At $1.1Tr, MF's Economic Contribution is Hefty

WASHINGTON, DC—For as much attention as the single-family residential housing market as been getting, it may seem like the apartment industry is the oft-ignored stepchild. Yet a recent report from the National Multi Housing Council and National Apartment Association finds that the multifamily rental sector plays an even larger role in the overall US economy than one might expect.

Apartments—and those living in them—contributed $1.1 trillion to the national economy in 2011, even in the midst of a weak economy. In other words, the industry contributed more than $3 billion to the economy on a daily basis. The sector also supported 25.4 million jobs.