New Homes, New Neighbors, New Communities.
As the economy rebounds after several years of recession, we are starting to see the enormous impact that new homes have on the economy stretches far further than originally anticipated. It is sometimes easy to overlook the benefits of new residential construction. New Home construction means a lot to the everyday lives of community residents.
New Homes: Economic Impact
The National Association of Home Builders estimated the one year impact of local construction of new homes in a average metropolitan market for new homes. The study showed that the local economic impact resulted in over $21 million in regional income, and another $2 + million in government revenue and taxes. The construction process also accounted for an average of 300+ jobs for the surrounding area.
New Homes: Economic Extensions
The economic impact doesn’t end there. As families and communities develop and expand as a result of this new construction, the impact resonates throughout the local economy. Local stores, shops and businesses now have new customers that will regularly requiring the services of these local business. Whether it’s something as simple as getting gas at a gas station or the local shopping centers growth, new home construction has an economic impact that stretches far beyond the real estate or construction industries.
New communities mean increased in enrollment expanding the economic impact of the education system. More educators, coaches, school administrators and other staff will need to be hired. This great expansion develops over the long term. While the benefit of buying a new home may seem beneficial to only a few on the surface, we can see now see that when new homes are built, new communities develop and the economic impact can touch many, impacting the community for years to come.