Even though the housing share of the gross domestic product declined to 15.31 percent in the second quarter final estimate, the home building and remodeling figures increased yet again.
NAHB Eye on Housing reports that the rate grew for the third consecutive quarter, up to 3.21 percent of total GDP.
Housing-related activities contribute to GDP in two ways. First, it includes construction of new single-family and multifamily homes, residential remodeling, production of manufactured homes and brokers’ fees. Second, measure of housing services are taken into account.