Buying or selling a house impacts not only your life, but also your community.
The National Association of Realtors (NAR) releases a report every year to show how much economic activity is generated by home sales. The chart below illustrates that impact:
Buying and selling a house can greatly impact the local economy due to the employment of workers needed for its building, updating, and sales. Robert Dietz, Chief Economist at the National Association of Home Builders (NAHB), explains how the housing industry adds jobs to a community:
“The economic impact means housing is a significant job creator. In fact, for every single-family home built, enough economic activity is generated to sustain three full-time jobs for a year, per NAHB research. . . . And one job for every $100,000 in remodeling spending.”
Housing activity has a more robust impact on the economy than many realize, due to the various industries involved in the process. This makes sense, as housing is a major job creator. A recent article from Fortune highlights this fact.
“Housing has three direct linkages to economic activity (GDP): the construction of new homes, the remodeling of existing homes, and that of housing transactions. . . . consider the activity associated with home sales – think broker fees, lawyers, etc. – which are a sizable contributor to housing’s GDP footprint.”
When buying or selling a home, you enlist the help of a team of professionals, such as contractors, specialists, lawyers, and city officials, all of whom work together to ensure the successful completion of the transaction.
By making a move in the housing market, you can empower yourself while also creating a positive impact on your community.
Let‘s connect to move and positively impact the local economy by making an important home sale.