The role of the real estate industry occupies in the national economy is an empirical topic to be answered. Based on the input-output data of Heilongjiang Province in 2012, this paper calculates the correlation effect and ripple effect of the real estate industry. The results show that the development of the real estate industry in Heilongjiang Province has the characteristics of extensive growth driven by material investment. The low quality of its development is manifested by its strong backward correlation effect with the raw material consumption industry and its strong forward correlation effect with industry-oriented service. The influence coefficient and sensitivity coefficient of the real estate industry in Heilongjiang Province are less than the average level of the whole country, and its economic impact is not obvious. Therefore, the real estate industry in Heilongjiang Province should not be developed as the pillar industry, improving the quality of real estate services will be the focus of future policy-making.
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