The NAHB’s Eye on Housing says housing’s share of the economy rose to 16.1% in the first quarter of 2024, after remaining below 16% for all of 2023.  They say this increase to above 16% marks the first-time housing’s share of GDP is above 16% since 2022.  Housing-related activities contribute to GDP in two basic ways:

• Through residential fixed investment (RFI) – effectively the measure of home building, multifamily development, and remodeling contributions to GDP.
• The measure of housing services, which includes gross rents (including utilities) paid by renters, and owners’ imputed rent (an estimate of how much it would cost to rent owner-occupied units), and utility payments.