As businesses slowly begin to reopen in some parts of the country, it's important to reflect on how housing can have a major impact on the overall economic recovery. Many Analysts believe one of the first things we'll be able to safely bring back is the home building sector. The National Association of Home Builders (NAHB) gave insight as to how new construction impacts the job market:
"Building 1,000 average single-family homes creates 2,900 full-time jobs and generates $110.96 million in taxes and fees for all levels of government to support police, firefighters, and schools, according to NAHB's national impact of home building and remodeling report."
Buying a home has a huge financial impact on the economy. Here's a breakdown of how the average home sale makes an impact.
Here's what it looks like when we break it down state by state.
As indicated, the impact is almost double when you purchase new construction. That's due to the large number of workers of different specialties required to design, build, market & sell a new property. There's little doubt that the economic recovery will be a gradual process, but the housing market will play a significant role in its resurgence.