More jobs in Michigan this year could help significantly boost the real estate market.
Love him or hate him, Trump promised jobs, and he seems set to deliver. One way or the other the new administration seems it is going to get its way in boosting US jobs. That should be great for MI, and for its property market.
Making Michigan’s Auto Industry Great Again
Crediting Trump’s policies and a new positive business environment in the US, Ford has scrapped plans for a $1.6B plant in Mexico. It is now investing in MI, and creating 700 new jobs in the process.
More auto makers could join the trend soon too. Both GM and Toyota have been singled out by Trump as well. He has threatened harsh taxes if they build in Mexico and sell cars in America. Toyota’s stock price tanked after the news. Many other companies of all sizes could quickly find it is cheaper and more profitable to stick with made in America, and keep jobs onshore.
Tesla’s recent announcement that it will be doubling its Gigafactory, and bring battery cell production to the US from Japan definitely confirms this trend, and could add an additional 30,000 jobs to the economy.
The January 2017 Detroit Auto Show provides more hints that great things are on the way. Not only are automakers coming to the city to show off fresh designs and autonomous vehicles. Even Disney and Google are playing a role.
Michigan also presents an extremely attractive opportunity for a very wide variety of businesses and industries. It offers low real estate costs, a strong pool of talented and entrepreneurial workers, and affordable housing for workers. This last fact is quickly becoming one of the most important factors for businesses.
For those not needing in-house employees, MI has also positioned itself as a great city for outsourcing. It still keeps jobs onshore, and the lower living costs mean affordable wages, which workers can still live well on.
This job growth and income growth in MI, could also help support healthy home price appreciation. This is turn will make workers wealthier, and create more job and investment opportunities.