Report: If Amazon brings more jobs to Nashville, housing market will see impact


    Photo: DoD

    NASHVILLE, Tenn.--With the announcement Amazon has canceled the plan to build an HQ2 in New York City, Tennessee officials have voiced a willingness to work with the company.

    Tennessee Department of Economic and Community Development commissioner Bob Rolfe this week told FOX Business Insider the state "would be very interested in working with Amazon in any way possible."

    The company made the decision to scrap the deal following resistance from lawmakers. Amazon has stated there are no plans to look for another location but with a new Operations Center slated to open in Nashville, the questions remains if the company will add to the 5,000 jobs slated for the center.

    One point of contention in New York City was the impact HQ2 would have on raising rent prices. If the company were to bring more jobs to the Nashville location or even the headquarters, real estate database company Zillow sees some of the same issues.

    In a statement from Zillow Group following Amazon's announcement on Thursday, the company states the decision to pull out of NYC is "expected to impact not only the housing market there, but also in places like Nashville, where many of those jobs are likely to move."

    Zillow states Amazon pledged to bring 50,000 jobs to it's headquarters sites in NYC and Arlington, Virginia. To put it in perspective, 50,000 jobs in Nashville would mean a tripling of rent growth in Nashville according to Zillow.

    But even a smaller increase in jobs here in Nashville could have a big impact. Zillow reports in Long Island City -where the NYC HQ2 was to be built- condo list prices in the area jumped by 12 percent. Condo rental prices per square foot also tripled when compared to the previous year.

    Nashville Mayor David Briley said the announcement in no way affects plans for Amazon's Operations Center in Nashville. "Today’s news in no way affects Nashville’s partnership with Amazon which will bring its Operations Center of Excellence to our city and create 5,000 jobs," Briley stated.

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