Ford Megasite expected to impact housing market in surrounding areas
JACKSON, TN (WNBJ) - Today, Governor Bill Lee called for the Tennessee General Assembly for a special session addressing Ford Motor Company’s Memphis Regional Megasite.
During the special session, lawmakers will discuss funding to support and benefit the historic $5.6 billion dollar investment at the Memphis Regional Megasite.
The state says the session will include topics on site development, education, and workforce preparation.
Gov. Lee saying that Megasite will transform west Tennessee.
“Our partnership with Ford and SK Innovation will transform west Tennessee, and it’s important we ensure this project has the structure, funding, and accountability needed to be successful. I am calling a special session to secure a lasting impact for Tennesseans, and I thank the legislature for their partnership in an efficient, productive assembly,” said Gov. Bill Lee.
A big part of that transformation for west Tennessee will be in the housing industry.
With the plant bringing in nearly 6,000 new jobs to the area realtors at Town & Country predict Haywood County and neighboring counties will see tremendous growth in their housing market.
“With 56 hundred jobs coming to that area, I think we will see an impact of about a 50-mile radius from Brownsville. Haywood county currently has eight houses on the market and that is not nearly enough to house 56 hundred people and their families,” said Madaline Hudson, an Affiliate Broker with Town & Country Realtors.
Hudson encourages house hunters to be ready to make an offer on a house quickly because they often do not stay on the market for long.
“If you wait on making an offer on a house our median days on the market right now are four. So, if that house goes on the market on Thursday and you are waiting to Monday to get your lender letter, you’re probably not going to be the person whose offer is selected on that property," said Hudson.
The Memphis Regional Megasite is expected to be completed and operational by 2025.