Grand Rapids Construction Hits Historic High, Could This Affect Grand Rapids Real Estate?

March 3rd, 2009 by Katie K Team

Despite everything in the local and national news discussing the current poor state of the nation’s economy, Downtown Grand Rapids is experience record growth. This growth is due to unprecedented investments in health care facilities.  According the Grand Rapids Press, there are more than $770 million dollars in ongoing construction projects downtown. An estimated $128 million of these projects are already in development, the rest are waiting to see what the economy does before proceeding.

In addition to health care related construction, the Urban Institute for Contemporary Arts, Galleries, hotel space and several renovation projects are all in some stage of development.

What does all this development mean for Grand Rapids Real Estate?  Typically, new development leads to new jobs; new jobs require people to fill them.  People who are relocating to the area for these jobs in turn need housing.  Growth is good!

For the complete story and a map of the downtown area construction, please follow this link to MLive and the Grand Rapids Press:

http://www.mlive.com/business/west-michigan/index.ssf/2009/02/recession_doesnt_stop_grand_ra.html


 

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