IBM Creates A Shortage

7 years 11 months 1 week ago Tuesday, June 08 2010 Jun 8, 2010 Tuesday, June 08, 2010 8:43:04 AM CDT June 08, 2010 in News

The IBM center made an impact on the city of Dubuque, Iowa. It created a shortage of something every community needs.

"Its caused a shortage, there's no question about that," said Greg Adams, a broker in Dubuque.

"I had difficulty finding a place at first, yes the housing market here is pretty tight," said Mark Warner, an IBM worker at the Dubuque location.

That's the same story heard again and again in Dubuque.

"I just had a personal house I put in for rent and the number of calls I got was overwhelming..it was just interrupting my day," said Adams.

When IBM opened an IT center in Dubuque last year, hundreds came calling. But with a job, the employees needed a place to live.

"We're literally down to about a zero percent vacancy factor," said Adams.

"In our desperation we are placing people in temporary housing," said Dubuque Economic Director David Heiar.

Some IBM employees are forced to live in college dorms or senior living centers. One even has an entire 2nd floor devoted to IBM employees.

"We've experienced a tremendous demand for housing and you know we're scrambling to meet that demand," said Dubuque Mayor Roy D. Buol.

"There are developers out there answering that demand, building 16 plexes in different areas of town, but it will be interesting to see if they get done before the next wave of IBMers come here," said Adams.

"As we speak there's over 290 market rate rental units under construction in our community. That never would have happened without IBM coming to Dubuque," said Dick Richardson of Greater Dubuque Economic Development.

"I was almost like the stars we aligned. The employees were coming and now we've got to create housing," sad Mayor Buol.

The employees do need housing, but aren't necessarily looking for a permanent investment in a house.

"Alot of people they hired were their first jobs out of college so our biggest impact was in our rental market, not necessarily in our real estate sales market," said Adams.

"Young people as they're getting out of school are not looking at buying a house as the first thing with their diploma in hand...its less about houses and more about apartments. Because there are still a sufficient number of houses," said Heiar.

Sufficiency, even surplus is something Mid-Missourians can relate to because the housing market in Columbia is different from Dubuque.

"New development right now is very very slow, we actually have an over supply in alot of areas," said Columbia Developer Rob Wolverton.

So instead of a shortage, IBM might help even out the housing market in Mid-Missouri.

"The greatest thing for any real estate market is slow and steady growth...and I think IBM will bring a very stable and steady employer that will give us that slow steady growth we like," said Wolverton.

Growth, that hopefully doesn't come too fast because it if does, the word mid-Missourians will learn from IBM is....housing.

More News

Grid
List
BRUSSELS (AP) — Facebook CEO Mark Zuckerberg faces senior European Union lawmakers later Tuesday to answer questions about a... More >>
1 hour ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 5:22:00 AM CDT May 22, 2018 in News
COLUMBIA - The Columbia Police Department said it found a missing teen around 1 a.m. Tuesday. Authorities said Brice... More >>
2 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 4:41:00 AM CDT May 22, 2018 in News
COLUMBIA - Columbia residents will have a chance to learn about - and talk about - climate change Tuesday night.... More >>
4 hours ago Tuesday, May 22 2018 May 22, 2018 Tuesday, May 22, 2018 3:00:00 AM CDT May 22, 2018 in News
COLUMBIA - An on-going rift between two east campus communities has come to a breaking point. Non-resident property owners want... More >>
11 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 7:29:00 PM CDT May 21, 2018 in Top Stories
KANSAS CITY (AP) — A Kansas City man who told authorities he was hearing "voices" when he wounded two... More >>
12 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 7:07:41 PM CDT May 21, 2018 in News
COLUMBIA - More than 670 motorcycles poured into the Phillips 66 gas station off I-70 as the "Run for the... More >>
13 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 6:05:00 PM CDT May 21, 2018 in News
JEFFERSON CITY - A new fire station is in store for east Jefferson City, and the city council will review... More >>
14 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 5:10:00 PM CDT May 21, 2018 in News
ST. LOUIS – The St. Louis Circuit Attorney's Office announced late Monday that a special prosecutor has been selected in... More >>
14 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 5:00:00 PM CDT May 21, 2018 in News
COLUMBIA - Checking the phone constantly, surfing Facebook first thing in the morning or right before bed, playing games like... More >>
15 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 3:58:00 PM CDT May 21, 2018 in News
COLUMBIA – The UM Board of Curators voted Monday to increase tuition by up to 2.1 percent for the 2018-2019... More >>
15 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 3:44:00 PM CDT May 21, 2018 in News
COLUMBIA – Students will leave class early on Tuesday as the 2017-2018 Academic Year comes to a close. The... More >>
15 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 3:28:00 PM CDT May 21, 2018 in News
CAMDEN COUNTY - The Missouri State Highway Patrol is investigating a boating crash that left three dead and two injured... More >>
15 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 3:20:00 PM CDT May 21, 2018 in News
COLUMBIA -Utility workers began surveying land on Clark Lane for a sidewalk project designed to improve community safety. "The... More >>
17 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 1:40:00 PM CDT May 21, 2018 in News
JEFFERSON CITY (AP) — A House investigatory committee has expanded its membership for a special session to determine whether... More >>
19 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 12:00:47 PM CDT May 21, 2018 in News
ROLLA (AP) — A Missouri University of Science and Technology student has been sentenced to seven years in prison... More >>
19 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 11:40:00 AM CDT May 21, 2018 in News
ST. LOUIS (AP) — Ameren Missouri is planning a 400-megawatt wind farm in rural northeast Missouri, creating... More >>
20 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 10:44:00 AM CDT May 21, 2018 in News
POPLAR BLUFF (AP) — Authorities say a man's body was found in southeast Missouri and the case appears to... More >>
22 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 8:48:00 AM CDT May 21, 2018 in News
COLUMBIA – With a new terminal on the way, comes more possible changes to Columbia Regional Airport. A public... More >>
23 hours ago Monday, May 21 2018 May 21, 2018 Monday, May 21, 2018 7:55:00 AM CDT May 21, 2018 in News
Columbia, MO
Broken Clouds 59°
8am 66°
9am 70°
10am 74°
11am 76°