Impact of homebuilding and remodeling on the economy

Image by Peggy und Marco Lachmann-Anke 

By Yuka Kato | FIXr

Every home built across America represents jobs, trade, and economic growth, and the total impact of residential construction on the U.S. economy is profound. For every home built or remodeled, jobs are created, profits are made, and taxes are paid.

We looked at the impact of residential construction on the U.S economy, using data from the National Association of Homebuilders. The image below illustrates some of our findings. The economic impact of a new single family home equaled $327,681, and $188,962 of that goes into wages and salaries, the equivalent to 2.9 full-time jobs. That means for every single family home being built, the unemployment count goes down by almost three.

In 2019, 862,084 single family home building permits were issued in the United States. This represents a possible economic impact of $282,488,457,204, or the equivalent two and a half million jobs.

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