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.