Property Developers Welcome the Arrival of 2,100 Manufacturing Jobs To Brevard County
By Space Coast Daily // January 26, 2022
Space Florida employs more than 130,000 people, contributing $19 billion to the state’s economy. Now, they’re looking to expand again, with the announcement that Space Florida will create 2100 additional manufacturing jobs in Brevard County by 2025. This is good news for property developers, who are hoping to build high-value properties to cater to the influx of highly-skilled workers.
Space Florida Salaries to Average $84K
As with most jobs in the aerospace industry, these new manufacturing vacancies are expected to be highly paid. An investment of over $300 million for a new facility to be situated at Orlando-Melbourne Airport means that new employers will enjoy a substantial pay packet. On average, these new jobs will pay a wage of $84,000 per year.
Part of a proposal known as Project Griffin, this means that Brevard County will soon be home to greater numbers of high-earning residents. Property developers are seeing this as an opportunity to build luxury properties for the workers to use. Space Florida has always benefited the local economy but it shows no signs of slowing down.
High-Value Commercial Property is Needed
Naturally, housing will be needed to accommodate the new Space Florida employees who intend to move to Brevard County. However, the implications are far wider than this. There will need to be new developments of retail outlets, office spaces, and leisure centers. There will also be a need for shared green spaces, which will need to be maintained with commercial landscaping services and lawn care.
Many other industries will benefit from this decision to create 2100 new manufacturing jobs. Beyond the facilities being built at Orlando-Melbourne Airport, there will be new stores, gyms, and movie theaters. The new highly-paid workers will need amenities and that means that commercial property developers have a huge opportunity.
The Prospects of Brevard County’s Property Market
The average home in Brevard County is listed at $324,000. This is typical for the state of Florida, showing that the county is competitive with neighboring regions. As more highly-paid residents move in, however, there is ample opportunity to allow property prices to rise. Both residential and commercial property developers, therefore, should be looking to make a profit on their investments during the next three years.
Space Florida has helped Brevard County become the center of space exploration in the USA. However, its influence has been far wider than that. This announcement of 2100 new manufacturing jobs coming to the county over the next three years has pricked the ears of commercial property developers. They view this as an opportunity to invest in luxury and high-value property.