What is Beta Technologies?
Burlington, VT-based Beta Technologies is an aerospace manufacturer working on building electric vertical take off and landing (eVTOL) aircraft, with offices and manufacturing facilities throughout Burlington, South Burlington, Williston, Plattsburgh and St. Albans. They are building fully electric planes that can carry both passengers and cargo that can land vertically on platforms that charge them for their next trip. Their company has a bright future with some major customers making orders for their electric planes, including UPS as well as being granted an airworthiness certificate in the Air Force’s AFWERX Agility PRim program, meaning that the military can now start testing Beta’s aircraft. With recent investments from venture capital groups totalling more than $500 million dollars over the last several years, Beta has been on quite a hiring spree in Vermont. With hundreds of workers already employed in their Burlington and South Burlington facilities and hundreds more being hired for their new battery facility in St. Albans, the arrival of Beta to Vermont has surely made, and will continue to make, an impact on the local demand for condos and townhomes in the surrounding areas.
Photo of Beta Aircraft:
Watch this cool video of Nuclear physicist Taylor Wilson as he take a tour of BETA Headquarters.
How Beta will impact rural real estate markets across the globe?
Watch as CEO Kyle Clark explains how the tech itself will impact how we live and work.
What’s the impact of Beta’s growth on the Vermont condo market?
Excluding those looking to joining Beta in St. Albans or Plattsburgh, NY, the main core of their workforce near Burlington International Airport, would have the most impact on the markets of Burlington, South Burlington, Essex, Essex Junction, Colchester, Winooski and Williston. As Beta has been adding employees over the last three to four years, we have certainly seen an impressive rise in the median sale price of condos and townhomes in those areas over that same time frame. Certainly there have been other factors that have contributed to the increase in property values, but the old adages of supply and demand are generally consistent. When you add a good number of employees to a relatively small area, many who have come from out of state and are certainly in need of housing when they arrive, the demand for housing is certain to increase to some noticeable degree. Given the steadily dwindling supply of condos and townhomes in these same areas, it is not surprising that prices have been on a strong upward trend, seemingly with no end in sight.
Here are quick links to core markets that may be impacted as Beta grows in VT.
Let us know what you think!
As Beta continues to grow do you think it will continue to help drive the demand for homes in Vermont? Let us know what you think in the comments below!