Building 1,000 average single-family homes generates 2,975 jobs and $111 million in taxes and fees for all levels of government, according the National Association of Home Builder’s National Impact of Home Building model.
Also, building 1,000 average rental apartments generates 1,133 jobs and $42.4 million in taxes.
Here’s how the $111 million in taxes and fees generated by 1,000 single-family home would be broken down: $74.4 million in federal taxes (mostly income taxes and Social Security), $10.3 million in state and local income taxes, $6.9 million in state and local sales taxes, and $13.7 million in impact, permit and other fees local governments impose on new construction.
The jobs are measured in full-time equivalents (enough work to keep one worker employed full-time for a year), and are broad-based. Although a substantial share of the employment is generated in the construction industry, other jobs are created for employees in firms that manufacture building products, transport and sell those products, and provide professional services to home builders and buyers (e.g., architects and real estate agents).