Housing is critical to Tampa's economy
Housing is critical to our regional economy and normally accounts for about 17% percent of the national economy and approximately 20% of the region. Included in that total are new construction of single‐family and multifamily homes, remodeling, and the value existing homes provide to owners. Additionally, every home built generates three full-time jobs for one year.
In Tampa Bay, new homebuilding is a key economic engine and has led our region (and the nation, in fact) out of every recession over the last 50 years. That return to near‐normal production levels has steadfastly brought thousands of additional jobs in construction and the many industries that provide goods and services to the housing industry.
Looking at key economic markers in Tampa Bay, the data shows that Tampa Bay is now doing the same thing again. According to the National Association of Homebuilders, 1000 single-family homes generate:
- 2,975 jobs for one year.
- $230.1 million in wages and business income.
- $110.96 million in taxes and revenue for the state, local and federal governments.
- During the worst of the 2008 recession, roughly 3.2 million Americans are out of work as a result of the housing downturn. That was across all industries, not just construction, and was based on a drop in annual production of 1 million single‐family and 200,000 multifamily housing units.
Sources:
https://www.nahb.org/news-and-economics/housing-economics/housings-economic-impact/housings-contribution-to-gross-domestic-product)
https://eyeonhousing.org/2020/04/how-home-building-can-lead-a-recovery-by-generating-jobs/?_ga=2.73850002.1630436042.1678720652-719668543.1660157345
https://www.nahb.org/-/media/NAHB/news-and-economics/docs/housing-economics/economic-impact/economic-impact-state-2015.pdf
https://www.nahb.org/blog/2020/04/Building-1000-Homes-Packs-an-Economic-Punch
