THE BIG PICTURE
TECH CORRIDORS
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Forcing the Economy HOW TECHNOLOGY CORRIDORS, ROBOTICS AND REAL ESTATE ARE HELPING SHORE UP ECONOMIES AT RISK.
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by Carole VanSickle Ellis
A
ccording to U.S. economists and labor analysts, the country could be heading toward “the biggest jobs-related crisis since the Great Depression.” This time around, however, simple and massive job creation might not be a viable solution. According to the U.S. Bureau of Labor Statistics (BLS), nearly half (47 percent) of “all existing jobs will eventually be eliminated by automation and artifi- cial intelligence.” To put it bluntly, the jobs lost during the Great Recession to other countries and simple econom- ic forces aren’t coming back, so the country had better prepare. In fact, Ball State University’s Center for Business and Economic Research estimates that 85 percent of the manufacturing jobs commonly believed to have been lost to overseas employers between 2000 and 2010 were actually lost to something far more irreversible than low pay rates and less labor regulation: technology. Although there are plenty of dooms- day-sayers out there warning that this latest evolution of the labor market heralds such
dire events as the end of the United States, worldwide recession and the Apocalypse, the bureaucracy is, for once, making itself useful in a looming crisis. We’re not referring to the current administration, either, not because we stand for or against President Trump’s jobs policies, but because the real, relevant work going on in the United States to shore up our economy and our jobs market is being done on a different plane in a way that is highly relevant to real estate investors. We are referring to the cre- ation, development, expansion and, above all, promotion, of the “high tech corridor.” As it becomes increasingly apparent that the economy cannot rely on manufacturing jobs, cannot rely on “bringing jobs back” from elsewhere and cannot rely on artificial stimulus forever, just about every municipal government, large or small, is focusing on establishing itself as a “high-tech” park, hub or, for the most ambitious, corridor. A high-tech corridor or, depending on the size of the community, a high-tech park or hub, when successfully developed, brings great things to the local real estate market and
broader economy, including:
A STRONG JOBS MARKET High-tech jobs have a jobs-multiplier number around nine, with some actually going as high as 12 to 15. A jobs multi- plier number is the number of jobs that the act of creating one job in a particular sector creates in total. So, for example, the creation of one aerospace engineer position at Honeywell International Inc.’s aeronautical division at its Phoenix facility will ultimately create the need for multiple other jobs in the Phoenix area. That engineer will likely move into a nice neighborhood and require landscaping care. She or he will probably need pool mainte- nance since the home will probably have a private pool, and the extended family will also need child care, entertainment, options for eating out and day-to-day services like hairstyling. For all those things to happen, local businesses will end up expanding their footprint and creating more jobs as a result
Think More Connections
Think Realty Coaches are hand-on pros who represent the best and brightest Real Estate Investors from across the country - and they are sharing their insights with Think Realty Members. With online videos, chat sessions, and event presentations, Think Realty Coaches are here to help members with valuable lessons and tips to help you up your game. Featured coaches include:
Tameka Bryant President, Think Realty Real Estate Services
Sonia Booker CEO, Sonia Booker Enterprises
Eddie Wilson President, Think Realty
> Continued on :: PG 16
Learn more and get more . Sign up for membership today at ThinkRealty.com
14 | think realty magazine may :: june 2017
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