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We’ve all heard that the real estate industry has an impact on the economy, but is it possible to see just how much? The answer is yes, according to a new post from the National Association of REALTORS® Economists’ Outlook blog, which highlights housing’s share of gross product for every state in the country. In 2013, the value of construction (as well as real estate, rentals and leasing) accounted for 16.8 percent of gross domestic product. However, many states exceeded that number, especially in the Northeast and West. And while housing has quite an impact on every state’s economy, home sales also have an economic impact at the local level, factoring in commissions, home improvement expenditures and services for a new home.
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Review NAR’s Economists’ Outlook blog post on the housing industry’s economic impact across the country and find out how much housing affects your region’s economy. Talk to a local REALTOR® association to discuss how much housing has an impact on the local economy.