Maryland’s real estate industry involves a number of jobs, including real estate sales, finance and insurance services, and title companies, as well as construction activities. In 2009, the real estate industry in Maryland supported 370,000 jobs, about 12% of the state’s total working population.
- In 2009, these real estate related jobs accounted for almost $19 billion in wages/salary income, averaging more than $51,000 per job.
- The real estate industry’s operations accounted for 21% of the state’s total sales of goods and services, nearly $55 billion in business sales activity.
- This industry accounted for 49% of the total government revenues in 2010, more than $6.7 billion.
- Maryland’s median real estate tax burden is $2,774 compared to the national median of $1,917. This is 45% more than the national average.
- In terms of property tax burden for owners, Maryland ranked 11th nationally.
- Compared to all other states, Maryland’s government is the most real estate tax dependent.
- Since 2009, the real estate industry has lost 13,000 jobs, not including real estate finance and construction jobs. The estimated total job loss in the entire real estate industry is 20,000 total jobs lost.
- This translates into approximately $1 billion in associated labor income and $2.5 billion in business sales.
- This translates into a loss of government revenue of approximately $279 million. Broken down, this includes more than $82 million in sales taxes, $88 million in property taxes and more than $37 million in income tax revenues.
The economic impact of real estate-related jobs in Maryland is substantial. It generates jobs and tax revenues that are significant. Even in an economic downturn, real estate related revenue remains the largest single income source for the majority of Maryland Counties.
The economic impact of real estate industry in Maryland also includes other household related jobs, like furniture sales, home improvement jobs, both retail and construction. Think of everything that comes with buying a home…painting, new furniture, new flooring, window treatments, and so on. These additions to the economy are not as easy to measure.
*Statistics provided by Maryland Association of Realtors, compiled by Sage Policy Group, Inc.
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