The title insurance and settlement services industry directly generated $30 billion of U.S. gross domestic product (GDP) in 2022, according to a report commissioned by the American Land Title Association that was published on Wednesday.
Additionally, the report, conducted by Ernst & Young’s Quantitative Economics and Statistics (QUEST) team, found that the title industry was also directly responsible for 155,000 jobs, and $13 billion and wages and benefits for those employed in the industry.
The report measures both the direct and broader U.S. economic impact of the title industry.
In addition to the industry’s direct contribution, Ernst & Young found that the title and settlement industry supported 231,000 jobs, $19 billion in wages and benefits and $32 billion in GDP via the purchase of goods and services from suppliers, as well as an additional 174,000 jobs, $11 billion in wages and benefits, and $20 billion in GDP via related consumer spending.
ALTA noted that 90% of the title industry is made up by small businesses.
On a state-by-state basis, Texas had the highest estimated employment in the title industry in 2022, at 20,100 jobs, followed by California (15,900 jobs), Florida (14,200 jobs), New York (8,200 jobs), and Pennsylvania (7,400 jobs).
The Lone Star State was also the state with the highest direct total economic activity from the industry at $3.7 billion of GDP, followed by California ($3.4 billion of GDP), New York ($2.5 billion of GDP), Florida ($2.2 billion of GDP), and Illinois ($1.7 billion of GDP), according to the report.
