SC real estate makes up 15.3 percent of gross state product

07/18/2014 2:01 PM

07/18/2014 2:03 PM

The National Association of Realtors has done a study that shows real estate activity is not just peanuts in almost any state’s economic mix.

In South Carolina, 2012 real estate activity generated $26.1 billion or 15.3 percent of the gross state product.

Additionally, each home sold generates $9,137 in an economic multiplier (as real estate money is spent through the economy), $20,288 in new construction activity, $14,607 in income for any number of jobs that will share in the pie and $4,429 spending on furniture, appliances and other things for the new home.

The NAR said the total activity takes in everything from appraisal and construction to moving services and title insurance.

Neighboring North Carolina gets 13.4 percent of its gross state product from real estate activity, while Georgia counts 14.6 percent.

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