I received a comment over the weekend from JK referring to Citigroup's new Georgetown data center.
Here's the scoop:
Citigroup bought a 55-acre site on SE Inner Loop in Georgetown in back in January of 2007. It has already completed construction on the new building and is up and running. The financial services expected to hire about 50 people (for current positions available go to: https://www.citigroupcib.com/careers) with an average salary of approximately $70k/year.
As for how it could affect home sales, it depends on a few things, such as:
--Will employees move here from out-of-town/state?
-If so, we could see an increase in area home sales.
--Do local employees already own their home?
-These folks may sell their current homes to move closer to work or possibly buy a larger home if their income is increased. Or they could choose to stay in their current homes; in this case the new employment wouldn't affect the real estate market directly.
--What about employees who currently rent?
-With a new, stable job, some folks can't wait to invest in their own home. Again, this could cause an increase in home sales.
But no matter what the new jobs mean for the local real estate market, they will definately have a positive effect in Georgetown's economy. We'll have to wait and see how big it will be.
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