Homeownership is a Major Driver of the US Economy

14 Jun 2019 10:08 AM | Colleen Corrigan (Administrator)

The nation’s housing and homeownership policies over the last century have contributed to the growth of the middle class and helped the United States become the most dynamic economy the world has ever seen.

  • Fully 15 percent of the U.S. economy relies on housing and nothing packs a bigger local economic impact than home building.
  • Constructing 100 new single-family homes creates 297 full-time jobs, $28 million in wage and business income and $11.1 million in federal, state and local tax revenue.
  • A healthy housing industry means more jobs and a stronger economy. Home building increases the property tax base that supports local schools and communities.
  • Housing, like no other sector, is “Made in America.” Most of the products used in home construction and remodeling are manufactured here in the United States.

Builder Association's Housing Priorities

Addressing ongoing housing affordability concerns is the top issue for home builders in 2019.

Factors contributing to the mounting lack of affordable housing include:

  • The construction worker shortage
  • A lack of buildable lots
  • Growing mortgage liquidity concerns
  • Tariffs on lumber and other building materials
  • Stiff zoning restrictions

Most Americans consider homeownership to be the single best long-term investment and a primary source of wealth and financial security. Countless generations of Americans have counted on their homes for their children’s education, their own retirement and a personal sense of well-being.

For current statistics on the local housing market go to the building permit page.

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