Empirical Research on the Impact of Real Estate on Economic Development

Abstract

Real estate development investment has a significant impact on economic development. Based on data from 17 prefecture-level cities and prefectures in Hubei Province from 2002 to 2018, the relationship between real estate development investment and economic growth is analyzed with the help of panel data models. The study found that there is a long-term equilibrium relationship between the two, and there are regional differences in the impact of real estate development investment on economic growth in Hubei Province. Among them, Wuhan has the largest impact and Shennongjia forest area has the smallest impact. The impact of real estate development investment on economic growth depends on the level of regional economic development.