$1 Trillion: The Economic Benefit of Apartment Housing
Rental Housing | March 24, 2014
One trillion dollars a year. That's the amount apartment residents and apartment construction and operations across the country contribute to the economy.
Twenty-five million. That's the number of jobs the apartment industry and residents supported in one year.
The country's 37 million apartment residents are a key source of local, state, and national economic activity. From writing rent checks to buying a cup of coffee, most of their spending is recycled in their community – supporting businesses and providing jobs, according to a report from the National Multifamily Housing Council and the National Apartment Association. This revenue amounts to more than $3 billion a day.
Apartment Industry Economic Impact in 2011
|Spending||Economic Contribution||Jobs Supported|
|New apartment construction||$14.8 billion||$42.5 billion||323,781|
|Existing apartment operations||$67.9 billion||$182.6 billion||2.3 million|
|Apartment resident spending||$421.5 billion||$885.2 billion||22.8 million|
|Total||$504.2 billion||$1.1 trillion||25.4 million|
Source: National Multifamily Housing Council and National Apartment Association
The collective economic impact of apartments and apartment residents is expected to grow in the coming years as homeownership declines and the number of renters increases.
The next time you drive by an apartment building, remember the contribution it's making in your community.
Did You Know: Since 2008, Freddie Mac has financed $130 billion in multifamily loans and credit guarantees.
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