Housing share of GDP climbs to 13-year high

By Robert Dietz | Eye on Housing

Housing will lead the economic recovery. Due to low mortgage interest rates, a renewed focus on the importance of home, and a lack of for-sale inventory, housing data has been a relative bright spot as the overall economy struggles to establish a rebound.

Due to this broader weakness (GDP declined at a -32.9% rate for the second quarter) and gains for residential-related economic activity, housing’s share of GDP reached its highest mark since the third quarter of 2007, increasing to 16.2% during the second quarter of 2020. The home building and remodeling component – residential fixed investment – held at 3.3% of GDP.

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