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Rpr 17 O0 05:25p Hark C. Crame~ ~?U~] ~U-~I'/E p.1U <br /> <br />ECONOMIC IMPACT OF HOMEBUILDING <br /> IN CABARRUS COUNTY <br /> <br />In March 2000, the National Association of Home Builders (NAHB) issued a report entitled, The <br />Metropolitan Area Impact of Home Building in Cabarrus County, North Carolina. The report <br />presents estimates of thc local impacts of building homes in Cabarrus County taking into account <br />that not all people who build homes in Cabarrus County live in the county and that people who <br />live in Cabarms County may work and spend money clsewhcre in thc Charlotte Mch-of, olltan <br />Statistical Area (MSA).* <br /> <br />Thc study was based on several pieces of information including data that indicated that in 1998: <br /> <br /> Cabarrus County new homes sold at an average price of $147,849; <br /> Lots had an average raw land value of $4,950; <br />* Builders and developers paid an average of $2,991 in pccafit and other development fees to <br /> local governments; <br />· The average annual property tax payment wa.q $1,035. <br /> <br />Thc key results ar~ summarized below: <br /> <br />Impacts of Building 1,647 Single Family Homes in Cabarrus County <br /> <br />· The es6mated one-year metro area impacts of building 1,647 single family homes in <br /> Caban'ua County include: <br /> <br />Over $152.6 million in local income <br />Over $14.4 in local taxes, and <br />3,408 local jobs supported <br /> <br />These are local impacts representing income and jobs for residents of thc mctm are~ and <br />taxes (and other revenue, including permit/development fees) for all local jurisdictions within <br />the county. They are also one-year impacts that include both the direct and indirect impacl of <br />the construction activity itself, and thc impact of local residents who earn money from the <br />construction activity spending part ofit within the local area. <br /> <br />The additional, recurring impacts of building 1,647 single family homes in <br />Cabarrus County: <br /> <br />Over $42.3 million in local income <br />$6.7 million in local taxes, and <br />1,015 local jobs supported <br /> <br />These are ongoing, annual local impacts that result from the new homes being occupied, and <br />the occupants paying taxes and otherwise participating in the local economy year aitcr year. <br /> <br />*The Charlort~-MSA includes Cabarrus, Gaston, Lincoln, Mecklenburg, Rowan and Union Coungcs in North <br />Carolina and York County, South Carolina. <br /> <br /> <br />