An economic impact report has been released and a series of presentations held, to inform the community about the projected impact the new Lakeway Regional Medical Center will have. The report states the impact on Lakeway. While Lakeway will certainly be affected, the impact is far reaching into other areas of Lake Travis and the Hill Country. Phase one of the development is slated to open April, 2012. On opening day, the development can be expected to employ 2500 individuals.
There is a multiplier factor which has to do with ancillary businesses that are needed for goods and services. To date, 176 doctors have signed on to be part of LTRMC. They come from all over, including Canada, Texas, Hawaii, California. Phase one includes 200,000 s/f of offices for doctors. Phase one is scheduled to open with 102 beds. The projection when all phases are complete is 400 beds. The ratio of jobs per hospital beds is 7 jobs per bed.
This development will create a renewed demand for housing, beginning in Summer, 2011. That is almost NOW! The demand for housing will certainly add value. Sellers can look forward to a stronger market and buyers will benefit by buying sooner than later.
The Luxury home market will benefit from the influx of doctors and administrators. Investment property will be more valuable as the large number of services bring new renters to the area. Mid range properties will also experience positive appreciation.
There are many topics that arise when a large employer moves into the community. I plan to address them in subsequent posts. For now, this is a good news report for those who are interesting in selling or investing in real estate. The related issues and how we address them will determine the quality of life that comes with the growth.