The housing sector not only provides shelter—a basic human need—but also plays an integral role in both global and local economic growth. Beyond its primary function, the housing sector initiates a series of activities that propel economic growth.
Specifically, the housing sector is a significant contributor to gross domestic product (GDP) through construction, home sales, and renovations. While these activities require labor and materials, they also stimulate production and job creation across multiple industries, including construction, manufacturing, and retail. Furthermore, home purchases, particularly older ones, typically trigger additional consumer expenditures. These new homeowners often invest in home improvement projects, furniture, appliances, and services to personalize and update their living spaces. However, the economic impact of the housing sector extends even further. The construction of new homes and the renovation of existing ones require labor, creating a wide range of jobs, from architects and builders to interior designers. Moreover, the real estate sector—encompassing agents, brokers, and mortgage lenders—also employs a significant number of professionals. The ripple effects of a booming housing market, therefore, can be substantial in reducing unemployment and boosting people’s income
