The Norman Transcript
NORMAN — In normal economic times, the construction industry represents about 17 percent of the nation’s gross domestic product. For months economists have said the housing industry has remained one of the last sectors to show growth and recovery from the recession. That may be old news this month.
Home construction at an annual rate exceeded 1 million units last month for the first time since June 2008. Contractors are going back to work and dealing with some pent-up demand.
We’ve seen more permits issued in Norman for the first three months of the year than last year. There were 56 issued in the first three months of 2012 compared to74 for the first three months of 2013. Sub-contractors are hiring and the pace seems to be picking up as the weather becomes more conducive to construction.
The National Association of Home Builders estimates that for each single-family home constructed, three jobs are created.
It also creates about $90,000 in government revenue. That includes $67,000 in federal taxes and $23,000 in state and local taxes. Additionally, it increases the property tax base which generates revenue supporting schools, libraries, health departments and other public entities.
For local news and more, subscribe to The Norman Transcript Smart Edition, or our print edition.