From your hometown to the national stage, the housing market has big impact on the economy. In fact, according to the Bureau of Economic Analysis, the housing market accounted for approximately 12.3% of our GDP in 2017. It makes housing one of the most important sectors in our economy.
One of the biggest impacts a strong housing market has on the national economy is job creation. These jobs can be directly related to the construction, manufacturing, transportation, finance and real estate industries – or simply through daily homeowner demand for goods and services, such as new kitchen appliances and home contractors.
The multiplier effect of job creation benefits businesses, America's families and the nation's fiscal health.
According to the National Association of Realtors® and National Association of Homebuilders, each stage of the housing lifecycle offers economic benefits, including:
Furthermore, homeownership is not a "one and done" transaction. Throughout your housing lifecycle, you'll continually make improvements and likely move up to a larger home or downsize, with each step further benefiting the economy.
Be sure to visit My Home by Freddie Mac® to learn more about homeownership and follow our blog series, Why Homeownership Matters: The Triple Bottom Line, in celebration of National Homeownership Month.