High-paying, high-tech jobs are on the way to the Space Coast. The U.S. Air Force announced Northrop Grumman will build its next generation stealth bomber.

Now the local economy will reap the benefits.

"The local real estate market is excited, we are geared up, we are ready," said local realtor Misty Morrison.

Morrison can't help but be ecstatic about the announcement of more than a thousand jobs coming to the area in one fail swoop.

Northrop Grumman will build a classified bomber fleet. It’s an $80 billion project that is set to replace the old planes and meet the needs of the military for the next 50 years.

That will bring around 1,800 new jobs making $100,000 a year at the Melbourne facility by 2020. And workers and their families will need somewhere to hang their hats.

"It's definitely going to help our higher end market here," said Morrison.

The contract initially calls for 21 planes, and also $23.5 billion in engineering and development costs. The deal adds on to Northrop Grumman's Melbourne facility expansion in 2014. Some 2,600 employees already work at the facility at Melbourne International Airport.

The expansion is expected to provide a nearly $300 million economic impact to the Space Coast.

"It's a big deal," Florida Tech Economics Professor Mike Slotkin said.

Local economists like Slotkin say this will be a boon for the local housing and retail industry, boosting an area still trying to recover from space shuttle program job losses.

"When you get announcements on the magnitude of 1,500 direct jobs, and then the indirect that's going to be associated with it, it allows you to get to fuller recovery in chunks, rather than trying to move the ball down the field at three and four yards a clip," Slotkin said.

Slotkin adds the influx of people with more means will be a boost for new home construction. That will bolster the property tax base and also bring in more disposable income to spend at area businesses.

Brevard County's unemployment rate is currently 5.9 percent, down 1.4 points from last year. Once these new hires begin work, it will chip away at that rate even more.

Space Florida, which played a role in the expansion, released the following statement:

On behalf of the nation, the State of Florida, and certainly Brevard County, we are very proud that Northrop Grumman has chosen this area as its home for this important project.