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APRIL 2003

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Housing ... an Investment in the Future

Housing is, by far, the most important single asset on the household balance sheet. The market value of homes owned by U.S. households now stands at nearly $12 trillion. This marks an increase of 50 percent over the past 5 years, reflecting a large volume of housing production as well as solid rates of house price appreciation. It accounted for nearly 30 percent of total household assets at the end of last year. The production of housing and the value of housing services produced by the housing stock account for about 14 percent of the nation’s Gross National Product. In the past year while other sectors were struggling and even collapsing into recession, housing remained one of the few bright lights in the economy.

On April 12th, the local economy will shine a little brighter with the 2003 Parade of Homes. Sponsored by the Builders Association of North Central Florida (BANCF), the Parade will showcase 48 beautiful homes in

10 neighborhoods throughout the community. Parade visitors will not only preview the latest in home design and décor, but the newest in land development and energy saving home construction. “Many of our members contribute to the success of the Parade. From the subcontractors, surveyors, engineers, bankers, and painters, just to name a few, to the builders and developers; the Parade of Homes is certainly a joint effort. We are proud to show off the local housing industry to the community each year,” said Breck Weingart, BANCF President.

In Alachua County, housing is vital to the local economy. It creates jobs and generates taxes and wages that positively influence the quality of life. The 48 Parade homes will generate $5.8 million in new income to local businesses and workers in the first year of construction and $2.8 million every year thereafter. It provides 115 jobs in the local community during the first year of construction and 65 jobs every year thereafter. The Parade Homes will also generate over $700,000 in additional local taxes and fees in the first year of construction and $498,000 every year after.

Housing’s economic impact doesn’t end when a home is sold and the new owners move in. In fact, housing continues to be an economic force long after the sale is closed. In the first 12 months after purchasing a newly built home, owners spend an average of $8,900 to furnish and decorate. “That’s another economic benefit of the Parade. Many people visit the Parade houses to get ideas for their own homes. I know our local paint, furniture, carpet stores and more benefit from the Parade,” continued Weingart.

The Parade will open April 12th and run through April 20th, 1p.m. to 6p.m. on the weekends and 5p.m to 7p.m. during the week. A Parade Book with floorplans and renderings and a map to all locations will be published in the April 12th Gainesville Sun. Additional parade books will be available at each of the 10 sites. Tickets are $5.00 per person with children under 12 free. For more information, contact the Builders Association at (352) 372-5649 or visit their website at bancf.com.