According to the NAHB, building 1,000 average single-family homes generates 2,975 jobs and $111.0 million in taxes and fees for all levels of government. Building 1,000 apartments provides a boon to the economy, as well, but not quite to the level building 1,000 homes does. A thousand rental apartments generates 1,133 jobs and $42.4 million in taxes.
Of the $111.0 million in taxes building 1,000 homes generates, $74.4 million is in federal taxes, $10.3 million is state and local income taxes, $6.9 million in state and local sales taxes, and $13.7 million in impact, permit, and other fees local governments impose on new construction.
The breakdown for the $42.4 million generated by 1,000 apartment rentals is 28.4 million in federal taxes, $3.9 million in state and local income taxes, $2.6 million in state and local sales taxes, and $5.4 million in permit and other construction-related fees collected by local governments.
