Just in case you’ve somehow missed the news, this afternoon Nevada’s Governor Sandoval announced that the State had reached an agreement with Tesla Motors to build a “Gigafactory” battery factory just outside Reno. Needless to say the “Biggest Little City” is abuzz with excitement.
Here is a roundup of some of the news pieces…
- from Tesla Motors: NEVADA SELECTED AS OFFICIAL SITE FOR TESLA BATTERY GIGAFACTORY
- from KRNV News: BREAKING: Sandoval, Tesla name Nevada as official home of gigafactory
- from KTVN News: Tesla Motors to Build Battery Factory in Nevada
- from the Reno Gazette-Journal: Nevada’s Tesla deal: Who wins, who loses
- from the Reno Gazette-Journal: Inside Nevada’s $1.25 billion Tesla tax deal
- from International Business Times: Tesla Gigafactory Heading To Northern Nevada; Why Reno Makes Sense
- from the Wall Street Journal: Tesla to Choose Nevada for Battery Factory — State Likely Offered Large Incentives to Lure $5 Billion Plant
- from Climate Progress: Nevada Hits Electric Car Jackpot, Gets $5 Billion Tesla ‘Gigafactory’ That Will Employ 6,500
Bob
Will this be good?
SMcGuire45
Hi Guy,
I’m a longtime reader (since Diane started the blog) and I was curious what you think the Tesla Gigafactory will do for the Reno housing market, if any impact at all?
Thanks
Guy Johnson
Well, definitely the proposed Tesla Motors Gigawatt factory will impact local housing, and in a positive way. To what magnitude will be the impact is more difficult to predict.
One of the RGJ pieces above (see Inside Nevada’s $1.25 billion Tesla tax deal) states that
That is A LOT of new jobs for our area. Of course these positions will not be filled all at once — in the stories above it sounds as though the factory itself will not be completed for three years and the new jobs (construction workers, factory employees, and other) will be generated through 2020.
How many of these new positions will be filled by people currently living in the area? And how many will be filled by people relocating to the Reno-Sparks area and needing a place to live over the next several years? The answers to these questions, and others, are needed in order to begin to assess the impact to the local housing market.
Just to lend some perspective though, in the Reno-Sparks market…
Whatever figure you decide to use for the number of new people relocating to the area over the next several years, it’s easy to see that there will definitely be an increase in home sales.
And it sounds as though some of this is already happening. In the International Business Times piece above, it was stated that “40 to 50 upscale homes have been recently scouted by Reno real estate brokers, presumably for the construction managers who will be moving to town to oversee the Gigafactory project.”
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SMcGuire45
Thanks Guy for the reply…it will be interesting to see how this all plays out in our area. Exciting times for the region!
Jaded
Ask any homeowner. Their house’s value jumped 10% Friday at 4:15 PM.
ove to Reno?
Damn it!!! I knew I should have bought some Reno real estate in 2010.
Where is the dancing bear now?
Twister
In a cave somewhere.
Washoe County real estate licensees increase for the first time since the collapse of the housing bubble | Reno Real Estate Blog
[…] of more than two years of increasing home prices. And with the excitement and optimism surrounding Tesla Motors’ gigafactory forthcoming expect this increasing trend to […]