Real estate top generator of economic activity in 8 markets in 2010

Real estate generated more than 20 percent of all economic activity in eight markets in 2010, according to an On Numbers analysis of gross metropolitan product (GMP) data.

GMP is a measure of the total output of goods and services within a market. It's tracked by the U.S. Bureau of Economic Analysis (BEA).

Real estate generated $1.51 trillion of activity in the 323 areas included in the On Numbers study, equaling 13.6 percent of their collective GMP of $11.10 trillion.

The impact was strongest in Ocean City, N.J., where the real estate sector is responsible for 29.3 percent of GMP. In second place is Myrtle Beach, S.C. with 29.2 percent.

The sale and rental of vacation properties is economically vital to both oceanfront markets.