Published: May 30, 2023 | Updated: May 25, 2023

Real estate industry boosts economy and more

Maureen Dolan

Maureen Dolan

Idaho’s real estate industry accounted for $20.7 billion or 18.9% of the gross state product in 2022, according to the National Association of Realtors. That percentage was likely higher in North Idaho, thanks to the region’s strong real estate market.

There are many benefits to a thriving real estate industry.

It helps drive the local economy by creating jobs — and not just for real estate agents. The demand also goes up for support services from appraisers, title companies, real estate lenders and property insurers. And as homes are built for sale, the need for workers — carpenters, electricians, HVAC specialists, painters and more — also increases.

More dollars are circulated in the economy as home purchases boost consumer spending. The National Association of Home Builders reported in 2022 that a typical new home buyer is estimated to spend $9,288 on property alterations and repairs. A new home purchase also triggers spending on home furnishings, typically $4,729 within the first year, and $4,138 on appliances.

There is another advantage of a thriving real estate market, and this one is not economic. Successful real estate professionals are known for giving back.

Realtors can often be found volunteering. They assist local food banks and other organizations that help those struggling to get by. They support education, the arts and cultural events. These professionals help enhance the quality of life for everyone living in the communities where they work.

Thank you for joining us this month as we celebrate North Idaho's real estate industry by sharing stories about just a few of the people and businesses who play important roles in this business sector.