The NAHB’s Eye on Housing says at the end of Q2 2023, housing’s share of the economy was 15.8%, while overall GDP increased for the 4th consecutive quarter – increasing at an annual rate of 2.4%. They say housing-related activities contribute to the U.S. GDP in two basic ways. First; through residential fixed investment (RFI) – effectively the measure of the home building, multifamily development, and remodeling contributions to GDP. And, second; the measure of housing services, which includes gross rents (including utilities) paid by renters, and owners’ imputed rent (an estimate of how much it would cost to rent owner-occupied units) and utility payments.
Click here to read the full report at the NAHB’s Eye on Housing.