Morning Minute: Home sales mean business boost to local retailers

An increase in home sales in the Bloomington-Normal market is producing another benefit: an increase in retail business at area furniture and building material stores, the Pantagraph reports. Bloomington furniture sales jumped 20 in the first quarter of this year, while Normal’s sales remained stable. Sales of building materials increased 44 percent in Bloomington and 16 percent in Normal.

Steve Rader, president of the Bloomington-Normal Association of REALTORS®, told the Pantagraph about the connection between moving into a home and the positive ripple effect it has on related businesses:

“People don’t give enough credit to home sales; they stimulate paint businesses, flooring, carpeting, furniture and all kinds of (other) retail sales,” said Rader.

A study commissioned by the Illinois Association of REALTORS® took a closer look at the substantial impact each property sale can have on the greater local economy.  According to the study, the total direct expenditures per home sale in Illinois is $28,581 for a total of $3.2 billion in annual expenditures for all home sales occurring in the state. Find the full study as well as geographic breakouts.

Leave a Reply

Your email address will not be published. Required fields are marked *