Schaad Companies Supports Knoxville Chamber’s Path to Prosperity

Earlier this year, the Knoxville Chamber took a milestone step forward with the announcement of its “Path to Prosperity” strategic vision. The vision prioritizes a progressive, sustainable ecosystem by connecting new and existing businesses with the resources and services needed to propel the region’s growth. One of those resources is the Knoxville real estate industry.

The five-year Chamber vision is designed to drive economic prosperity for the region through talent attraction and retention, increased access to capital, and infrastructure that provides a supportive business environment. Most importantly, the vision includes a commitment to diversity, equity, and inclusion so the ecosystem provides equitable economic opportunities for every person.

Supporting the Path to Prosperity

When a business or a family contemplates relocating to the Knoxville area, they evaluate their future success, to a large extent, on the availability of commercial real estate or the affordability of residential housing.

Like most communities, Knoxville needs to provide for a diverse population with adequate infrastructure and resources for all of its citizens. The need for economic development and the need to attract new residents has always been a delicate balancing act for local government policy makers; do we need new industry to create new and better jobs for current residents or do we need more housing to attract the people who will be employed by the industries?

No matter the decision, the real estate industry plays a significant role in economic development. Commercial and residential developers create an economic engine that simultaneously enhances Knoxville’s ability to attract both business and talent. 

In 2019, across the country, real estate development and operation of existing buildings added $1.14 trillion to the U.S. Gross Domestic Product (GDP), supported 9.2 million jobs and generated $396.4 billion in salaries and wages. In Tennessee, the real estate industry accounted for $57.2 billion or 15 percent of the gross state product. 

Direct and Indirect Impact

Real estate development and construction activity impacts a wide variety of community businesses. Included are architects, engineers, contractors, lenders, title companies, insurance agents, movers, relocation specialists, rental companies, cable and internet providers, appliance and furniture stores, landscapers, and many more. Marketing and realtor costs also bring money to the local economy.

In addition to the economic impact, the real estate industry plays an important role in supporting the attraction and retention of skilled workers for Knoxville’s businesses. Rising costs and a limited supply of housing in many areas of the U.S. are making availability a big factor in recruitment strategies and corporate expansion. Millennials who have flocked to urban centers, lured by the promise of good jobs and attractive lifestyles are now looking at communities like Knoxville because of a lack of affordable housing, growing traffic congestion, and high living costs. As these new recruitment opportunities develop, Knoxville’s real estate professionals are ready to promote housing opportunities and our communities’ lifestyle amenities.

Schaad Companies has been a leader in Knoxville’s real estate industry for over 100 years, and we applaud the Chamber’s new strategic vision. As the Chamber, City of Knoxville and Knox County begin their journey on the Path to Prosperity, we are confident that the Knoxville real estate industry will be helping to pave the way.