RACINE COUNTY -- Realtors in SE Wisconsin are optimistic a $10 billion Foxconn plant would lead to growth in the housing market, and they're excited to welcome the manufacturing giant to the Badger State.
Wisconsin Gov. Scott Walker has called the Legislature into special session to consider passing a $3 billion incentive package to lure electronics manufacturer Foxconn to the state.
Walker made the call Friday, July 28th for the Legislature to return in August. Walker and Foxconn CEO Terry Gou signed a memorandum of understanding on Thursday for the factory to be built, contingent on the Legislature taking action.
The Taiwan-based electronics company says it will build a $10 billion factory employing up to 13,000 people over the next six years.
As lawmakers iron out the deal that will bring the company to the United States, preparations are being made for those who will staff and support the company.
"We are going to have a large construction project," Lyle Albro, Shorewest Realtors director of sales for Racine and Burlington said.
With the potential for 13,000 new jobs over six years, Albro said those in real estate are excited, especially since other big projects have brought buyers to the area in the past.
"Because of the length of the construction project, people did purchase. People are looking for long-term rentals. That was an improvement. This is going to be many times bigger than that. We will assume that will start even earlier than the jobs being created with Foxconn," Albro said.
Albro said the Racine, Kenosha and Walworth markets have seen solid gains in sales recently, and will see an increase in value -- and the market will grow exponentially.
"We've had a good six months especially, and the market has improved ever since 2013. The last quarter, second quarter of 2017, we were three percent over in sales and six percent over in the average sale price in the county of Racine, so this is only going to improve that," Albro said.
The possible real estate boom will affect more than just homes. The community will feel the trickle effect as well. Since grocery stores, office buildings and other commercial structures will have to be built to accommodate the new workers moving in, realtors say it'll also push demand for more quality-of-life services.
"This should only make it better," Albro said.