Just as each home is important to the family that owns it, housing is vitally important to local, state and national economies.
At present, new home construction and remodeling account for about 15 percent of the nation's economy. Included in that total are new construction of single-family and multifamily homes, remodeling and the countless products and services that are related to those activities.
NAHB analysis of the broad impact of new construction shows that building 100 average single-family homes generates:
- 297 jobs
- $28.0 million in wage and business income
- $11.1 million in taxes and revenue for state, local and federal governments
- 113 jobs
- $10.7 million in wage and business income
- $4.2 million in taxes and revenue for state, local and federal governments
The employment effects of new home construction and remodeling extend far beyond the actual structure.
About half of the jobs created by building new homes are in construction. They include framers, electricians, plumbers, finish carpenters and all of the other workers who contribute to preparing the land and building the home.
The rest are in housing-related industries that produce building materials and provide services to both home builders and home buyers. They include:
- Furniture, lighting and appliance industries
- Metal products industries; plastics and carpeting production
- Architecture and engineering
- Real estate agents, brokers and appraisers
- Wood products industries; concrete, gypsum and paint production
- Manufacturing construction equipment and other products
- Selling, moving and storing products
- Management, administration, government, law, finance and insurance
Perhaps more than any other consumer product, housing is “Made in America.”
New homes and apartments don’t arrive here on container ships from other countries, and most of the products used in home construction and remodeling are manufactured here in the United States.
- Homeownership Works for America: NAHB publication examines the impact of homeownership on families, communities, job creation and the nation's economy.
- Eye on Housing: NAHB blog focuses on economics and housing policy.