As the Triangle preps for massive tech giants Apple and Google to officially make the move to the area, it’s expected the companies will bring more than business alone. While new jobs are a guaranteed necessity that comes with companies of their stature, there are other benefits that are sure to create new opportunities for the entire area.
From financial advantages for the region and smaller businesses to improved infrastructure for the entire state, the benefits are expected to be noticed nearly immediately.
Here are four ways Google and Apple will create a boost for the Triangle in the coming years.
New, high-tech jobs are coming
Apple announced its investment in a new campus at the Research Triangle Park will bring a minimum of 3,000 new innovative jobs in such fields as artificial intelligence and software engineering. Similarly, Google will bring approximately 1,000 new jobs, and Fujifilm Diosynth is expected to add around 750 jobs.
What does that mean for North Carolinians? For one, it means new jobs will be readily available, particularly for those who have tech degrees from the Triangle’s world-renowned universities. It also means additional business will be drawn to the area and that current businesses will feel the positive effects. These companies will continue to attract top talent to the area in fields that will continue to grow.
Business will boom
The North Carolina Department of Commerce estimates Apple’s jobs will offer average salaries of $187,001. Comparatively, Wake County’s average annual wages are just under $64,000, which means an additional $550 million in payroll dollars per year will be brought into the community from Apple alone. It’s also expected Apple will generate more than $1.5 billion for the state. Meanwhile, Google’s addition to Durham is part of a plan to grow its U.S. operations by $7 billion. The addition of Fujifilm Diosynth in Holly Springs is expected to generate an additional $85 million in payroll dollars to the region, too. Those dollars will be realized by businesses throughout the Triangle, creating a positive affect for the state.
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Infrastructure will improve drastically
Apple has promised millions of dollars to support schools and community initiatives throughout Raleigh-Durham. Furthermore, the company will provide the state with more than $110 million to provide broadband, roads and bridges, and better public schools to counties throughout North Carolina. Google’s expansion into communities throughout the United States is part of the company’s plan to invest billions of dollars into offices and data centers to create lasting economic recovery. Fujifilm has also promised its facility will create a hub for enhancing the infrastructure and talent of the area. Thanks to these commitments by these companies, the entire state is poised to benefit from millions — potentially billions — of dollars that will be invested into North Carolina and the Triangle.
The housing market will continue to grow
According to the July 2021 local market update from the Triangle Multiple Listing Service (MLS), there continues to be a steady growth in sales throughout the region. Commercial real estate services and investment firm CBRE Group, Inc. reports the Raleigh-Durham area is already seeing massive growth thanks to migration from bigger cities: in 2020, 23 percent of new Raleigh residents moved from New York City and 32 percent of new Durham came from New York. Those numbers will continue to increase as these tech companies draw new talent from major metropolitan areas to the Triangle market.
New construction will begin to rebound as supply chain issues caused by Covid-19 corrects itself. However, it might be time to consider whether to buy or sell to take advantage of the market. If you have time to build, you may be able to sell and build new or upgrade your current home. Is it time to downsize? You may get a massive increase in your home’s value from the influx of new buyers.
Whatever you choose, the market shows no signs of slowing down. It’s a great time to buy or sell.
Thinking about buying a home? Check out this list of local professionals with the Jim Allen Group.
The Jim Allen Group is a nationally recognized and award-winning real estate team in Raleigh, North Carolina ranked the #1 Coldwell Banker HPW Sales Team in the nation.