According to the National Home Builders’ Association*, new residential home construction has a positive, direct impact on our economy. For every new home built, NAHB estimates that three new jobs are created. These are not just construction jobs, but also jobs in industries where lumber, concrete, lighting, heating and cooling, and other home products are produced. Construction also generates service work for real estate agents, lawyers, title agents, and lenders. NAHB points out that home building increases the property tax base which generates revenue sorely needed to support local schools and community projects. They estimate that for each new home built, $90,000 of tax revenue is generated; $23,000 of which goes directly to state and local governments.*
Wayne Bank believes that opportunities for growth and prosperity in Northeastern Pennsylvania are at hand. Our new home construction loan campaign is a step in encouraging economic growth and we encourage people to participate. If you are considering building a new home, please visit any of our 16 Community Offices or refer to waynebank.com or call (800) 538-0234.
Wayne Bank will also support strong, qualified local builders and developers by funding commercial loans and lines of credit to meet the new demand. The bank has commercial lending experts in each of the counties it serves and believes that commercial and small business development are the key components for job growth.
*Source: National Home Builders’ Association website nahb.com.