Oklahoma City, OK (PRWEB) June 16, 2014
A recent bill was signed by Gov. Mary Fallin that is expected to bring 1,300 civilian jobs to the economic landscape in Oklahoma. Prudential Alliance Realty Oklahoma reports the modification to Oklahoma’s Quality Jobs Program Act will not only help the job market, but also the housing market in the region.
According to a report by The Oklahoman on May 28th, House Bill 1416 will aid Tinker Air Force Base in purchasing a 175-acre BNSF Railway Yard for $44 million in order to expand the efforts by Tinker. The property will be dedicated to aircraft maintenance for the military’s new KC-46A refueling tanker and has already been approved by federal officials. The report also noted that another 2,000 civilian jobs are expected to be added later.
“Not only is this going to serve the people who already live in the area, it’s going to attract more potential home buyers, spur more home building and even more job growth,” says Sheldon Detrick, chief executive officer of Prudential Alliance Realty “With Tinker located within the limits of Oklahoma City, development is going to thrive in downtown and throughout the entire city.”
The current real estate market in Oklahoma City is well-balanced and moving in the right direction, according to Altos Research, a California-based real estate analytics company. Altos uses a unique figure called its Market Action Index to determine whether conditions favor buyers or sellers based on a scale that values 30 as the neutral point. This figure has been trending further into seller’s territory since March, showing high demand for homes.
And these trends aren’t expected to stop any time soon. The Oklahoma Quality Jobs Program bill will also help to aid other local businesses. Qualifying companies can receive quarterly payments of up to 5 percent, and enrollees can take advantage of various other incentives.
The bill is going to play an integral role in the housing market in Oklahoma City, as well as their surrounding suburbs, for a number of reasons. Current home owners may take the opportunity to purchase a larger home, out-of-town and out-of-state residents will be attracted to the thriving conditions and this is going to improve the need for more homes, thus increasing construction work in the region.