Well, we knew it was coming. An updated version of The Economic Benefits of Housing report released today by the California Homebuilding Foundation (CHF) in conjunction with the Center for Strategic Economic Research (CSER), confirms that the housing industry’s economic output has fallen approximately 80 percent since 2005, representing a loss of tens of billions of dollars and hundreds of thousands of jobs to the state’s economy.
The report details the role the housing industry plays in the economic health of California and was conducted as the fourth update to a report first commissioned in 2003. CSER analyzed construction and market data from around the state and quantified the impact of California’s construction sector to the state’s economy. The report is a finalized version of a preliminary analysis released in February of this year.