Intel’s announcement earlier this year of a $20 billion manufacturing operation bringing thousands of jobs to rural Ohio was greeted as an economic boon.
But behind that enthusiasm lurked a pressing question.
Experts agree that years of underbuilding dating to the Great Recession of 2008 has caused widespread housing shortages. Nationally, the country is short about 1 million homes, according to Rob Dietz, senior economist at the National Association of Home Builders. The National Apartment Association estimates a rental shortage of about 600,000 units.
“It's economic development. It's going to employ people. But you are probably going to have to bring a lot of people into the area," he said. And "those jobs require housing.” The central Ohio shortage includes the “missing middle” of workforce housing, or homes up to $250,000, said Tre’ Giller, CEO and president of Metro Development, one of Ohio’s largest apartment developers. A recent Zillow search showed only about 570 listings for homes $250,000 or less in the area.
“Housing is definitely an ecosystem,” Riegel said. “If you add housing at one end, and don’t take care of the other end, it has an impact and a ripple effect through the whole system.”
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