NAHB Finds Home Building Could Spark Economic Recovery
Want to restart an economy? Build homes. Constructing 1,000 average single-family homes creates 2,900 full-time jobs and generates $110.96 million in taxes and fees, according to NAHB’s National Impact of Home Building and Remodeling report. Those are crucial bucks to sustain police, firefighters, and schools among other social services for a community’s residents. And with a federally designated “essential infrastructure business” status, home builders can continue working through stay-at-home measures even when others must close. This means that despite a probable slowdown in projects, the sustained activity will help builders get ready to roll once the coronavirus pandemic subsides.
A new study from NAHB shows that housing stands poised to lead the economic rebound once social distancing and other virus mitigation efforts show success in containing the coronavirus pandemic.
Building 1,000 average single-family homes creates 2,900 full-time jobs and generates $110.96 million in taxes and fees for all levels of government to support police, firefighters and schools, according to NAHB’s National Impact of Home Building and Remodeling report. Similarly, building 1,000 average rental apartments generates 1,250 jobs and $55.91 million in taxes and revenue for local, state and federal government. Moreover, $10 million in remodeling expenditures creates 75 jobs and nearly $3 million in taxes.