The Latest Housing Industry Statistics Explained
The US housing industry contributed more than $2.7 trillion to gross domestic product (GDP) in 2020, approximately 15% of the total.
The statistic that the US housing industry contributed over $2.7 trillion to the country’s gross domestic product (GDP) in 2020, accounting for approximately 15% of the total, highlights the sector’s significant economic impact. This substantial contribution underscores the importance of the housing industry as a key driver of economic growth and stability. The housing market encompasses a wide range of activities, including construction, real estate transactions, and related services, all of which generate revenue, create jobs, and stimulate other sectors of the economy. As such, the strength of the housing industry is closely linked to overall economic health and prosperity, making it a critical component of the nation’s GDP and a barometer for economic performance.
As of July 2021, home builders in the US employed over 2.3 million people.
The statistic that as of July 2021, home builders in the US employed over 2.3 million people indicates the significant impact of the construction industry on the national labor force. This figure reflects the widespread demand for new residential properties and the continued growth of the housing market, which has led to a substantial workforce employed in building homes. The employment of over 2.3 million people by home builders underscores the sector’s economic importance, creating jobs and stimulating economic activity across various industries related to real estate and construction. The statistic also suggests a robust level of investment and consumer confidence in the housing market, as evidenced by the substantial number of individuals employed in the home building sector.
The average selling price for a new house in the United States is $408,800 as of July 2021.
The statistic that the average selling price for a new house in the United States is $408,800 as of July 2021 represents the typical amount a buyer would expect to pay for a newly constructed home in the country during that time period. This average price reflects the combined costs of purchasing new homes across various locations and markets in the United States, capturing the overall trend of housing prices at that specific point in time. The figure provides valuable information for prospective buyers, sellers, real estate professionals, policymakers, and other stakeholders in the housing industry to understand the current market conditions and make informed decisions regarding real estate transactions.
In the UK, the housing industry contributed £113.6 billion (around $149 billion) to GDP in 2018.
The statistic that the housing industry in the UK contributed £113.6 billion to GDP in 2018 indicates the significant economic importance of the sector within the national economy. This substantial contribution reflects the size and scale of the housing market in the UK, encompassing activities such as construction, real estate transactions, and property rental. The growth and performance of the housing industry can have broader implications for the overall economic well-being, as it generates employment opportunities, drives consumer spending on related goods and services, and influences overall market sentiment. Given the size of the GDP contribution, policymakers, businesses, and investors closely monitor the health and trends within the housing sector to gauge the economic outlook and make informed decisions.
Just over 1.3 million new homes were completed in the United States in 2020.
The statistic that just over 1.3 million new homes were completed in the United States in 2020 indicates a significant level of housing construction activity during the year. This figure reflects the number of newly constructed homes that reached a stage where they were ready for occupancy. The completion of 1.3 million new homes suggests a robust housing market, which could be influenced by factors such as population growth, low mortgage rates, and the general demand for housing. This statistic is crucial for understanding the overall health and activity in the housing sector, as new home completions contribute to economic growth through job creation, increased consumer spending on home-related goods and services, and overall investment in construction and real estate industries.
In Australia, just over 175,000 houses were built in 2019.
The statistic that just over 175,000 houses were built in Australia in 2019 indicates the annual number of new residential constructions completed within the country during that year. This figure reflects the level of housing development activity in Australia and provides insights into the overall health of the construction industry. By tracking the number of houses built each year, policymakers, economists, and industry stakeholders can gain a better understanding of trends in the housing market, assess the demand for new housing units, and evaluate the potential impact on economic growth, employment, and housing affordability within the country.
The residential building construction industry in the United States is expected to reach $558.4 billion in 2021.
The statistic stating that the residential building construction industry in the United States is expected to reach $558.4 billion in 2021 indicates the projected total value of construction activities within the residential sector for the specified year. This statistic is significant as it highlights the substantial economic impact of residential construction on the overall economy, reflecting increased demand for housing as well as job opportunities within the construction industry. The forecasted figure further suggests a positive outlook for the industry, potentially driving growth, investment, and employment opportunities in related sectors. Therefore, this statistic serves as a valuable indicator of the health and progress of the residential building construction industry and its broader implications for the national economy.
As of 2021, the median sales price of new single-family houses sold in the U.S. was $385,000.
The statistic states that in 2021, the median sales price of new single-family houses sold in the U.S. was $385,000. This means that half of the new single-family homes sold in the U.S. were priced below $385,000 and the other half were priced above this value. The median is used as a measure of central tendency to give an indication of the typical sales price, as it is less influenced by extreme values compared to the mean. This statistic provides valuable insight into the housing market, indicating the price point that is representative of the middle of the distribution of sales prices for new single-family homes in the United States in 2021.
The total volume of all home sales in Canada reached $73.3 billion in July 2021.
The statistic indicates that in July 2021, the combined value of all residential property transactions in Canada amounted to $73.3 billion. This metric provides insight into the overall activity and financial magnitude of the housing market during that specific time period. The total volume of home sales can be considered a critical indicator for assessing the health and vitality of the real estate sector, as it reflects the level of investment, consumer confidence, and market demand across the country. Tracking changes in the total volume of home sales over time can help analysts and policymakers understand trends, identify potential opportunities for growth, and evaluate the impact of economic factors on the housing market.
In the United States, it is projected that home improvement expenditure will amount to about $449.5 billion in 2021.
