Real Estate NewsMarket Conditions
The latest study from the National Association of Home Builders shows that encouraging new development may be key in local governments creating new jobs and stabilizing property values.
Sandy Dunn, Chairman of the National Association of Home Builders (NAHB) noted, "Necessity is indeed the mother of invention during a financial crisis. While the federal government has stepped forward with a series of emergency actions to stabilize and restore confidence in the financial markets, it’s now time for the same sort of innovative thinking at the local and state levels where public officials are grappling with budget shortfalls that are putting a squeeze on spending for everything from schools to public safety and other essential services."
The NAHB study estimates that in 2008, on average:
Construction of 1,000 new single-family homes creates 3,049 jobs and generates more than $89 million in tax and other revenues for federal, state, and local governments.
Construction of 1,000 new multifamily rental apartments creates 1,155 jobs and generates more than $33 million in tax and other government revenues.
$100 million worth of residential remodeling activity creates 1,109 jobs and generates more than $30 million in tax and other government revenues.
"This study clearly demonstrates the housing industry’s importance to the U.S. economy," Dunn said. "The fastest, most effective way to turn this economy around is to shore up the housing sector."
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