Housing industry generates 11% of California's economy, study says
From Kelly Zito on today’s SFGate,
The housing industry contributed more than a quarter-trillion dollars, about 11 percent of total output, to California’s economy last year, according to a home building group.From the money builders spend to put up new homes to the dollars rippling through the economy from workers’ spending on gas and medical care, the housing sector accounted for $273 billion in the state last year and supported about 960,000 jobs, based on the more than 200,000 residential units built last year, said a study conducted by the Sacramento Regional Research Institute.
The building study, which did not include the economic impact of commercial real estate, calculated a range of economic impacts, from direct and indirect benefits — such as the expenditures by builders and their employees, as well as the services provided by wholesalers, architects and engineers — to induced benefits — which include money spent by employees on retail items, housing and insurance. [more...]
