LivAway Suites has broken ground on its newest location in Dewitt, N.Y. near Syracuse Hancock International Airport. Since launching last spring, LivAway Suites now has five locations under construction and expects to break ground on 10 additional properties in 2024. LivAway Suites is on track to open its first locations this summer.
The new LivAway Suites in Dewitt, N.Y. is expected to benefit from a stimulated local and regional economy due to two recent national spending bills: The $1.2 trillion Infrastructure Investment and Jobs Act: and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) Act.
As a result of this legislation, Micron Technology, a global leader in semiconductors, has announced plans to develop a $100 billion semiconductor factory just minutes from the new LivAway Suites location, bringing an estimated 50,000 new jobs to the surrounding community.
"The Infrastructure and CHIPS Acts are expected to dramatically increase the demand for economy extended-stay hotels nationally over the coming years," LivAway Suites CEO Mike Nielson said in a statement. "As an example, once the new Micron Technology plant breaks ground, various construction groups will come to the greater Syracuse market from all over the world to build these very specialized factories. Upon opening, Micron expects to employ up to 9,000 workers, with another 41,000 jobs created at up- and downstream supply chain companies that desire to locate near the semiconductor factory. All of this equates to more jobs, more people filling those jobs and ultimately a greater need for extended-stay accommodations like LivAway Suites."
Infrastructure investment has trended down for decades and fell sharply during the pandemic, according to the U.S. Treasury Bureau of Economic Analysis. However, that trend has rebounded over the past two years since the Infrastructure Investment and Jobs Act was passed.