MoneyMorning tells MHProNews residential construction is currently 2.44% of the gross domestic product (GDP), half of its historical norm, even with last year’s increases in new home construction. According to a Bloomberg survey of economists, housing starts are expected to increase by roughly 20% this year, and over the next two years 1.2 million residential construction jobs will be created. New home-building also has a ripple effect on the economy as a whole—demand for appliances, paint, tile, draperies, furniture, concrete also rise. If home construction returns to adding five percent to the GDP, and related economic activity adds another 13%, the economy could get enough of a shot in the arm to spur the recovery and create jobs and a housing renaissance as well.

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