The statistic that home improvement expenditure in the United States is projected to reach approximately $449.5 billion in 2021 indicates the anticipated total amount of money that individuals and households are expected to spend on improving or renovating their homes over the course of the year. This figure reflects a significant investment in home improvement projects across the country, highlighting the importance and scale of the housing market and related industries. The projection suggests a robust demand for home improvement services and products, potentially driven by factors such as low interest rates, increased focus on home comfort and functionality due to the COVID-19 pandemic, and rising home prices leading to more spending on upgrades and renovations. The substantial amount of anticipated expenditure emphasizes the economic significance of the home improvement sector and its contributions to the overall economy.
Approximately 650,000 homes are sold in the UK each year.
The statistic that approximately 650,000 homes are sold in the UK each year provides insight into the magnitude of real estate activity within the country. This figure indicates a significant level of turnover in the housing market, reflecting both the demand for new homes and the frequency of property transactions. By tracking the number of homes sold annually, policymakers, economists, and stakeholders in the real estate industry can gain a better understanding of market trends, housing affordability, and overall economic health. This statistic serves as a key indicator for assessing the strength and liquidity of the housing market in the UK, influencing various sectors such as construction, lending, and financial services.
In August 2021, the price of an average house in the UK was £262,954.
The statistic “In August 2021, the price of an average house in the UK was £262,954” represents the mean or average price of all houses sold across the UK during that specific month. This figure is derived from aggregating individual house prices and calculating the total sum, then dividing it by the number of houses sold. As a measure of central tendency, the average house price provides a snapshot of the overall housing market in the UK, serving as a benchmark for understanding the general affordability and value of residential properties in the country at that given time. It can be used by policymakers, economists, homebuyers, and sellers to gain insights into market trends, make informed decisions, and track changes in property values over time.
As of May 2021, China’s housing industry made up over 29% of its GDP.
The statistic stating that as of May 2021, China’s housing industry accounted for over 29% of its GDP indicates the significant contribution of the real estate sector to the country’s economy. A high proportion of GDP being derived from the housing industry suggests that this sector plays a crucial role in driving economic growth in China. This statistic highlights the importance of the real estate market in China as a key economic driver and indicates that developments within the housing industry can have substantial impacts on the overall economy. Additionally, it suggests that policies and trends in the real estate sector could significantly influence China’s economic performance.
In 2020, the total investment in housing reached approximately $1.4 trillion in the USA.
The statistic “In 2020, the total investment in housing reached approximately $1.4 trillion in the USA” indicates the significant financial activity that occurred within the housing market in the United States during that year. This figure encompasses the total sum of money invested in residential real estate, including purchases of new homes, renovations, and other related investments. Such a sizable investment underscores the economic importance of the housing sector within the country, highlighting the substantial level of financial resources allocated towards housing-related activities in 2020. This statistic serves as a key indicator of the overall health and vitality of the housing market, reflecting the confidence and interest of investors, homeowners, and stakeholders in the sector.
In the last quarter of 2020, the average cost per square foot for a new single-family home in the United States was $114.
In the last quarter of 2020, the average cost per square foot for a new single-family home in the United States was $114. This statistic provides insight into the general pricing trends in the real estate market during that time period. It indicates that, on average, buyers were paying $114 per square foot for newly built single-family homes across the country. This information can be useful for potential homebuyers, real estate developers, and policymakers in understanding the housing market dynamics and making informed decisions related to buying, selling, or investing in residential properties.
In 2020, UK house builders registered to start 123,151 new homes.
In 2020, a total of 123,151 new homes were registered to be started by house builders in the UK. This statistic indicates the level of construction activity in the housing market and serves as a key indicator of the overall health and growth of the housing sector in the UK. The number of new homes registered reflects the ongoing demand for housing as well as the efforts of the construction industry to meet this demand. Analyzing trends in new home registrations can provide insights into the future supply of housing stock, potential changes in property prices, and overall economic activity within the housing market.
In the United States, approximately 5.64 million existing homes were sold in 2020.
The statistic that approximately 5.64 million existing homes were sold in the United States in 2020 indicates the level of activity in the housing market for that year. This figure represents the total number of residential properties that changed ownership through sales transactions during the specified period. This data point is significant for various stakeholders, such as real estate agents, homeowners, policymakers, and economists, as it provides insights into the health of the housing market, the demand for housing, and overall economic activity. The number of existing home sales is often used as an indicator of consumer confidence, interest rates, and broader economic trends as it reflects the willingness and ability of individuals and families to engage in real estate transactions.
In the US, the average monthly rent was $1,469 in 2020.
The statistic regarding the average monthly rent of $1,469 in the United States for 2020 represents the typical amount a household would pay for housing during that year. This figure is calculated by taking the total monthly rent paid by all households in the country and dividing it by the total number of households. It serves as an indicator of the overall cost of living and housing affordability in the US. This average rent value provides insight into the financial burden faced by individuals and families when it comes to securing housing, and can be used by policymakers, researchers, and individuals alike to make informed decisions regarding housing choices, budgeting, and economic trends.
References
0. – https://www.www.home.co.uk
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2. – https://www.www.fanniemae.com
3. – https://www.www.nahb.org
4. – https://www.fred.stlouisfed.org
5. – https://www.www.census.gov
6. – https://www.creastats.crea.ca
7. – https://www.lipperalpha.refinitiv.com
8. – https://www.www.bbc.com
9. – https://www.www.statista.com
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11. – https://www.www.nar.realtor
