Investment in the housing sector is an integral part of a complete economic development strategy. The housing study reveals what many in Nobles county already know. We need to step up housing construction for both owner and rental occupied units. Worthington's housing stats as illustrated in the table below are unsustainable. They point to a supply stream that will not keep pace with expected future demand. According to a 2013 housing study commissioned by the City of Worthington, 500 housing units are needed by 2020 across all market segments. At the current rate of new housing starts, the market on its own could never meet such demand.
|Housing Starts - Worthington, MN 2008-2012
|Permits Issued For:
| New Single Family
| New Multi-Family
Source: City of Worthington Community Development Department 2013. You may view the full report here.(69 Pages)
Worthington population grew by 13% in the period of 2000-2010. While unemployment is consistently one of the lowest in the state at about 3.9%. Worthington is also a regional center of commerce in the youngest demographics of the SW MN Counties. Manufacturing, bio-businesses, Agriculture, and value added processing represent the majority of the local economy.
Some may argue that the local housing market did not see the same wild fluctuations witnessed by other regions in the State. It is feasible to conclude that housing market :stability" over the last 10 years is in reality ignoring Worthington and SW Minnesota. the reality is there are tremendous opportunities for builders and real estate investors in Worthington.
Meeting the housing target in Worthington and Nobles County by 2020 cannot be done with the private sector and subsidies alone. It can be done when we work together and form public private partnership to tackle this challenge.
Please contact us or call us at 507-372-5515 to share further details on investment opportunities.