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Saturday, January 16, 2016

New Home Construction A Powerful Economic Force In Carmel....

We barely noticed it for a number of years...those clouds of dusts rising from a formerly vacant field in Clay Township. It was all but gone from the downturn in 2008 until the last 24-36 months but new home construction in Carmel and across central Indiana has become a force once again. 

Last year in Clay Township we built over 100 new homes.  You can see the specific addresses of the MLS based new homes built in 2015  HERE. There were a number built through private contract and did not appear in the MLS.   *Sidenote.....yes I'm showing my age but you have to love the fact we now have a James Dean Drive in Carmel. 

The economic impact of this level of new home construction is significant.  The local impact of building 100 new homes starts with the jobs created (394). The private local income earned over that one year from 100 new homes is an astounding 28.7 million dollars. The tax dollars created for our local municipalities is over 3.5 million dollars. That's just for starters. The recurring impact of those same 100 homes is 4.1 million in private income (furniture stores, painters, etc.). The recurring impact is right at 1.1 million tax dollars with 69 new jobs created each of the years following the 100 new homes built. *Source - National Association of Home Builders. 

The number of homes built will likely rise in 2016 as the economy remains positive with the economic benefits continuing to be seen across our area.  The next time we drive down one of more prominent streets and hit the mud pulled from a basement being built, just remember there's a lot of benefit to all of that dust being created. While we may not see it, most of us are directly in the path of those benefits in our community.