“A related concern, however, is that the influx of new projects will likely attract workers from other industries, meaning continued challenges for restaurants, bars, hotels and other high-contact services.”
And such an influx could create broader problems in the community, said Zagros Madjd-Sadjadi, an economics professor at Winston-Salem State University.
“One of the big issues with large employers entering a tight labor market will be the need to adjust to significant immigration,” said Madjd-Sadjadi,
“Unless the area is ready to build housing ahead of time, there will likely be increases in rents and house prices.”
This scenario is of particular concern for the planned Toyota electric vehicle battery plant for the rural Greensboro-Randolph megasite, which has little housing in place for current residents around the site.
“What is likely to happen is that this will translate into additional earnings gains for labor and a continued acceleration of automation for many jobs as wage costs make such automation an option. more profitable,” Madjd-Sadjadi said.
In the air
Mark Hamrick, Senior Economic Analyst at Bankrate.comsaid local, state and national jobs reports for January could show hiring “is the weakest in a year as the omicron wave sidelined millions of workers.”