Housing’s Share of GDP Grows in the First Quarter
Housing’s share of the economy increased at the start of 2022 as overall GDP growth declined at a 1.4% annual rate in the first quarter. Housing’s share of GDP increased to 16.7%.
Housing-related activities contribute to GDP through residential fixed investment (RFI) and housing services.
RFI is the measure of the home building, multifamily development and remodeling contributions to GDP. It includes construction of new single-family and multifamily structures, residential remodeling, production of manufactured homes and brokers’ fees.
For the first quarter, RFI was 4.8% of the economy, recording a $1.18 trillion seasonally adjusted annual pace.
Housing services, which includes gross rents (including utilities) paid by renters, and owners’ imputed rent (an estimate of how much it would cost to rent owner-occupied units) and utility payments, represented 11.9% of the economy, or $2.9 trillion on seasonally adjusted annual basis.
NAHB Chief Economist Rob Dietz provides more analysis in this Eye on Housing blog post.
Latest from NAHBNow
Workforce Development
Sep 22, 2025
9 Strong Associate Job Fields to Consider as a Career PathWith salaries on the rise and plenty of available jobs, now is a great time for students or for anyone looking to make a career changes to pursue a career in construction.
Advocacy
Sep 19, 2025
Chance of Government Shutdown Grows as Senate Fails to Pass Stopgap Spending BillsIn two votes today, the Senate blocked Republican-led and Democratic-led plans to keep the government funded, increasing the odds that a government shutdown will occur at 12:01 a.m. on Oct. 1.
Latest Economic News
Economics
Sep 18, 2025
Women in Construction Reach Highest Share in Two DecadesIn 2024, the number of women employed in the construction industry rose to around 1.34 million. Women now represent 11.2% of the construction workforce, the highest share in the past 20 years. This rise aligns with the growing presence of white-collar jobs in the industry.
Economics
Sep 17, 2025
The Fed Cuts and Projects More Easing to ComeAfter a monetary policy pause that began at the start of 2025, the Federal Reserve’s monetary policy committee (FOMC) voted to reduce the short-term federal funds rate by 25 basis points at the conclusion of its September meeting. This move decreased the target federal funds rate to an upper rate of 4.25%.
Economics
Sep 17, 2025
Housing Starts Remain Soft Ahead of Fed MeetingChallenging affordability conditions continue to act as headwinds for the housing industry, but the sector could see lower interest rates in the near future with the Federal Reserve expected to cut short-term interest rates this afternoon.