WRCBtv.com | Chattanooga News, Weather & SportsVW Excites the Housing Industry
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Eyewitness News Reporter
Chattanooga, TN (WRCB-TV) -
Volkswagen's decision to come to Chattanooga may be the city's saving grace when it comes to the sluggish housing industry.
Chattanooga has fared better than some when it comes to slowing home sales, but many neighborhoods across the Tennessee Valley have been left incomplete.
"Everything has slowed down, houses aren't selling," says Hart Group Property Manager Donna Tucker, "and with this (VW) coming in we can gear back up and start building more houses."
You can buy a house in Chattanooga cheaper than in Nashville, Knoxville, or Memphis. Although it is a good time to buy, realtors say the prices must go up for the industry to survive. A new VW plant may be just the trick to increase property values.
"It might take a while to have an effect on those values," says Herman Walldorf and Company President Charlie Walldorf, "but it definitely will impact those real estate values in Chattanooga."
The new plant will provide 2,000 news jobs. For every one of those jobs, seven are expected in related fields. The housing industry is expecting to be on the receiving end of that estimate.
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