According to the senior economist for the National Association of Home Builders, Elliot Eisenberg, home building in Tulsa is a huge economic stimulus because its benefits outweigh its costs. Home building is also similar to large employers like ONEOK Inc. that create jobs. ?If you stack the total employment in construction vis-?-vis the other large companies, it stacks up favorably,? said Eisenberg. It?s just not as noticeable as other industries because crews are so spread out.
Eisenberg recently presented reports to Tulsa City Council members and the Home Builders Association of Greater Tulsa. One of the reports looked at the Tulsa metro?s home building impact on income, jobs and taxes generated. The other report compared home-building costs to revenues for local governments. The reports estimated that the impact after just one year, and 1,761 new homes, is more than 4,800 jobs ? 3,217 of which directly relate to construction with 1,641 jobs indirectly related.
The reach of profit from building these homes goes far beyond the home builder too. Tradesmen, material suppliers, utility companies, furniture companies and many others profit as well. So, based off the report, the one-year impact of new homes brings in $325.3 million in local income. And it keeps paying off. After the home is occupied, the local and ongoing profit for the economy becomes $48.4 million.
Already in Tulsa, from the beginning of 2012 to April, the City logged 783 new homes ? a 32.5% increase from the same period in 2011. Builders are looking for an opportunity to build a house and make money off it by selling it quickly in a neighborhood where people are excited to buy.
Tulsa is full of great neighborhoods. We are local real estate agents and experts on the community. If you would like to learn more about the Tulsa area please contact us.
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