Memphis continues to be the beneficiary to big announcements from major corporations intent on growing and developing new operations in Memphis. With the announcement this week of 275 additional long term jobs, those who are investing in Memphis real estate have have 275 more reasons to smile!
Mitsubishi Electric Power Products, Inc. announced this week a new project in Memphis that will add 275 full time jobs when it reaches full capacity. The 350,000 square foot plant will house the production of Mitsubishi's heavy electrical equipment plant and large electrical transformers. This is the second major announcement this year for the Memphis jobs community.
Along with the announcement from Electrolux for the relocation of their North American headquarters to Memphis, the announcement from Mitsubishi is ringing like music in the ears of real estate investors who have been investing in Memphis real estate for long term buy and hold. The jobs from these two companies will help to continue the stabilization of home prices by providing much needed new incomes. At the same time, given that these plants are both being built in Shelby County, they will provide easy commutes for Memphis residents and should help to raise rental rates in some areas of the city.
The Memphis plant will be the only plant outside of Japan producing the large transformers for the company which are a key component needed to update America's aging power grid. This is a good sign for the long term viability of the jobs that are going to be produced from the plant. Even though it is only producing 275 long-term positions, the development and construction of the plant should last between 12 and 18 months and will provide steady work for many Memphis laborers.
As an investor owning properties in many areas of Memphis, I am excited by the news and the continued push by Memphis' leaders to be progressive in thinking about new industries and aggressive in going after them. The huge Memphis work force along with the relative low cost of living both are proving to be very attractive to employers. We'll keep you updated on any upcoming announcements from other companies looking at Memphis for expansion!