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
Sustainability and Green Building | IBS
Jul 22, 2025
2026 IBS Sustainability & Green Building Scholarship Application Now OpenThe NAHB IBS Sustainability and Green Building Scholarship aims to provide emerging green builders exposure to the world of high-performance homes and help them jump-start their professional journey by attending the International Builders’ Show (IBS).
Housing Finance
Jul 21, 2025
House Bill Restores Funding for Several Housing Programs from Trump BudgetThe House Appropriations Committee has voted to restore funding for key housing programs that President Trump eliminated in his “skinny budget,” such as housing choice vouchers, project-based rental assistance and the Community Development Block Grant (CDBG) program.
Latest Economic News
Economics
Jul 22, 2025
Top 10 Builder Market Share Across MetrosAn earlier post described how the top 10 builders in the country captured a record 44.7% of new single-family closings in 2024. BUILDER Magazine has now released additional data on the top ten builders within each of the 50 largest new home markets in the U.S., ranked by single-family permits.
Economics
Jul 21, 2025
Use of Private Water and Sewer Systems in New Single-Family HomesThe share of new single-family homes built with individual septic systems declined slightly in 2024 compared to the previous year, while the share of homes served by private wells remained steady.
Economics
Jul 21, 2025
Sales of Lower-Priced New Single-Family Homes Declined Over the Past Five YearsFrom 2020 to 2024, sales of lower-priced new homes declined significantly as the market moved toward higher-priced segments. Rising construction costs—driven by inflation, supply chain disruptions, and labor shortages—as well as higher regulatory costs, made it increasingly difficult for builders to construct affordable homes.