Real estate & construction's economic impact - 2024
Feb 29, 2024 09:02AM ● By Randee BrownAccording to Riverbird Research, the number of jobs in both the real estate and construction industries in an 18-county region of WNC increased over a five-year span between 2018 and 2023.
In real estate, the 2018-2023 jobs growth rate of 45% was notably greater than that of the state’s overall growth rate of 24%, supporting the employment of 4,222 individuals across 1,619 payrolled business locations earning an average annual wage of $49,587.
The real estate industry in Buncombe County supported 1,845 of those jobs in 2023, followed by Watauga County’s real estate businesses which supported 720 of those jobs.
In construction, the 2018-2023 jobs growth rate of 14% was on par with that of the state’s, supporting employment of 18,671 individuals across 3,569 payrolled business locations earning an average annual wage of $55,084.
The construction industry in Buncombe County supported 6,955 of those jobs in 2023, followed by Henderson County’s construction businesses which supported 2,502 of those jobs.