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How New Housing Developments Benefit Local Economies

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The Redirections Group Blog

 

How New Housing Developments Benefit Local Economies

Chelsea Weigandt

How New Housing Developments Benefit Local Economies

These days, it seems like new housing developments are popping up all over the place, and this is definitely a good thing. New housing developments can have a significant impact on the local community. Here's why you should get excited about new developments in your area: 

Bring on the New 

First off, new housing creates space for new residents. These new community members, in turn, become patrons of local businesses, which boosts the economy. Also, the construction of these new homes creates more jobs, giving locals more money to spend. As the residential areas expand, new businesses will come to the area. New schools will need to be built as well, boosting home values in the area. All of these factors combine to make the area an even more desirable place to live, and that is something that truly benefits everyone in the community. 

Money Matters 

In addition to boosting the job market, new housing developments also generate a lot of income for the city itself. Between permit fees, property taxes and other income sources, new housing enables the local government to have more money to spend on improving the community. This includes things like infrastructure, schools, social programs, community beautification and more. Regardless of whether it is a metropolitan or rural community, the income boost to the local government benefits the community as a whole. 

As the residential areas expand, new businesses will come to the area. New schools will need to be built as well, boosting home values in the area.

Benefits for Local Businesses 

As local businesses gain more customers in all the new residents, they'll have more income to boost the wages of their workers. When people make more money, they have more money to spend, which serves to boost the economy even further. As the cycle continues, more and more people in the community will be able to thrive and prosper financially. 

Additional Perks 

While it may not seem obvious at first glance, the improved infrastructure provided by increased government income can help residents to save money as well. When the roads are better maintained, it creates less wear and tear on cars, so residents' vehicles can run smoothly for much longer, reducing the need for costly repairs. Smoother roads lead to better fuel economy as well, helping residents to save money at the pump. 

What are your thoughts on new developments within your community? Do you need help growing and promoting your business in one of these growing neighborhoods? The Redirections Group would love to help! Give us a call today to talk about what signage and promotion options are best for you.