The closing date has passed so now it’s just a waiting game for the dozens of cities that are vying for the title of Amazon’s HQ2.
The $5billion project will produce a whopping 50000 jobs for its chosen city, so it’s little wonder that 238 proposals were received from across the continent.
Submissions as you would expect came from the large urban centers like LA, New York City and Toronto, to name but a few, but there were also applications from smaller lesser known places like
Worcester, Massachusetts and Stonecrest, Georgia.
Such a lucrative deal would surely be a win to any city. A windfall or lottery win if you will, it could certainly cause a seismic shift to some of the smaller cities that are vying for a slice of the Amazon pie!
But the effects for different locations would differ dramatically. Cities such as New York that are home to many white collar workers already may not notice such a major economic change, they will just become more prosperous.
But the smaller, lesser known locations, that’s where the revolutions could really occur.
There’s no doubt that winning the race to secure Amazon HQ2, would be a massive victory for the successful city but there will definitely be winners and unfortunately some losers.
Whilst many people may focus on the amount of jobs that will be created, these aren’t just any old jobs these are highly skilled, well paid jobs that will ultimately have a knock on effect to the tech industry that is already established in the chosen location (Be it big or small).
For example, Amazon may entice people from their current positions (leaving many jobs vacant.) Smaller companies may struggle, as they are not able to compete with the attractive salaries and perks that come with working for a multibillion dollar company.
It’s not only the jobs created by Amazon though, there will be an increased demand throughout all industries.
Certainly wherever Amazon decides to open HQ2 will see an influx of skilled and unskilled workers migrating there.
Real estate economists have been analysing the positive and negative effects that could potentially ensue from scoring an expansion of such public prominence.
In the 7 years that have passed since Amazon situated its HQ in Seattle’s South Union neighbourhood, house prices within and in the local vicinity have increased by a whopping 83% and rentals by 47%.