Multifamily Sector Gives Economy a Big Boost
February 18, 2013
The apartment market is proving to be a major source of economic activity, jobs, and personal earnings.
Apartment housing contributed $1.1 trillion to the national economy and it has supported 25.4 million jobs. What’s more, apartment residents spend more than $420 million on goods and services, such as furnishings, moving, and cleaning costs — 70 percent of which remains in the local economies, according to the National Multi-Housing Council and the National Apartment Association.
The apartment industry spent $67.9 billion to operate and improve the 19.3 million apartments across the nation, more than quadruple the amount spent on construction, according to the report.
Stephen S. Fuller with George Mason University’s Center for Regional Analysis told Realty Times that attention is focused on homebuilding and the single-family sector but the economic impact and contributions of multi-family housing often gets overlooked.
Source: “Real Estate Outlook: Multi-Housing Industry Also Key to Housing, Economic Recovery,” Realty Times (Feb. 18, 2013)
Updated: July 10, 2020