patrick.net

Tesla said they expect their gigafactory to employ about 6500 people full time by 2020, and the average salary looks to be about
$23/hr, so thats about 45k / yr. $23/hr is slightly above average for the Reno area.
http://www.rgj.com/story/news/2014/10/22/tesla-submits-gigfactory-incentives-application-technobubble/17751341/

The gigafactory is here at the Star,
https://www.google.com/maps/d/viewer?mid=1XLqLq-2K4HlzY2W3Z3hBxNQgTMI&hl=en_US

I think most of these new employees would live mainly in Reno and Sparks. The other nearby towns
are pretty small, combined they're only around 25k ppl. Sparks is about 96k ppl, and Reno about 240k.
http://www.census.gov/quickfacts/table/PST045215/3260600,3268400

This Reno/Sparks area economy has about 233k jobs.
http://www.bls.gov/eag/eag.nv_reno_msa.htm

About 4-5k homes are sold per year. Maybe about 140k units exist.
http://www.city-data.com/city/Reno-Nevada.html
http://www.city-data.com/city/Sparks-Nevada.html

To me, it seems like this gigafactory alone has the potential to push up
local real estate prices a decent amount. It adds a decent chunk of jobs that pay well
for the area. And, unless I'm not thinking about it right, I think 6500 new jobs
translates to needing a similar amount of new housing units - what seems to be about
1 years worth of housing supply.

Anyone else think this factory will make a meaningful pop in prices?

#housing #economics #investing