Apartment Industry and its Residents Contribute $3.4 Trillion to the Economy

 In Commercial, Featured

A
new study commissioned by the National
Apartment Association
and the National
Multifamily Housing Council
reveals that the apartment industry and its
residents contribute more than $3.4 trillion to the national economy. The
report, We Are Apartments, provides
a detailed breakdown of the economic impact nationally, by state and in 50
metro areas.

Highlights
from the report include:

  • Resident spending contributes $3 trillion to the
    U.S. economy, while operations adds $175.2 billion. New construction
    contributes $150.1 billion, and renovation and repair add $68.8 billion.
  • In 2017, there were 346,900 apartment completions,
    up from 129,900 in 2011. Previous research had found that an average of 328,000
    apartments were needed per year to meet existing demand. The number of
    multifamily completions was surpassed only twice since 1989.
  • A significant portion of existing apartment
    stock will need to be renovated in the coming years.

The study breaks down all the
data by state and metro area. Visitors to the website can also use an Apartment
Community Estimator, a tool that allows users to enter the number of apartments
of an existing or proposed community to determine its potential economic
impact.

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