The Impact of Housing on the Economy

I read recently about the economic impact that home sales have on a community, and for that matter on Wisconsin and our country. According to Mike Theo or the Wisconsin Realtors Assn. the real estate industry accounted for $28.2 billion or 12.5 percent of Wisconsin’s gross domestic product in 2012. Every time a home sells it generates more than $13,000 in income from real estate related industries and over $5,000 of additional consumer spending. Plus there is another $3,000 that will be spent by that new home owner on remodeling and maintenance projects. Add to that the fact that another $11,000 can be directly linked to spending in local restaurants, on sporting events, support for local charities and more. There is no doubt that housing is a very important economic driver so let’s hope the upswing in 2013 will continue for 2014 and beyond.

Gary Nathan

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