Economic Impact of Home Building in Greenville, SC

For citizens of Greenville County, housing equals jobs.  Here's why:

The home building industry generates substantial local economic activity, including new income and jobs for residents and additional revenue for local government.  According to a recent economic impact study presented by Elliot Eisenberg of the National Association of Home Builders (NAHB) in October of 2009, 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.

The report estimates that 5,388 local jobs are created from building 1,852 single-family homes, based on construction activity from 2008.  Multifamily housing (apartment units, downtown condos, etc.) create an additional 1,193 local jobs, based on building 532 multifamily units.  The initial economic impact of building these homes is nearly $378 million.  The additional, reoccuring annual impact of these homes is $59 million per 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 about all of the people affected in a positive way when a home is built and purchased.  The builder and his 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 might have a new customer.  And most importantly, the new home owner taking his or her first steps toward long-term personal wealth and financial security.

Click 'Open Publication' below For the Housing and Economic Outlook for Greenville SC, the state of South Carolina and the country, presented to the Home Builders Association of Greenville by Dr. David Crowe, NAHB Chief Economist, on March 22, 2011.