Today Apple announced a new campus, bringing $1 Billion and 3,000 jobs in technology like software engineering and machine learning to Wake County in North Carolina.
Apple’s expansion will be located in North Carolina’s Research Triangle area, which gets its name from nearby North Carolina State University, Duke University, and the University of North Carolina. Apple CEO Tim Cook and COO Jeff Williams have MBAs from Duke. Apple senior vice president Eddy Cue, who is in charge of the company’s online services, graduated from Duke.
The campus will be 1 million square feet on the Wake County side of RTP, on tracts of land straddling N.C. 540 near Cary and Morrisville. It will run on 100% renewable energy, the company said. The new North Carolina campus is part of the company’s plan to invest $430 billion and add 20,000 new jobs across the United States in the next five years.
Apple will also establish a $100 million fund to support schools and community initiatives in the greater Raleigh-Durham area and across the state, and will be contributing over $110 million in infrastructure spending to the 80 North Carolina counties with the greatest need — funds that will go toward broadband, roads, and bridges, and public schools. When up and running, Apple’s investments are expected to generate over $1.5 billion in economic benefits annually for North Carolina.
This is exciting news for the Triangle and just the sort of boost our region needed to help increase the pace of available homes in a tight housing market. Many locals have been hesitant to sell and upgrade due to concerns over economic stability and uncertainty as a result of the pandemic, resulting in record-low inventory. An increase in demand from approved and eager buyers, many with large sums of cash, continues to drive the market in favor of the seller.
How this Apple expansion may impact you:
Home prices will continue to rise, resulting in an increase in equity [yay for sellers and current homeowners]. Housing demand will continue to impact buyers and benefit sellers. However, the economic boost to our local economy will provide the stability potential sellers need to feel confident about listing their homes–resulting in an increase of available homes, thus leveling out the competition for both buyers and sellers. This won’t happen overnight, though.
This is good news for buyers feeling defeated in the hot North Carolina housing market. A continued interest in the Triangle from builders will help offset the limited resale pool.
The Bottom Line
Now is an even better time than ever to buy or sell a home. This is not just a thing Real Estate Agents say to get your business. The data is real and it supports this statement now more than ever. If you are thinking about selling, send us a text or give us a call. We are ready to help you list your current home, help you make some serious cash on your sale, and help you get into that dream home you’ve been saving for!
If you are a buyer eager to gain leverage over your competition in this tight market, text help me buy or give us a call.
We look forward to helping you!
All my best,
Colette