St. Thomas mayor, builders expect incoming housing boom [Video]

It was 18 months ago when St. Thomas Mayor Joe Preston stood at the first council meeting after re-election and boldly declared he wanted 500 homes built per year during his term.

That was before the Volkswagen EV battery plant announcement.

“I think by the time we get to 2025 and 2026, we might have to be looking at greater than 1,000 or 1,500 homes in each of those years,” said Preston.

High interest rates held both buyers and builders back on single family home growth in 2023. Preston said they pivoted to market rent apartments, and nearly hit their goal with 483 doors.

“I don’t think its going to be one and done with Volkswagen that is coming here,” explained Doug Tarry of Doug Tarry Homes. “If you look at the tidal wave that’s coming, we’re standing on the edge of the water and the water’s receding. So if we’re this busy now [and] the water is …