What does low unemployment mean for Triad’s economy? | Local
“One related concern, however, is that the influx of new projects will likely pull workers from other industries, which means continuing challenges for restaurants, bars, hotels and other high-contact services.”
And such an influx could create broader issues in the community, said Zagros Madjd-Sadjadi, an economics professor at Winston-Salem State University.
“One of the big issues with having large employers entering a tight labor market will be the need to accommodate significant in-migration,” Madjd-Sadjadi said,
“Unless the area is prepared to build housing in advance, there will likely be increases in rents and home prices.”
That scenario is a particular concern for the Toyota electric vehicle battery plant planned for the rural Greensboro-Randolph Megasite, which has sparse housing in place for current residents around the site.
“What is likely to happen is that this will result in further gains for labor in terms of…