Facebook's New Headquarters: US$ 366 Million In Construction
Recently, the tech giant Facebook announced its decision to relocate its company headquarters from Palo Alto to Menlo Park, California - a move which could spur over US$ 366 million in construction spending for the region, reported constructiondigital.
According to a report by research firm Brion & Associates, the US$ 250 million budgeted building project could result in an additional US$ 116 million in additional construction activity over a period of 3-4 years, and may bring up to 2,5 thousand jobs to the area.
The move comes as Facebook prepares for an IPO (Initial public offering) aimed at raising up to US$ 10 billion in revenue for the social networking leader, which would bring its overall company value to over US$ 100 billion. The new headquarters would house up to 9,5 thousand employees in anticipation of coming expansions, and some predict the firm would bring almost US$ 30 million in annual spending to the region's lodging and retail markets.
Facebook is planning similar expansions of its satellite facilities in New York and elsewhere as part of the lead up to the public offering - yet another way social networking is helping prop up the struggling construction industry.
According to a report by research firm Brion & Associates, the US$ 250 million budgeted building project could result in an additional US$ 116 million in additional construction activity over a period of 3-4 years, and may bring up to 2,5 thousand jobs to the area.
The move comes as Facebook prepares for an IPO (Initial public offering) aimed at raising up to US$ 10 billion in revenue for the social networking leader, which would bring its overall company value to over US$ 100 billion. The new headquarters would house up to 9,5 thousand employees in anticipation of coming expansions, and some predict the firm would bring almost US$ 30 million in annual spending to the region's lodging and retail markets.
Facebook is planning similar expansions of its satellite facilities in New York and elsewhere as part of the lead up to the public offering - yet another way social networking is helping prop up the struggling construction industry.
