The Springfield Business Journal recently reported on a National Association of Home Builders study that found home building in Springfield is an economic boon to the local economy, with an ongoing ripple effect that only multiplies over time.
Dr. Elliot Eisenberg, senior economist for the NAHB and keynote speaker at a recent conference presented by the Home Builders Association of Greater Springfield, said the economic impact of the 938 homes built in 2010 in the five-county Springfield MSA would generate more than $150 million in income and local taxes for the area economy. The study is the first of its kind in southwest Missouri. It meticulously examined the economic impact of residential construction in 2010 on the Springfield metropolitan statistical area. Findings were released at the HBA’s May 25 Ozarks Regional Housing and Construction Conference.
To read the Springfield Business Journal’s coverage of the study’s key findings on sbj.net, click here.
The economic model used to determine the economic impact of the housing industry was first developed by NAHB in 1997 and has been applied to construction in more than 575 areas of the country. This study looks at economic impact of building 938 single family homes in Christian, Dallas, Greene, Polk and Webster counties during in 2010. For a full copy of theJobs, Revenue and Income report click here. For a full copy of the cost vs. revenue to local governments report, click here. For a pdf copy of Dr. Eisenberg’s powerpoint presentation (as presented at the HBA Ozarks Regional Housing & Construction Conference), click here.