The US real estate industry continues to make a significant contribution to the country's economy, accounting for $4.9 trillion in 2023 and representing over 17% of the gross state product (GSP) nationwide [60a2bd95]. In Tennessee, the local real estate industry contributed $82.5 billion to the GSP, making up over 15% of the state's economic output [60a2bd95]. Each real estate transaction has an average total economic impact of $118,500 [60a2bd95].
Realtors play a crucial role in driving economic activity and promoting homeownership. With over 1.5 million Realtors nationwide, they serve as trusted guides, helping consumers build long-term generational wealth [60a2bd95]. In Greater Nashville alone, there are over 6,700 Realtor members who contribute to the local and regional economy [60a2bd95]. Realtors not only fuel economic activity but also champion community development and empowerment [60a2bd95]. They shape the dreams of homeownership for generations to come [60a2bd95].
May marks National Small Business Month in the U.S., an opportunity to recognize and promote the work of small businesses and their contributions to the economy [50b4c05e]. Small businesses are the economic backbone of the country, creating jobs and generating revenue [50b4c05e]. Nearly half of U.S. employees are employed by small businesses, and 99.9 percent of all businesses nationwide qualify as small businesses [50b4c05e].
The title insurance industry, which is made up of small businesses, not only offers insurance to protect homeowners but also generates economic growth and gives back to communities [50b4c05e]. Title insurance provides protection for homeowners before and after Closing Day, resolving issues such as tax liens, forged signatures, recording errors, or fraud [50b4c05e]. Title professionals spend significant time fixing title issues, with 70% of public records at the county level digitized [50b4c05e]. The title industry directly generated $30 billion in GDP and 155,000 jobs in 2022, according to a report by Ernst & Young’s Quantitative Economics and Statistics [50b4c05e].
Recently, the Biden Administration's new program threatens the fate of small title insurance businesses by waiving the requirement for lender's title insurance on certain refinancing transactions [50b4c05e]. Members of Congress and industry groups have criticized the program, stating that it will not address the true issue of housing affordability and puts homebuyers at risk [50b4c05e]. It is important to support small businesses and advocate for policies that protect the title insurance industry [50b4c05e].
The article by Kara Aguilar highlights the economic impact of the real estate industry and the role of Realtors in driving prosperity [60a2bd95].