Final estimates of fourth-quarter 2016 gross domestic product (GDP) growth (revised up two-tenths of a percentage point to 2.1 percent), show that housing’s share of GDP was unchanged at 15.6 percent, according to NAHB. The home building and remodeling component—residential fixed investment (RFI)—also held steady at 3.5 percent as a share of GDP. However, the fourth-quarter expansion of RFI added 0.35 percentage points to the headline GDP growth rate. RFI has added an average 0.25 percentage points to quarterly GDP growth since 2012.
Advertisement
Related Stories
Business Management
How 2023's Housing Market Conditions Are Affecting the 2024 Market
Last year ended on an optimistic note, but persistent headwinds still exist to keep 2024 from getting the housing market back to pre-pandemic levels
Economics
Mortgage Applications Increase Week-Over-Week, but Rates Remain a Challenge for Buyers
Data from the Mortgage Bankers Association show slight signs of optimism in national housing market
Government + Policy
Housing Affordability Becomes Debate Topic in 2024 Presidential Election
Presidential candidates are tackling affordability issues as home price-to-income ratio reaches record high