Think about how long a tie is - most are at least 45" plus the two ends!  And even at the narrowest part, a tie is 3" or more wide.  That means you can cut a 3" wide strip that is at least the length of a normal strip cut from a quilting fabric.  And at that rate, 12 ties equal a yard of 44-45" wide fabric.  Plus you have the bonus of the extra fabric at the wide end of the tie...