Economic impact of real estate activity

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Presentation transcript:

Economic impact of real estate activity Northeast Tennessee – tri-cities region

Commercial real estate equals economic development Major types of Income properties - Retail - Hotels and motels - Office buildings - Apartments - Industrial

Commercial real estate construction contributes 3% to total economic output As a lagging indicator, commercial real estate statistics follow residential real restate trends by a year or two

When you see a new business ribbon cutting or picture of a groundbreaking civic and political officials are always the focus, but……. …in almost all cases a commercial Realtor did the initial work and the heavy lifting to set up the deal

Residential economic contributions are derived from… -Real estate brokerage -Mortgage lending -Title insurance -Rental and leasing -Home appraisal -Moving truck services -Home construction -Remodeling -Other related activities

When a single-family home is sold Income generated from real estate related industries is……………$14,981 Additional spending on items like furniture, appliances and remodeling is..…..$4,994 It generates an economic multiplier impact of…....$9,654 It stimulated additional home building – one home is built for every eight existing home sales. Impact……,,,,$20,807

Economic impact of a typical home sale in Northeast Tennessee 2017 existing home resales………………6,239 Average sales price…………………...$166,456 Total income from typical resale…....$50,435 Total economic resale impact… $314,670,205 Single–family resale volume ….$1,038,683,303

Townhome and condo resales Related real estate industry per sale………..….$10,865 Consumer items per sale…………………………….$3,622 Multiplier effect per sale……………………………..$7,002 New home production per sale……………….……$9,657 2017 townhome, condo resales………………………..587 Economic impact per sale………………………….$31,145 Total resale economic impact………………..$18,282,115 Townhome, condo resale volume……..…….$70,861,375

Real estate’s 2017 economic impact $1,711,810,419 Total residential resale impact……...…$332,953,367 Total residential resale volume……...$1,109,544,678 Residential new home permits value….$45,133,000 Commercial permit value…………..…$243,516,045

Data sources Bureau of Economic Research Bureau of Census Bureau of Economic Analysis National Association of Home Builders National Association of Realtors Northeast Tennessee Association of Realtors Macroeconomic Advisors