According to a new report from the American Land Title Association (ALTA), the title insurance and settlement services industry directly created $30 billion of GDP in the U.S. economy and 155,000 jobs in 2022.
The study, conducted by Ernst & Young’s Quantitative Economics and Statistics (QUEST) team, analyzes the direct as well as indirect economic effects of the title industry—of which small businesses make up 90%—on the U.S.
“The industry is proud of our record of not just protecting the communities we serve, but leaving a lasting footprint,” said Diane Tomb, CEO of ALTA. “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.”
ALTA’s latest study revealed that title and settlement corporations directly financed an estimated $13 billion in wages and benefits for people working in the industry, in addition to assisting in the identification and collection of $3 billion in back federal income taxes, property taxes, and unpaid child support.
The states estimated to have the most employment in title and settlement companies are:
- Texas (20,100 jobs)
- California (15,900 jobs)
- Florida (14,200 jobs)
- New York (8,200 jobs)
- Pennsylvania (7,400 jobs)
The states with the highest direct total economic activity from the industry are:
- Texas ($3.7B of GDP)
- California ($3.4B of GDP)
- New York ($2.5B of GDP)
- Florida ($2.2B of GDP)
- Illinois ($1.7B of GDP)
By providing 231,000 jobs, $19 billion in pay and benefits, and $32 billion in GDP through supplier purchases, the industry indirectly boosted the American economy. Moreover, linked consumer spending supported 174,000 jobs, $11 billion in pay and benefits, and $20 billion in GDP.
To read the full report, including more data, charts, and methodology, click here.
