Posted in Industry News
More Homes Equals More Jobs
As the weather gets warmer and home building season takes off, more single-family and multifamily homes are being built in the U.S. This cause and effect has a significant impact on the country’s economy because as more homes are built, more jobs are created. In fact, based on new estimates from the National Association of Home Builders, building an average-sized single-family home generates 2.97 full-time equivalent jobs, where one full-time equivalent is equal to one person working full time for one year.
The large majority of this share, 1.76 to be exact, represents employment of construction workers. Other industries listed in the breakdown of income and employment impact include:
- trade, transportation and warehousing
- finance and insurance
- real estate and rental and leasing
- professional, management, administrative services
In addition to its effect on employment, home building generates revenue for governments at all levels based on the taxes and fees associated with wages and profits. The national impact of building an average-sized single-family home include $74,354 in federal taxes and $36,603 in state and local fees and taxes, for a total of $110,957 in revenue.
Read the full article from NAHB here.
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