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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" reportWASHINGTON,
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
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
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:
New York City,
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 D.C. metro area, the apartment industry spent $881.2 million on new apartment construction, creating a total economic contribution of $1.5 billion supporting 12,000 local jobs.
The apartment industry spent $2.1 billion operating the metro's 518,000 apartment homes, generating a total economic contribution of $3.7 billion supporting 31,000 local jobs.
Solely within the District, the combined apartment construction, operations and resident spending created an $8.2 billion economic impact supporting 187,000 jobs in 2011.
In Maryland, the apartment industry and residents created a $ 29.1 billion economic impact supporting 698,000 jobs in the state.
Virginia's apartment industry and residents created a $31.6 billion economic impact supporting 755,000 jobs.
"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,
"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."