The millions of Americans who live in apartments, together with the companies that build and operate them, are a major economic force in the U.S.
That’s according to a report commissioned by the National Multi Housing Council and the National Apartment Association and conducted by Stephen S. Fuller, a researcher at George Mason University.
“The Trillion Dollar Apartment Industry” study, released this month, concludes that new apartment construction coupled with existing apartment operations and resident spending added up to $502.4 billion in direct spending and an economic contribution of $1.1 trillion.
Construction, operations and resident spending supported 25.4 million jobs nationwide.
Oregon’s 224,260 apartment households spent $4.95 billion in 2011, supporting $10.4 billion in economic activity and resulting in 132,049 direct jobs and 593,814 total jobs.
Oregon developers, meanwhile, spent $223.3 million on new construction, generating $461 million in economic activity an $141.6 million in personal earnings. Apartment construction in Oregon supported 1,675 on-site jobs and 3,853 indirect jobs, it said.
In Washington state, 434,197 apartment households spent nearly $11.5 billion in 2011, supporting $24.1 billion in economic activity and resulting in 306,203 direct jobs and 621,267 total jobs.
Washington developers spent $691.7 million on new construction, generating $1.5 billion in economic activity. Apartment construction in Washington state employed 4,633 workers on-site and supported a total of 11,153 total jobs.
Source: Portland Business Journal
Posted in: Blog