October 14, 2013
The ripple effect is even greater for new home construction, economists say. Not only do buyers spend more after a sale, but the construction phase also generates hundreds of well paying jobs for builders, architects and material suppliers.
“Of all the real estate activities, new housing is the most important driver,” said Richard Green, director of USC’s Lusk Center for Real Estate.
Developers launched $1.9 billion worth of construction in Orange County in the first six months of 2013 -- $1.2 billion of it for new homes, according to Construction Industry Research Board figures. Residential and non-residential construction was up 38 percent this year from the first six months of 2012.