Economic Impact of Real Estate Activity On Our Economy

SignThis report compiled by the National Association of Realtors:

The Real Estate Industry accounted for $171,017 million or 14.5% of the Gross State Product in 2011.

Economic Contributions are derived from …

–Home construction

–Real estate brokerage

–Mortgage lending

–Title insurance

–Rental and Leasing

–Home appraisal

–Moving truck service

–Other related activities

 

When a Home is Sold in New York,

Income Generated from real estate related industries is: $20,601

Additional expenditure on consumer items such as on furniture, appliances, and paint service is:  $5,647

Expenditure on remodeling within 2 years of purchase:  $4,833

It generates a multiplier impact.

There is a greater spending at restaurants, sports games, and charity events. The size of this “multiplier” effect is estimated to be: $14,919

Additional home sales induce additional home production. Typically one new home is constructed for every 8 existing home sales. Therefore, for each existing home sale, 1/8 of new home value is added to the economy which is estimate in the state to be: $28,613

The Total Economic Impact of a Typical Home Sale in New York

Median Priced Home: $228,900

Total Income Derived from a Sale of a Home: $74,612

There you have it!  Real Estate has always been the pillar of our economy!

Are you ready to purchase?  We are here for you as Real Estate Makes A Dramatic Comeback!

JOLIE POWELL REALTY….THE REAL ESTATE BOUTIQUE PROVIDING EXCEPTIONAL CUSTOMER SERVICE!

631-473-0420

About The Author

Jolie Powell

Jolie Powell has been a distinguised leader in the Real Estate industry since 1987. Prior to entering the world of Real Estate, she worked as a TV producer for the Advertising Agency, Dancer Fitzgerald Sample in NYC. Jolie's expertise in counseling buyers and sellers brings people together from Long Island, and indeed, Globally! Having lived abroad and traveled extensively, Jolie has an excellent understanding of many cultures. As a Cuban-born American, she is fluent in Spanish and communicates well with international clients relocating to the North Shore of Long Island. Jolie is proud of the high level of trust she and her clients have established and looks forward to continue building exceptional client/broker relationships.

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