Elliot Eisenberg, Senior Economist with NAHB, presented a study on the economic impact of home building in Greenville last Friday at the Fall Southern Home & Garden Show Preview Luncheon. Here’s a brief synopsis:
For citizens of Greenville County, housing equals jobs. Here’s why:
The home building industry generates substantial local economic activity, including new income and jobs for residents and additional revenue for local government. According to a recent economic impact study presented by Elliot Eisenberg of the National Association of Home Builders (NAHB) in October of 2009, the home building industry’s footprint on Greenville County goes far beyond the construction itself. When income earned from construction activity is spent and recycles in the local economy, everyone benefits.
New homes create new jobs, and new opportunities for new residents to move into the Upstate.
The report estimates that 5,388 local jobs are created from building 1,852 single-family homes, based on construction activity from 2008. Multifamily housing (apartment units, downtown condos, etc.) create an additonal 1,193 local jobs, based on building 532 multifamily units. The initial economic impact of building these homes is nearly $378 million. The additional, reoccuring annual impact of these homes is $59 million per year.
Nationally, according to economists at NAHB, three full-time jobs are created for every new single-family home built. These jobs help all of us gain job security and enjoy a healthier economy.
For more, and a copy of the study on the economic impact of home building in Greenville presented last Friday, click here.