Study measures housing's economic impact
A new study ranks New Hampshire’s housing industry 21st in the nation in terms of its economic impact to both the state and localities.
According to the study, conducted by The National Association of Home Builders, the state’s housing construction industry contributes nearly 6 percent to New Hampshire’s gross state product, while the contribution of housing services created by the existing stock of homes in the Granite State is a little over 10 percent. The combined total of the effect of housing on the GSP is 16.31 percent. Statistics were based on 2002 data, the latest year for which estimates are available.
The study looked at private residential investment and consumption spending on housing services. Residential investment includes construction of new single family and multifamily structures, residential remodeling, production of manufactured homes, and brokers’ fees. Consumption spending on housing services includes the amount of rent paid by tenants, the imputed value of housing services to home owners, and the amount paid to hotels by households for housing services.
“We have always stressed the critical contributions that housing and development makes to New Hampshire’s economy and this report validates our statements,” said Ed Stewart, president of the Home Builders & Remodelers Association of New Hampshire. “This new information can be added to the report that was released last year by the New Hampshire Workforce Housing Coalition that showed similar contributions to the state’s economy from housing.”
The study can be found at hbranh.com. – JEFF FEINGOLD