Housing in Lexington Pays for Itself, New Study Finds
New homes in Lexington, SC pay for themselves, according to a new study commissioned by the Building Industry Association of Central SC (BIA) and conducted by the National Association of Home Builders (NAHB).
A Growth Forum, sponsored by the Building Industry Association of Central South Carolina, was held on August 24 at the Greater Lexington Chamber. Results of the study on the economic impact of housing in Lexington County were presented at a briefing by Paul Emrath, vice president of Survey and Housing Policy Research for the National Association of Home Builders.
The recently conducted study finds that building 1,368 single-family homes in Lexington County last year generated $253.9 million in local income for local residents and $27.1 million in revenue for local governments. This is enough to support 4,017 full-time jobs in the area for a year.
Study: 1,368 homes built in @CountyLex last year generated $253.9 million in local income for residents/$27.1 million in revenue for gov't.— Grace Joyal (@GraceJoyal) August 24, 2016
But this isn’t the end of the story. The study also finds that the homes generate $43.6 million in local income and $8.8 million in local taxes per year after they are built and occupied. This is enough activity to support 856 full time local jobs year after year.
“Home builders in our area have long known that they support local businesses to a considerable extent, but it is nice to see these effects quantified, “said Eddie Yandle, a local home builder and current president of the BIA. “Not only does home building boost local job growth, it also contributes to the local economy through generating tax revenue and income.”
Study: the homes themselves generate $43.6 million in local income & $8.8 million in local taxes per yr, after they're built and occupied.— Grace Joyal (@GraceJoyal) August 24, 2016
Following the press briefing, a panel discussion moderated by local builder and president of the Home Builders Association of South Carolina, Andy White, was held on the opportunities and challenges associated with growth. Panelist included Lexington County Council Chairman Todd Cullum; Lexington Mayor Steve MacDougall; Senate Majority Leader Shane Massey; Representative Chip Huggins; Lexington School District One COO Jeff Salters; SC Department of Transportation Deputy Secretary for Planning, Ron Patton; Central Midlands Council of Governments Transportation Director Reginal Simmons and other key decision makers.