In the third quarter of 2024, housing’s contribution to the U.S. GDP decreased slightly to 16.2%, with residential fixed investment (RFI) accounting for 4.0%. According to the NAHB, RFI — encompassing home building, multifamily development and remodeling, fell 5.1% this quarter, subtracting 21 basis points from GDP growth. Declines in residential structures investment contributed to this dip, while residential equipment spending rose modestly. This does, however, mark the second consecutive quarter that RFI has negatively affected GDP growth.
