Residents in the three-county Tucson region will benefit directly, indirectly or remotely
We at Commercial Real Estate Group of Tucson admit to enthusiastic anticipation of Rosemont Copper obtaining its final permits to start constructing its mine southeast of Tucson, Arizona, and extracting copper ore over the next 26 years.
Commercial real estate in southeast Arizona is one of the major industries that will benefit directly and quickly from the establishment of the copper mine by Augusta Resource Corp., parent company of Rosemont Copper. Companies that will provide products and support to the mine will establish or expand office, retail and industrial real estate space in the Tucson region as their goods and services become in high demand.
More than 2,500 direct and indirect jobs will be generated by the mine, according to an Arizona Department of Mines & Mineral Resources economic impact report updated in 2012. That includes some 434 mine workers and new employees in 18 other industries, from utilities, construction and manufacturing to educational services, finance and health care.
But this economic growth is the tip of the iceberg, as we see it. Like the University of Arizona and Davis-Monthan Air Force Base before it, we expect the Rosemont Copper Mine to become an economic development powerhouse in the region that encompasses Pima, Santa Cruz and Cochise counties.
Here is how the mine can reshape our population and job market:
- Net migration of residents into the three-county Tucson region will be more than 4,000 people more than if the mine wasn’t developed.
- The total income of residents living in the area after the mine closes after 27 years would be $69 million a year higher than if the mine didn’t exist.
- Employment, local government revenues and economic activity would all be higher.
In short, workers and their families drawn to the opportunities that develop because of the mine will stick around to work, go to school, buy homes, launch businesses, expand existing companies and retire. This energy will ripple throughout all segments of our economy and work force.
It’s this kind of pervasive effect on our economy that will allow every resident in the Tucson region to benefit, directly or remotely, from the mine’s presence. It’s a development we applaud.
Michael Coretz is principal of Commercial Real Estate Group of Tucson, a tenant representative company that works exclusively for businesses who lease or invest in commercial real estate. He is recognized as a site selection expert in commercial real estate transactions. Contact him at 520-299-3400 or on his website, commercial-real-estate-tucson.com.