Business

New study measures economic impact of apartment industry

The apartment industry emerged as one of the strongest sectors coming out of the Great Recession, according to a new study released Friday.

In 2013, apartment construction, operations and resident spending contributed $18.7 billion locally and supported more than 195,600 jobs in the Miami metro area, according new research commissioned by the National Multifamily Housing Council (NMHC) and the National Apartment Association (NAA), which looks at dollars and jobs from apartment construction, operations and resident spending, nationally, by state and in 40 specific metro areas, including Miami.

In Florida, the total economic contribution of the apartment industry and its residents totaled $44.8 billion and supported more than 470,300 jobs, the study said.

The data, based on research by economist Stephen S. Fuller of George Mason University’s Center for Regional Analysis, are available on the website www.WeAreApartments.org. Nationally, the apartment industry and its 36 million residents contributed $1.3 trillion to the U.S. economy, supporting 12.3 million jobs across the U.S. in 2013, the study said. 

Nancy Dahlberg

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