The construction of 100 single-family homes and 100 multifamily homes in a typical metropolitan area benefits the local economy with new income, jobs, government revenues and property taxes:
Initial Year Impact SINGLE-FAMILY MULTI-FAMILY Local income* $10,755,000 $5,234,000 Local full-time jobs 257 122 Local taxes** $ 1,159,000 $ 579,000
Ongoing Annual Impact Local income* $ 2,915,000 $ 1,798,000 Local full-time jobs 75 46 Local taxes** $ 472,000 $ 308,000 Residential property taxes $ 177,000 $ 106,000 Other $ 295,000 $ 202,000
*Income generated by workers and businesses, and the ripple effect of workers and businesses spending this added income in the local economy.
**Revenues generated by local taxes from traditional sources such as property taxes, fees and revenue from local, government-owned enterprises.
Source: NAHB Local Economic Impact Model.
From: NAHB's Smart Growth Report