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A new study on homebuilding in CT finds that home building activities, both single-family and multi-family, generate more revenues than costs for CT’s state and local governments. The study found that home building results in significant revenues from construction and the occupation of the units built. Assuming that 2,130 single-family units and 893 multi-family units were built in CT next year, the study estimates a net gain of $750 million in the first year and $3.6 million each year after.
The study also found that single-family construction of that number of units would result in 7,119 temporary jobs and 1,296 permanent jobs over the first ten years. On the multi-family side, the construction of the 893 units would result in 1,619 temporary jobs and 417 permanent jobs over the first ten years of development.
The study, commissioned by the Home Builders Association of Connecticut, was completed by Eliot Eisenberg, Ph.D., economist for the National Association of Home Builders and factors in both the direct tax revenues from those who build and occupy the housing as well as the “ripple effects” that occur as the income earned by those in construction and the money spent by those occupying the units spreads out into the state and local economies.
Dr. Eisenberg presented his findings to legislators and the public at a meeting on March 8, 2012 at the Legislative Office Building in Hartford. The HBA of CT has posted the presentation, impact study and cost analysis on their website.