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Multifamily Economic Effect on 12 American Cities

The apartment industry did its part to give a boost to the economy in 2011, adding $504 billion in direct spending, more than 25 million jobs, and injecting $1.1 trillion in total economic contribution, according to a recent report from the National Multi Housing Council and National Apartment Association.

But which cities were most impacted by the multifamily industry? The below list details just how much the apartment industry injected into each metro area in 2011 through new construction, and contrasts that with the far greater economic contribution made through operations and resident spending from the existing apartment stock:

Metro

Existing Apartment Stock

New Apartment Construction

 

Total Contribution to Metro Economy in 2011

Atlanta

$2,543,684,784

$396,830,000

Boston

$2,756,031,615

$526,640,000

Chicago

$5,233,098,688

$780,760,000

Dallas

$4,269,723,830

$1,673,910,000

Denver

$1,660,936,716

$430,580,000

Houston

$3,610,937,065

$908,160,000

Los Angeles

$12,038,990,809

$2,693,800,000

Miami

$4,083,676,081

$441,990,000

New York

$17,645,340,763

$2,128,650,000

Philadelphia

$3,175,311,160

$331,060,000

Seattle

$1,845,916,646

$1,116,400,000

Washington, D.C.

$3,748,023,819

$1,515,800,000

Reprint from MultifamilyExecutive.com             ByDerek Mearns

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Categories: multifamily, Uncategorized
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