Saturday , 1 October 2016
Breaking News

New Study: The Economic Impact of the 36 Million Americans Who Live in Apartments

WASHINGTON – Some 36 million people live in apartments in the United States, according to a new study created by two multifamily organizations to measure the economic impact of apartments.

Nationally, the apartment industry and 36 million apartment residents contributed $1.3 trillion to the U.S. economy, supporting 12.3 million jobs across the U.S. in 2013.

For Houston, the study says, apartment construction, operations and resident spending contributed $22.6 billion and supported more than 218,600 jobs in the metro area in 2013 – the latest numbers available.

The economic data is part of new research commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA), which looked at dollars and jobs from apartment construction, operations and resident spending nationally, by state and in 40 specific metro areas, including Houston. The data, based on research by economist Stephen S. Fuller of George Mason University’s Center for Regional Analysis, is available on the website www.WeAreApartments.org.

The study showed that in the Houston metro area:

  • The local economic contribution from the apartment industry totaled $22.6 billion, supporting more than 218,600 jobs.
  • The economic contribution of local apartment construction totaled $2.7 billion.
  • The economic contribution of local apartment operations totaled $3.7 billion.
  • Apartment construction and operations supported $2.1 billion in personal earnings for local workers.
  • Renter spending in the Houston metro area contributed $16.2 billion to the local economy.
  • The total economic contribution of the apartment industry and its residents in Texas totaled $76.2 billion and supported more than 722,600 jobs.

“Houston has led the nation in job growth in the recent years, boosting the local economy and increasing demand for apartments in the area,” said Jackie Rhone, President of the Houston Apartment Association. “Apartment construction activity followed suit, especially within and around the 610 Loop, the growing suburbs and other major employment corridors. The shift to apartment living lifestyle – both locally and nationally – has been fueled by the growing millennial population.”

Leave a Reply

Scroll To Top
%d bloggers like this: