Why Is Philly's Apartment Sector Such a Force?

According to a new study by the National Apartment Association and the National Multi Housing Council, multifamily housing construction and related operations added $3.5 billion to the Philadelphia metro area's economy in 2011. Researchers say the report highlights what an economic force the apartment sector has become in recent years as an more and more people have shunned or been denied homeownership. Regionwide, a total of $152 million was spent on apartment construction in 2011, supporting approximately 2,400 local jobs and creating a total economic contribution of $331 million.

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