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Archive for February, 2014

TEN Facts about Real Estate & Maryland’s Economy

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According to a study titled “The Role of Real Estate in Maryland’s Economy 2013” commissioned by the Maryland Association of REALTORS® (MAR), ten FACTS indicate the importance of real estate transactions to Maryland:

1)     Maryland’s real estate industry employed 234,500 in 2012, about 9% of the state total.

2)     Real estate contributed $45.2 billion of Maryland’s Gross State Product in 2011.

3)     Maryland ranks 11th in terms of Real Estate Tax Burden, about 44% above the national median.

4)     Maryland’s per capita Real Estate Tax Burden was $3,152 in 2011, 27% above US median of $2,311.

5)     Local real estate taxes generated $7.3 billion, 60% of local government revenue in FY2013, an increase from the 49% share in FY2010.

6)     Direct and secondary employment in real estate supports 464,000 jobs in Maryland.

7)     Real estate related jobs generates more than $15 billion in wages/salary, more than $66,000 per worker.

8)     With multiplier effects, Maryland’s real estate industry contributes over $71 billion to the economy.

9)     Real estate contributes $887 million to the state of Maryland in personal property taxes.

10)  Maryland ranks 10th among all states for its reliance on Property Taxes as a revenue source.