Economic Impact of the Housing Market: New Construction

October 2016

Following the housing market bubble burst, 7 years later the housing market has in part recovered to pre-recession times. But what does that mean for the economy?

According to data released by the National Association of Home Builders (NAHB) the economic impact of the housing has a substantial effect on the overall economy. For every 1,000 single-family homes built approximately 2.975 jobs are created and totals of $116 million in net business income. Looking deeper into the jobs created approximately half are in construction alone.

The impact of 2,000 apartments built result in 2 jobs created with about half of those in construction and manufacturing. This would bring a total of $46 million in net business income with $25 million in construction and $7 million in manufacturing.

For more information: NAHB

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