What Impact Does Residential Construction Have on the U.S. Economy?
Building 1,000 average single-family homes creates 2,900 full-time jobs and generates $110.96 million in taxes and fees for all levels of government, according to NAHB’s “National Impact of Home Building and Remodeling” report.
A recent study from the National Association of Home Builders (NAHB) shows that housing stands poised to lead the economic rebound once social distancing and other virus mitigation efforts show success in containing the coronavirus pandemic. Building 1,000 average single-family homes creates 2,900 full-time jobs and generates $110.96 million in taxes and fees for all levels of government to support police, firefighters, and schools, according to NAHB’s “National Impact of Home Building and Remodeling” report. Similarly, building 1,000 average rental apartments generates 1,250 jobs and $55.91 million in taxes and revenue for local, state, and federal government. Moreover, $10 million in remodeling expenditures creates 75 jobs and nearly $3 million in taxes.
“Before the coronavirus pummeled the U.S. economy, housing was on the rise with January and February new home sales numbers posting their highest reading since the Great Recession,” said Dean Mon, NAHB chairman and a home builder and developer from Shrewsbury, N.J. “The demand is clearly there, and as this study shows, we expect that housing will play its traditional role of helping to lead the economy out of recession later in 2020 when the pandemic subsides.”