Study: Area Apartment Industry Contributed $14.7 Billion

WASHINGTON, D.C.—Despite the worst economy in a generation, apartment construction and operations contributed $14.7 billion to the Los Angeles-Long Beach-Santa Ana economy supporting 107,000 local jobs in 2011, according to a new report released today by the National Multi Housing Council (NMHC) and the National Apartment Association (NAA). In addition, apartments and their residents contributed $190.9 billion to California’s economy supporting 4.5 million jobs. The report, along with an interactive map and economic impact calculator, is available on the new website www.WeAreApartments.org.

Based on research of buildings with five units or more 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.