When new homes and businesses start popping up across a neighborhood or town, it can spark mixed responses from locals who have lived in the area for a while. Although it might make some people skeptical or afraid that the community will change, there are many benefits that typically come along with seeing an increase in local construction projects. Here are a few of the most common ways that new buildings can be a sign of great things to come.
Existing companies stand to profit from an abundance of construction jobs in the area. For starters, local businesses that supply lumber and other tools that are integral to completing the projects are always more convenient than shipping the materials from far away, which means such companies will see an increase in orders and payments. In the long run, new construction will likely translate to more people who will need to shop at local businesses regardless of their focus. This makes construction an excellent source of economic development for communities of all types. From restaurants to fitness clubs, new traffic in town will always translate to support for existing businesses.
No city or town can operate at its optimal level without a steady source of tax payments. Since new construction generally means additional residents and commuters traveling to the area for work, it is much easier to attract a wider and more robust tax base. Furthermore, the property taxes and sales taxes collected by newly constructed businesses will also contribute to the costs of operating a municipality. The added income will mean more resources for improved infrastructure, new parks, better schools, and many other important local perks. Furthermore, the more new construction that an area receives, the more likely that the region will attract additional tourism. Every time a visitor comes to a community, there will almost always be new tax revenue collected in some form. It doesn’t matter where the taxes come from because they will all go to the most local sources of government for uses that will benefit everyone within the tax district.
Philanthropic Efforts – Sell a Home, Save a Child
Construction projects can also benefit the larger community by engaging in philanthropic projects. Sell a Home, Save a Child (SAHSAC), is an excellent representation of this. The idea behind SAHSAC came from two realtors, Erik Hatch and Nick Shivers, who wanted to help transform the lives of vulnerable kids. After witnessing the devastating effects of poverty firsthand, they decided to work together with Forward Edge, a global organization that focuses on helping children and communities overcome their challenges.
Through his business WestOne Properties Group, 10% of the homes sold are donated to help these kids overcome their various issues. These kids are often victims of natural disasters, waterborne diseases, and extreme poverty. Through these initiatives, SAHSAC has now raised over $3.5 million, with $785k of this total being raised in 2022 alone. Nick and his team look forward to the future and the charitable goals they will be able to achieve.