If you are thinking of purchasing Gulfport real estate, know that your new property will have an economic impact that goes far beyond your family. According to the National Association of Realtors (NAR) research in March of 2013, the following is an example of the impact of buying a home in Mississippi:

● 13.6% of the Gross State Product in 2011 was created by the real estate industry; it totaled $13,205 million.

● Contributions to the economy are derived from real estate brokers, home construction, landscaping and building, lending by mortgage companies, title insurance, home appraisal, leasing and rental, moving truck utilization and other businesses.

● According to the Bureau of Economic Analysis; Census; Harvard Joint Center for Housing Studies, NAR, the results of a home sold in Mississippi are:

$11,169 is income generated from industries related to real estate. $5,647 is spent on furniture, appliances, paint and other consumer items. $2,620 is added within two years, as remodeling takes place.

● Homes sold in the state have a multiplier effect on the economy. Increased is spending in restaurants, charity events and sports games. This is estimated to be $9, 329 for homes sold.

● Because additional home production is the result of additional home sales, with every eight homes sold, one new one is constructed. Thus, for each existing home sale, 1/8 of new home valuation is added to the economy, resulting in an estimated amount of $15,513.

● The economic impact of a typical Mississippi home, priced at $124,000, is $44,278.

These figures are just some of the reasons to consider Gulfport real estate; your new home will make an important contribution to the economy of our state.