GE Aviation could affect housing market, businesses

TIPPECANOE COUNTY, Ind. (WLFI) – Jobs coming with new GE Aviation facility could boost the housing market and business in the Greater Lafayette area.

“This is a place to live, this is a place to work, this is a place where people can have fun and be successful,” said Joe Seaman, Greater Lafayette Commerce President.

RELATED STORY: Purdue programs, students will benefit from GE Aviation

On Wednesday, the Greater Lafayette area welcomed the announcement of GE Aviation building a new $100 million facility in Lafayette. With the facility comes 200 high quality jobs with the average pay of $36 an hour.

“I think it’s just another example of the quality of life here in Tippecanoe County and what we can expect for future growth here in the local marketplace,” Brett Lueken, broker and owner with RE/MAX Premiere Partners.

Lueken said there’s been a great demand from buyers. He expects the GE Aviation jobs to bring buyers looking for homes in the $200,000-$250,000 price range.

“We have a very limited supply in our marketplace currently and it’s been that way for the last couple of years, so it’s going to create a more competitive marketplace and I think that’s going to help increase our values even more in the local marketplace, which will help the existing homes,” said Lueken.

Lueken expects the new construction industry will continue to do well as the jobs start up.

Business in general is also expected to do well. Seaman said the GE Aviation facility will utilize other businesses and suppliers. The jobs will also bring families — families who like to shop and go out to eat. He estimates there will be 7-8 support jobs for every hire at GE Aviation.

“A support job can be identified in this scenario as an economic standpoint everything from a clerk in a grocery store to actually another clerk maybe at McDonalds to someone working at, you know, one of the car dealerships,” said Seaman.

GE wants production to start as soon as possible, so the company plans to break ground in June. The company will start hiring in 2015, with all positions being filled by 2020.

MORE GE AVIATION RELATED STORIES:

GE Aviation announces Lafayette facility, creating 200 new jobs

GE Aviation makes it official, groundbreaking in June

West Lafayette Mayor weighs in on impact of GE investment

GE Aviation may keep Boilermakers in the community

blog comments powered by Disqus