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Donnie Bennett
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★ BREAKING NEWS THAT WILL IMPACT REAL ESTATE IN RHODE ISLAND ★

General Dynamics Electric Baot northdakota with LOGOAnytime jobs are either created or cut, there is a direct correlation with the real estate market associated with the employer.

North Kingstown is about to feel that impact – and the news isn’t being portrayed as being bad.

Jeffrey Geiger, President of General Dynamics Electric Boat, spoke in front of legislators and leaders this morning, at its Groton, CT offices, and gave an upbeat forecast of the company’s future.

He said that Electric Boat (EB) expects to INCREASE its workforce, mostly in Rhode Island and Connecticut, by 4,000 over the next 15 years. That move would bring its workforce up to a total of 18,000 employees.

By the end of 2016, the shipbuilder expects to hire 1,800 people, including 300 at its Rhode Island shipyard in Quonset Point. Most of those 300 hires will be to replace workers who are expected to leave the company.

Geiger went on to say that the total workforce is expected to dip to about 12,000 over the next 3 to 4 years, before climbing toward the projected number of 18,000 as work on the replacement for the Ohio class begins.

HE ALSO ADDED THAT ABOUT ONE THIRD OF THAT DIP WILL DIRECTLY IMPACT JOBS AT QUONSET POINT. The only question is… ONE THIRD OF WHAT?

In order to put everything in perspective I reached out to the human resources department – and then the public affairs office for General Dynamic – so that I could obtain a number on HOW MANY JOBS currently exist between Quonset and Connecticut. To me, that’s an important number to know so that we can all better gauge the impact of the forecast laid out by its President. I am currently awaiting a response and will update this article when they decide to call me back with the correct figure.

Even so… the prospect of more jobs, brings with it the prospect for a stronger real estate market.

The company has no shortage of work on the horizon. It currently has a backlog of 16 Virginia-class attack submarines under contract, with expectations that the Navy will order additional attack submarines from the company – as well as hire it to build the replacement for the Ohio class of ballistic missile submarines. The backlog represents $21 billion of work to be done.

Electric Boat also expects an 11% increase in submarine spending in the federal budget in the 2017 budget year, which will begin in October.

The good news for Electric Boat is also a boost for suppliers in Rhode Island, who will share in increased work at the sub maker. A total of 146 suppliers in the Ocean State have received $98 million in contracts from Electric Boat over the last five years, Geiger said. An additional 471 suppliers in Connecticut received $579 million.

To sum things up… it would appear that EB is expecting a positive and profitable foreseeable future. And my hometown of North Kingstown may have the opportunity to benefit from potential market increases in real estate.

For more information… or for details on any specific property you might be consider buying (whether money is no object, or every penny counts)… please reach me anytime… 7 days per week. My team and I serve residential buyers and sellers all over New England… with affiliates around the world! Are you a FSBO SELLER? Call me for my complete guide to SELLING YOUR HOME ON YOUR OWN!

Thanks for visiting my website. Rhode Island is my home, and I’m always here to help.

Cheers!

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Donnie Bennett

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Donnie Bennett

Team Leader, Residential Expert, REALTOR®

Info@BlackstoneOcean.com

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BLACKSTONE/OCEAN Properties

931 Jefferson Blvd., Suite 2006 - Warwick, RI 02886

Donnie Bennett, REALTOR®​ Serving Rhode Island