Housing pays for itself, new study finds
August 3, 2016
New homes in Lexington, SC pay for themselves, according to a new study commissioned by the Building Industry Association of Central SC (BIA) and conducted by the National Association of Home Builders (NAHB).
A Growth Forum will be held on August 24, 2016 at the Lexington Chamber of Commerce and Visitors Center sponsored by the BIA. Results of the study on the economic impact of housing in Lexington County will be presented at a 9:30 a.m. press briefing by Paul Emrath, Vice President, Survey and Housing Policy Research, National Association of Home Builders.
The recently conducted study finds that building 1,368 single-family homes in Lexington County last year generated $253.9 million in local income for local residents and $27.1 million in revenue for local governments. This is enough to support 4,017 full-time jobs in the area for a year.
But this isn’t the end of the story. The study also finds that the homes generate $43.6 million in local income and $8.8 million in local taxes per year after they are built and occupied. This is enough activity to support 856 full-time local jobs year after year.
“Home builders in our area have long known that they support local businesses to a considerable extent, but it is nice to see these effects quantified,” said Eddie Yandle, a local home builder and current President of the BIA “Not only does home building boost local job growth, it also contributes to the local economy through generating tax revenue and income.”
Following the press briefing a panel discussion moderated by local builder and President of the Home Builders Association of South Carolina, Andy White, will be held at 10:00 a.m. on the opportunities and challenges associated with growth. Panelists include Lexington County Council Chairman Todd Cullum, Lexington Mayor Steve MacDougall, Senate Majority Leader Shane Massey, Representative Todd Atwater, Lexington School District One COO Jeff Salters, CMCOG Director of Transportation Reginald Simmons and other key decision makers. The forum will conclude with a discussion on alternative methods to fund infrastructure needs.
About BIA of Central SC
The Building Industry Association of Central South Carolina (BIA), formerly the Home Builders Association of Greater Columbia, is a non-profit professional trade association founded in 1957 for the purpose of maintaining high professional standards in the residential construction industry. Based in Columbia, SC, it is comprised of over 800 builder and associate firms representing over 7,500 industry professionals involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. The BIA is affiliated with the Home Builders Association of South Carolina and the National Association of Home Builders and is ranked by size in the top 25 of nearly 800 local Home Builders Associations in the country. During a typical year, residential construction accounts for about five cents of every dollar spent in the U.S. economy, making home building one of the largest and most influential industries in the country.
