Small Business-Dominated Title Industry Generates $30 Billion Annually to U.S. GDP, New Study Finds
WASHINGTON, March 6, 2024 /PRNewswire/ -- The title insurance and settlement services industry directly generated $30 billion of GDP in the United States economy and 155,000 jobs in 2022, according to a new report released today by the American Land Title Association, the national trade association of the land title and settlement services industry. Conducted by Ernst & Young's Quantitative Economics and Statistics (QUEST) team, the report measures both the direct and broader U.S. economic impact of the title industry, 90 percent of which are small businesses.
- Conducted by Ernst & Young's Quantitative Economics and Statistics (QUEST) team, the report measures both the direct and broader U.S. economic impact of the title industry, 90 percent of which are small businesses.
- "Despite economic challenges in 2022, the industry continued to deliver jobs, support small businesses, provide critical funding for community priorities and, importantly, protect millions of Americans' property rights."
- Additionally, 174,000 jobs, $11 billion in wages and benefits, and $20 billion in GDP were supported by related consumer spending.
- The new report also identifies the states most directly impacted by the title and settlement services industry.