A recent NAHB estimate of the national economic impact of home building shows what builders already know: Residential and multifamily construction can help reshape an economy. According to the report, building just one single-family home generates 2.9 full-time equivalent jobs, provides an average of $86,759 in federal taxes and $42,888 local taxes, and employs a diverse set of professionals in different industries and education levels. And many builders will be in a unique position on the other side of the pandemic: While much of the economy is standing still, residential construction is deemed essential, meaning it can continue through the shutdowns in states following federal guidelines.
As the U.S. economy struggles under the burden of the coronavirus pandemic, economists are discussing how a recovery might unfold once social distancing and other measures begin to succeed. A recent NAHB article illustrates the role home building can play in a recovery by generating jobs.
The article published updated estimates of the national economic impact of home building. The new estimates show that building an average single-family home generates 2.90 jobs, measured in full-time equivalents (enough work to keep one worker employed for a year).
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