Thursday, February 12, 2009

New Jobs may be Created!!

The $15,000 Home Buyer Tax Credit is Expected to Create 255,000 Jobs

If you haven’t yet gotten behind the $15,000 home buyer tax credit, which is an integral part of the economic stimulus legislation recently by the Senate, then hopefully these predictions will open your eyes to the drastic impact it could have on our economy. The National Association of Home Builders did a little research, and their findings suggest that this home buyer tax credit will result in nearly 500,000 additional home sales and create 255,000 new jobs in the year ahead.

“The tax credit will get prospective buyers back into the housing market on the day the bill is signed and stimulate activity throughout the economy,” said NAHB President and CEO Jerry Howard.

Increasing home sales, Howard added, will help to stabilize home values, slow the rate of foreclosures and shore up mortgage portfolios held by financial institutions, all of which will bolster confidence generally and trigger even more economic activity.

In addition to the 255,000 jobs created during the first year, NAHB estimates that the additional half million home sales will generate:

* $12.3 billion in wages and salaries
* $9.7 billion in net business income
* $6.6 billion in federal taxes
* $2.1 billion in state and local taxes

But the ripple and multiplier effect doesn’t stop there. NAHB research shows that the tax credit would result in $7.4 billion in economic activity outside the construction sector, including $4 billion in broker services, $2.5 billion in spending related to sales transactions and $350 million in spending for property improvements.

We hope the NAHB research is accurate and that the $15,000 tax credit will have these effects on the housing market and general economy. If you haven’t yet voiced your support for the legislation, don’t delay any longer.

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1 Comment:

  1. Anonymous said...
    This news is hopeful. thank u

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