Economic Impact of Home Building Honolulu County, Hawaii

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Presentation transcript:

Economic Impact of Home Building Honolulu County, Hawaii BIA - Hawaii November 15, 2016 Robert Dietz, Ph.D. NAHB Chief Economist

What is the Economic Impact of Home Building NAHB impact developed in 1996 More than 800 studies, including for universities and affordable housing groups 2002: adapted for Low-Income Housing Tax Credit rental developments 2005: adapted for remodeling analysis

What is the Economic Impact of Home Building? Study of Honolulu County, Hawaii Urban Honolulu, MSA consisting of a single county (Honolulu) in Hawaii 100 single-family homes

Local Economic Impact of Single-family Home Building 1st - Construction phase Jobs, Materials, Fees, Taxes 2nd - Ripple effect from construction phase Wages spent in local economy 3rd - Occupancy phase Earnings spent in the local economy

Assumptions of the Model Inputs To Model Single-family Average house price: $522,600 Average raw lot cost: $100,308 Permits/Infrastructure: $12,393 Annual property taxes: $1,549

Phase I CONSTRUCTION Value of Construction + Services Provided at Closing Permit / Hook-up / Impact Fees Model of the Local Economy Local Income, Taxes, & Jobs Supported

Single-family Construction – 100 Homes FIRST YEAR IMPACT: Single-family Construction – 100 Homes INCLUDING: $1.24M permit and impact fees 172 jobs in Construction 42 jobs in Wholesale and Retail Trade 20 jobs in Business and Professional Services * One job represents enough work to keep one worker employed full-time for a year.

Phase II RIPPLE Spending on Locally Produced Goods and Services Model of the Local Economy Local Income and Taxes from Phase I

FIRST YEAR IMPACT: Single-Family Ripple INCLUDING: 38 jobs in Wholesale and Retail Trade 38 jobs in Local Government 34 jobs in Health, Education and Social Services 21 jobs in Eating and Drinking Places

Phase III OCCUPANCY Income of Occupant in New Housing Unit + Spending on Locally Produced Goods and Services Model of the Local Economy Local Income and Taxes Income of Occupant in New Housing Unit + Increased Property Taxes

ONGOING Single-Family ANNUAL EFFECT INCLUDING: $119,800 property tax 18 jobs in Wholesale and Retail Trade 12 jobs in Health, Education and Social Services 10 jobs in Business & Professional Services

NEW HOMES REQUIRE Fire and police protection Garbage collection Parks and recreational opportunities Roads Correctional facilities Primary and secondary education Etc. Data: Local and Federal Government

Required Current Expenses

Required Capital per Unit

100 Single-Family Homes (463 Phase I and II jobs, 80 Phase III jobs) Net Economic Impact Estimates 100 Single-Family Homes (463 Phase I and II jobs, 80 Phase III jobs) $14.6 million in revenue; $6.1 million in costs $8.5 million in net revenue

eyeonhousing.org housingeconomics.com @dietz_econ Thank you. Questions? eyeonhousing.org housingeconomics.com @dietz_econ