Page 38 - The History of Watertown Savings Bank_Neat

more than $20 million invested in the construction mothers seeking employment outside the home.
of buildings, roads and other facilities. It was funded with federal funds and parent fees,
During this time, construction payrolls covering and named the Watertown Child Care Center,
the expansion ran an estimated $300,000 monthly supervised by the local board of education.
– increasing the number of people who were in a As more Army troops started transferring to
position to set aside a portion of their paycheck the area, many of Watertown’s older, larger homes
into a savings account. were sold to landlords who converted them
into apartments for incoming families. In 1942,
The amount of money spent on public assistance a large-scale housing project undertaken by a
had decreased during the war, as the wheels of private developer had created 102 single homes
industry continued to turn, providing additional on outer Washington and Sherman Streets to
employment opportunities for many residents. accommodate the city’s rapid growth.

“Most industries found it necessary to work After the war ended, there was a dramatic
overtime, with limited help to a point where a policy increase in the number of people nationwide
for employing women was adopted,” according to seeking to own their own homes. The strong
historical accounts. economic growth during the post-war period had
This meant both men and women were earning created a housing boom, prompted in large part
paychecks, another contributing factor to the by soldiers returning from military service
increase in Watertown Savings Bank customers. As confidence in the economy grew, more
people were prepared to take on long-term debt
To accommodate this new dynamic in the
workforce, a child care center was established for home purchases. The number of first-time
mortgages at WSB grew significantly during this
inside a city-owned recreation building in 1942 for
post-war period.

The number of
mortgages given
to WSB customers
skyrocketed
between 1947
and 1957.

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