Posted by:
Brother Of Jerry
(
)
Date: December 28, 2010 08:54AM
Building the Chrysler and Empire State Buildings during the Great Depression certainly helped the NYC economy. It helped keep Manhattan vital and has provided indirect economic benefit far in excess of the cost of the buildings.
Ditto the Interstate Highway System, the bulk of which was built in the 60s and early 70s.
There is a great deal of development that has been going on in the SL Valley in the corridor 4 blocks either side of Trax. There are major commercial/corporate parks at 10000 South, 5600 South, Downtown SLC, and major housing from downtown to UofU, 3300 South, and 4500 South.
I'm skeptical about how well the malls will do, but I fully expect downtown will do very well over the next 30 years, and City Creek Center is going to be one of the centerpieces of that development.
Face it. LDS Inc is basically a real estate corporation that sells religion as a way of keeping up property values, and providing cash flow. SLC is where a lot of their high-value properties are. They are protecting and promoting their investments. That's what real estate corporations do.
A lot of those billions of dollars are going to skilled laborers, and materials and equipment suppliers. It provides jobs for people in those industries until the economy improves and major construction picks up again in other parts of the valley, like Cottonwood redevelopment. If there wasn't a project around right now, they would move or change careers, making future projets more difficult to staff.
It appears they are in a financial bind. If they had a choice, they likely would not start City Creek now, but that ship has sailed. They can't stop it at this point. So they pinch pennies where they can. The janitor jobs may be a big sore spot with members, because they get yet another unpaid job dropped on them. However, those were primarily minimum wage part-time jobs with no benefits. Those jobs provide relatively small and extremely diffuse economic benefit.
Now, if you think LDS Inc should not be in the real estate business, but should be involved in humanitarian projects, I totally agree. Jimmy Carter, Bill Gates and Warren Buffet, to name some of the high profile examples, run circles around the humanitarian efforts of LDS Inc. Hey, there are reasons it is called LDS Inc, and TSCC. It is what it is.