National Association of Home Builders economist Stephen Melman reports that housing's share of the GDP in the fourth quarter of 2015 remained unchanged at 15.3%. But, the home building and remodeling share of residential fixed investment (RFI) grew for the fifth consecutive month to 3.32% of total GDP.
RFI measures new construction of single-family homes and multifamily buildings, residential remodeling, production of manufactured homes and brokers’ fees, and grew by 2.42% compared with the third quarter, reaching a $547 billion seasonally adjusted annual pace.
Housing services accounted for most of the 15.3% of housing's GDP share, including rents paid and utilities, totaling 11.98% of the economy or $1.97 trillion on a seasonally adjusted annual basis.
Historically, RFI has averaged roughly 5% of GDP while housing services have averaged between 12% and 13%, for a combined 17% to 18% of GDP. These shares tend to vary over the business cycle.