Research from the National Association of Home Builders (NAHB) noted that by building 100 single-family units in a metro area, 297 full-time jobs are created and $28 million in wage and business income is generated, as well as $11.1 million in federal, state and local taxes.
"Home building is a key driver of the American economy," said Granger MacDonald, NAHB chairman. "Housing creates new income and jobs, purchases of goods and services and revenue for local governments."
February saw a fast increase in home builder and remodeler employment, with 18,900 jobs added during the month and 136,000 over the last 12 months. At present, residential construction employment is at 2.707 million strong.
"Our builders remain optimistic about the market for newly-built single-family homes and consumer confidence is strong, which should set the stage for a strong spring home buying season," MacDonald said. "Americans continue to place a high priority on homeownership and work hard to achieve this goal for their families."
Morning Briefing: Mortgages for millennials closing quicker
Morning Briefing: Newly-built home sales show positive start to the year
Residential construction accounted for more than 15% of GDP growth in the fourth quarter of 2016, according to new data from the U.S. Commerce Department