Creating Economic Growth
The work of redeveloping old urban neighbourhoods is often a necessity, but it usually runs into roadblocks before the project begins. Local residents might want to keep their neighbourhood the same, or other parties interested in the area might want to avoid higher taxes as property values go up. Some people see new construction as destructive to their way of life, but a big part of redevelopment is creating economic growth for an area that may desperately need it.
The rising economy in an urban project begins as soon as construction starts. While most developers and contractors have their own workers they will bring to a job, there are always openings available. Some could be due to workers finding more jobs in their own area of a city, or the project could require more workers than a company has at the time. Economic growth begins with job creation, and being hired to work on a construction project often leads to future work in the industry.
Many modern urban projects offer a combination of finished spaces. There will usually be housing, retail space, and there could even be entertainment or light manufacturing space as part of the overall plan. All of these spaces offer opportunities for growth in the area. Housing requires movers for new residents, they might need new furniture they could purchase in the area, and they could be looking for local work. All of these factors can combine into potential economic growth as new residents and workers spend their money in the area.
There can be a great deal of opposition to redeveloping older neighbourhoods, and it can take time to overcome it and get the project permitted. For those residents willing to experience a new way of life, economic growth could be a good part of the for them and their families.