Pennsylvania received $28.6 billion economic contribution from the combined construction, operation and resident spending, says new report "The Trillion Dollar Apartment Industry"
WASHINGTON, Feb. 12, 2013 /PRNewswire-USNewswire/ -- Despite the worst economy in a generation, apartment construction and operations contributed $3.5 billion to the metro Philadelphia economy in 2011 supporting 28,000 local jobs, according to a new report released today by the National Multi Housing Council (NMHC) and the National Apartment Association (NAA). In addition, apartments and their residents contributed $28.6 billion to Pennsylvania's economy supporting 664,000 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:
- Nationally, the apartment industry and its residents contributed $1.1 trillion to the economy in 2011, or more than $3 billion every day. This combined spending supported 25.4 million total jobs.
- Within the Philadelphia metro area, the apartment industry spent $152 million on new apartment construction, creating a total economic contribution of $331 million supporting 2,400 local jobs.
- The apartment industry spent $1.5 billion operating the metro's 341,000 apartment units, generating a total economic contribution of $3.2 billion supporting 26,000 local jobs -- more than nine times the impact of apartment construction.
- Within Pennsylvania, apartment construction contributed $438 million to the state economy supporting 3,200 jobs in 2011.
- Operating the state's 584,000 apartment homes created a total economic impact of $5.1 billion to Pennsylvania supporting 66,900 jobs.
- Pennsylvania's 874,000 apartment residents spent $11.0 billion on goods and services within the state in 2011, creating a total economic impact of $23.1 billion supporting 594,000 jobs.
- Neighboring state New Jersey received a $37.5 billion economic contribution supporting 881,000 total jobs from the combined apartment construction, operations and resident spending.