The housing recovery goes deeper than just an improvement in home prices, with single-family home construction contributing approximately 500,000 jobs to the economy year-over-year, Regional Economic Models Inc. said in a press release.
Additionally, the net gain in jobs accounts for a quarter of the approximately 2 million jobs added to the economy from July 2012 to July 2013.
Furthermore, the biggest net growth occurred in Texas, with 59,600 jobs, and Florida, with 54,000 jobs, and California, with 30,200 jobs.
“Construction of new homes is a major driver of our economy at the national and state levels,” said Frederick Treyz, CEO and Chief Economist of REMI.
“We estimate that for every new house constructed, between four and five new jobs on average are created,” he added.
