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Study: Apartment Construction and Operations Contributed $5.3 Billion to Washington, D.C. Metro Economy
By: PR Newswire
Feb. 12, 2013 02:13 PM
The combined construction, operation and resident spending contributed $8.2 billion to the District, $29.1 billion to Maryland and $31.6 to Virginia, says "The Trillion Dollar Apartment Industry" report
WASHINGTON, Feb. 12, 2013 /PRNewswire-USNewswire/ -- Despite the worst economy in a generation, apartment construction and operations contributed $5.3 billion to the Washington, D.C. metro economy in 2011 supporting 43,000 local jobs, according to a new report released today by the National Multi Housing Council (NMHC) and the National Apartment Association (NAA). In addition, apartment construction, operations and resident spending contributed nearly $70 billion to the District, Maryland and Virginia state economies combined supporting 1.6 million total jobs. The report, along with an interactive map and economic impact calculator, is available on the new website www.WeAreApartments.org.
Based on research by economist Stephen S. Fuller, Ph.D., of George Mason University's Center for Regional Analysis, the report covers the economic contribution of apartment construction, operations and resident spending on a national level plus all 50 states. In addition, construction and operations data is available for 12 metro areas: Atlanta, Boston, Chicago, Dallas, Denver, Houston, Los Angeles, Miami, New York City, Philadelphia, Seattle and Washington, D.C.
Highlights from the report include:
"The apartment industry doesn't just provide homes, but creates thousands of good paying, local jobs that stay right here within the D.C. area," said Margaret Jeffers, Executive Vice President of the Apartment and Office Building Association of Metropolitan Washington. "The eye-opening report shows just how important apartments and our residents are to the region—contributing nearly $70 billion to the District, Maryland and Virginia."
"Although attention is usually focused on homebuilding and the single-family sector, the annual construction and operating outlays for apartment buildings with five or more units are major sources of economic activity, jobs and personal earnings," said Fuller. "In addition, the residents of apartment buildings constitute an important source of local, state and national economic activity as their spending for goods and services is recycled through the economy. Like the operating outlays for apartment buildings, the spending by renters recurs annually thereby supporting local economies on an ongoing basis."
In conjunction with the study's release, the new website www.WeAreApartments.org breaks down the data by each state and the 12 metro areas through an interactive map. Visitors can also use ACE, the Apartment Community Estimator, a new tool that allows users to enter the number of apartment homes of an existing or proposed community to determine the potential economic impact within any of the 50 states.
"For the first time we're able to quantify the tremendous economic impact of apartment residents across the country, in addition to the powerful contributions from apartment construction and operations," said NAA Chairman of the Board Alexandra Jackiw, CPM, CAPS. "It truly shows a comprehensive view of the industry's critical role not just in housing, but to the economy at large."
"Even in one of the worst economic climates we've ever seen, the multifamily industry and its 35 million residents contributed more than $1 trillion to the economy," said NMHC Chairman Thomas S. Bozzuto, CEO, The Bozzuto Group. "With up to seven million new renter households forming this decade—almost half of all new households—the dollars and jobs we add to the economy will only grow in magnitude."
For more information or to download the report "The Trillion Dollar Apartment Industry", visit www.WeAreApartments.org.
D.C. metro-area information can be found at www.WeAreApartments.org/Washington-DC.
Metro Area Defined:
SOURCE National Multi Housing Council
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