Ever wonder what impact you have on the Florida Economic condition? We Realtors affect it more than you think. Read the following statistics from NAR as presented in Florida Reator.
"ORLANDO, Fla. – June 14, 2019 – When it comes to Florida's economy, real estate is a heavyweight. A recent updated analysis by the National Association of Realtors® (NAR) finds that money generated by the state's real estate industry makes up 21.9% of the gross state product."
This is huge! We make up more than 1/5 th of the state economy. That makes us a big player next to tourism.
Now find out what each house sale means to the state.
"Each home sale generates $21,483 for home-related businesses, such Realtors' commissions and moving services. And buyers spend an additional $4,243 on items for their new homes, such as appliances, furnishings, property alterations, etc.
Because money spent by one person goes into someone else's pocket, a single dollar can be spent over and over, called a multiplier. According to NAR, the total multiplier of a housing sale in Florida is $12,348 – and that doesn't include the total impact of new home construction, which is $39,783 per sale (51.1% of the real estate industry's total impact)."
Now compare this to the country and you will see we are up there as well.
In total, the average impact of a Florida home sale is $77,858.
Nationally, the impact of the real estate business is lower for the U.S. economy – 17.4%. But the total economic impact per sale is $84,724.
According to NAR's numbers, each buyer spends $4,243 (same as Florida) on things related to the purchase, and the multiplier is $13,338. New home construction generates $43,600, or 51.5% of the industry's total impact.
© 2019 Florida Realtors®
Did you know how much effect you had?