WASHINGTON ECONOMISTS' REPORT: Economic and Fiscal Impacts of First-Time Home Buyers
Several of Washington's top economists contributed to this report: Mr. Glenn Crellin, Director of the Washington Center for Real Estate Research, Dr. ChangMook Sohn, former Executive Director of the WA state Economic and Revenue Forecast Council and Dr. Kriss Sjobbolm, VP of Research-Economist for the Washington Research Council.
The report on first time real estate home buyers was released this week. It explains the economic and revenue impacts of policies that can create new real estate buyers. The kinds of actions that would stimulate home purchases of 12,000 first time home buyers are laid out in the study.
The effects of real estate on the economy over 2 years:
8,533 new jobs
$340.3 million in wages
$1.35 billion in new economic activity
Home purchases drive the consumer market. We need to kick-start real estate to get everything else moving again.
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