Peoria has been no stranger to good news when it comes to the local economy in recent years, an ongoing project that is soon to go into action will bring even more growth and excitement to the area. Specifically, we are talking about the manufacturing plant that is being developed by Taiwan Semiconductor Manufacturing Company. This is the largest contract chip maker in the world, and the opening of a plant in North Peoria is set for 2024.
What will this mean for the local area? The impact is expected to be significant. With well over 4,000 people to be employed at this facility, many in the area will be able to secure work with this major corporation. And, it should be noted that many of these jobs come in with salaries well over the national average for such positions. Some of the jobs will require education or work history relevant to the role, while others will require applicants to hold little more than a high school education.
Impact on the Housing Market
As you might imagine, it is expected that the opening of this plant is going to have a notable impact on the economy in North Peoria and the surrounding area. With attractive jobs available, many people will want to live close to where they are going to be working – so it seems likely that demand will be strong and homes will appreciate. This is good news for those who choose to make Peoria their home.
With this kind of economic news, it’s not only the direct impact of the jobs that are created by the plant, but also the downstream effects that take place, as well. With thousands of people employed at the plant in well-paying positions, there will be more nearby demand for retail stores, restaurants, and other businesses. In some ways, everyone wins with this kind of development, and it’s certainly an exciting time to live in or around Peoria.
Many New Homes Available
In advance of the opening of this new manufacturing plant, many new home communities have popped up within a comfortable drive of the location. Whether or not you are interested in looking for employment at this new facility or simply want to live in this area for the many benefits that it offers, it’s worth checking out some of the many great nearby neighborhoods.
If you are interested in learning more about one of our beautiful Scott Communities, please take a moment to reach out to our team today. We can’t wait to hear from you!