Public Policy: Economic Impact
Photo Credit: Ryan Homes
Houses are where jobs go to spend the night. For citizens of Greenville County, housing also equals jobs.
The home building industry generates substantial local economic activity, including new income and jobs for residents and substantial revenue for local government. According to a study of the economic impact of home building in Greater Greenville, prepared by the National Association of Home Builders (NAHB), 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.
Studies were conducted in 2007, 2008, and 2014. The report of the 2014 study estimates that 7,795 local jobs are created from building 3,492 single-family homes. Multifamily housing (apartment units, downtown condos, etc.) create an additional 1,548 local jobs, based on building 1,282 multifamily units. The initial economic impact of building these homes and apartments is more than $630 million. The additional, reoccurring annual impact of these homes is $1 million per year.
Additionally, the homes and apartments built in 2014 resulted in more than $68 million in taxes and fees to local governments in the first year, and continue to generate $38 million in taxes and fees each year. In fact, the impact of these homes on the county’s tax base is so powerful that they pay for their impact on local government services within one year of completion, and generate a surplus for local government of more than $11 million each 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. Just think of all the people affected in a positive way when a home is built and purchased — the Home Builder and its employees, subcontractors who worked on the home, the mortgage lender who helped secure a loan, the county inspector who inspected the home, and even the family-owned restaurant down the street that gains a new customer, all benefit from Home Building in our community. Most importantly, the new home owner takes his or her first step toward long-term personal wealth and financial security.
Click below for more information on the housing market and economic outlook for Greater Greenville.
- Latest Data on Housing Market in Greater Greenville Area (2018) (PDF)
- Executive Summary of the 2015 Economic Impact of Home Building on Greater Greenville (PDF)
- 2014 Report on Economic Impact of Home Building in Greater Greenville (full report PDF)
- 2009 Report on Economic Impact of Home Building in Greater Greenville (full report PDF)
- 2008 Report on Economic Impact of Home Building in Greater Greenville (full report PDF)
- 2007 Report on Economic Impact of Home Building in Greater Greenville (full report PDF)
- History of Annual Building Permits (PDF)