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Rental Boom Contributed Over a Trillion Dollars to U.S. Economy

Since 2009, apartment construction spending, jobs and economic contributions have doubled, adding $1.3 trillion to the U.S. economy and supporting 12.3 million jobs in 2013.

This encouraging economic data comes from new research commissioned by the National Multifamily Housing Council and the National Apartment Association and conducted by economist Stephen S. Fuller, director of George Mason University’s Center for Regional Analysis. The research calculates to what extent apartment construction, operations and resident spending have benefited the economy. 

Following are key data points from the study (all data for 2013):

  • $92.6 billion: apartment construction’s contribution to the economy 
  • 702,000 jobs: employment created by apartment construction
  • $190.7 billion: economic impact of the operations of the country’s 19.5 million apartment homes
  • 1.5 million jobs: employment created by apartment operations 
  • $1 trillion: amount the nation’s 36 million apartment residents contributed to the national economy, which supported 10.1 million jobs

National and state data, as well as data for 40 metro areas, are available at

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