Facebook move could generate millions in construction money

Posted by IronPlanet on Dec 9, 2011 5:12:00 AM

Some companies have grown to the point that a simple decision can have a major economic impact. That's certainly the case with Facebook and the city of Menlo Park, Calif., which is the proposed new site for the social media giant's headquarters.

According to Bloomberg BusinessWeek, Facebook's proposed move to Menlo Park comes with a $250 million budget for construction, which will certainly benefit local companies in the northern California area. However, it's not just about the direct impact, but the indirect impact on the community that Facebook will have. The city believes that beyond the $250 million Facebook will bring to the area's construction industry, additional companies following Facebook or growing out of it could add $116 million.

"Employees may leave Facebook and set up their own companies," Joanne Brion of Brion & Associates told the news source. "VCs could be attracted to the area. Facebook will need goods and services as they grow."

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Topics: Construction, Industry Headlines