Housing’s Share of GDP Grows in the First Quarter
Housing’s share of the economy increased at the start of 2022 as overall GDP growth declined at a 1.4% annual rate in the first quarter. Housing’s share of GDP increased to 16.7%.
Housing-related activities contribute to GDP through residential fixed investment (RFI) and housing services.
RFI is the measure of the home building, multifamily development and remodeling contributions to GDP. It includes construction of new single-family and multifamily structures, residential remodeling, production of manufactured homes and brokers’ fees.
For the first quarter, RFI was 4.8% of the economy, recording a $1.18 trillion seasonally adjusted annual pace.
Housing services, which includes gross rents (including utilities) paid by renters, and owners’ imputed rent (an estimate of how much it would cost to rent owner-occupied units) and utility payments, represented 11.9% of the economy, or $2.9 trillion on seasonally adjusted annual basis.
NAHB Chief Economist Rob Dietz provides more analysis in this Eye on Housing blog post.
Latest from NAHBNow
Economics
Dec 22, 2025
Existing Home Sales Inch Higher in NovemberTotal existing home sales, including single-family homes, townhomes, and condos, rose 0.5% last month to a seasonally adjusted annual rate of 4.13 million, the highest level since February. November sales were still 1% lower than a year ago.
Advocacy
Dec 19, 2025
Senate Confirms Cassidy as FHA Commissioner, Gormley as Ginnie Mae PresidentNAHB congratulates Frank Cassidy and Joseph Gormley on their recent Senate confirmation to top government posts. Cassidy was confirmed as the U.S. Department of Housing and Urban Development Assistant Secretary for Housing and Federal Housing Commissioner, while Gormley will lead Ginnie Mae as its new president.
Latest Economic News
Economics
Dec 19, 2025
Existing Home Sales Edge Higher in NovemberExisting home sales rose for the third consecutive month in November as lower mortgage rates continued to boost home sales, according to the National Association of Realtors (NAR). However, the increase remained modest as mortgage rates still stayed above 6% while down from recent highs. The weakening job market also weighed on buyer activity.
Economics
Dec 18, 2025
Lumber Capacity Lower Midway Through 2025Sawmill production has remained essentially flat over the past two years, according to the Federal Reserve G.17 Industrial Production report. This most recent data release contained an annual revision, which resulted in higher estimates for both production and capacity in U.S. sawmills.
Economics
Dec 18, 2025
Inflation Slows in November (with a Caveat)Inflation unexpectedly eased in November, according to the Bureau of Labor Statistics (BLS) latest report. This data release was originally scheduled for December 10 but was delayed due to the recent government shutdown.