How much Housing Impacts the State’s Revenue
In this month’s Building Industry Association of Washington newsletter, Building Insight, an article discusses the impacts on jobs and revenue due to the decrease in construction in the state of Washington. The newsletter used to be online, where I could link to it, but I can’t find it now.
So, I’ll tell you about it! Last year in Washington, 47,558 single and multi-family permits were issued. This year only about 35,000 permits will be issued. So far thoughout the year, there are 12,536 fewer building permits than it did in 2007.
Each permit for a single family home averages $22,749 in state and local taxes and fees as well as 2.84 jobs per home. The total jobs and revenue lost by this analysis show -31,489 jobs and -$246,715,860.
The drop in building permits represents more than a decrease in new houses. It is a drop in income, jobs and tax revenues as well according to the BIAW.
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