Regional Growth Bringing in New Money
Posted November 4, 1997 12:00 a.m. EST
RALEIGH — New roads are one sign of the growth we're seeing all over this part of the state. Another is the number of new homes going up every day. They're popping up everywhere, and that's bringing a lot of money into the area -- billions of dollars every year.
Last year more than 9,000 new homes were built in Wake, Durham and Orange counties. According to Economist Dr. Michael Walden, while some complain it's too much to fast, a new study shows everyone is benefiting from the building boom.
Dr. Walden's report shows that every 100 homes built results in $14.3 million in new regional income, 224 new jobs and $488,000 in new local tax revenues. Homebuilders Association President Jeff Fike says the organization asked Walden to do the report in hopes of silencing critics.
Fike says the report proves that construction more than pays for itself. Walden says new construction stimulates other industries when the new homeowners start spending
Walden is conducting part two of this report that will be released in February. He'll look at the impact that new home construction has on schools.