Real estate has been, and remains, the foundation of wealth building for the middle class and a critical link in the flow of goods, services, and income for millions of Americans. Accounting for close to 18% of the GDP, real estate is clearly a major driver of the U.S. economy.

The National Association of REALTORS® calculated the total economic impact of real-estate-related industries on each state's economy, as well as the expenditures that result from a single home sale, including aspects like home construction costs, real estate brokerage, mortgage lending, and title insurance.

Nationwide Highlights

• Real estate is a major driver of the U.S. economy, accounting for $4.9 trillion or 17.8% of the gross state product in 2023.
• Nationwide, NAR estimates that each home sale at the median generated about $124,800 of economic impact in 2023.
• NAR estimates that each home sale generates two jobs

New Mexico Highlights

Download the Economic Impact of a Typical Home in New Mexico

Learn more at NAR Economist’s Outlook blog post that provides interactive maps and additional analysis for the U.S.