How real estate sales impact Minnesota’s economy

The real estate industry impacts the whole economy. Here are some numbers from the National Association of Realtors about how home sales impact Minnesota:

The real estate industry accounted for $51,997 million or 15.8% of the gross state product in 2015.

Economic Contributions are derived from:

• Home construction • Real estate brokerage • Mortgage lending • Title insurance • Rental and leasing • Home appraisal • Moving truck service • Other related activities

When a Home is Sold in Minnesota Income generated from real estate related industries is: $18,540

Additional expenditures on consumer items such as furniture, appliances, and remodeling are: $4,572 – Source: BEA, Census, NAHB, NAR

The state of Minnesota charges for real estate licenses and renewals and there is a Mortgage registration tax for home buyers and a state deed tax for sellers.

As a small local real estate company, most of what we earn gets put right back into the local economy. There are no franchise fees and our headquarters are right here in St. Paul.

Source: https://www.stpaulrealestateblog.com/2018/09/impact-minnesotas-economy.html