You Contribute to the Economy More Than You May Realize
Without a doubt, people whose jobs support the apartment industry—whether contractors, painters or property managers—know that their jobs contribute to the nation’s economy. But do you know just how much your jobs make the apartment industry a significant economic player?
Try $1.1 trillion. That’s how much the apartment industry contributed to the national economy in 2011. When the contributions from apartment construction and operations are combined with apartment resident spending, the result is a first-time-ever comprehensive picture of the total economic contribution of apartments. What makes these findings even more exceptional is that they occurred despite the worst economy in a generation.
A recent study by economist Stephen S. Fuller, Ph.D., of George Mason University, found that our competitive, vigorous industry supported 25.4 million jobs in 2011 (the most recent year for which data are available). The report, The Trillion Dollar Apartment Industry, was published jointly by the National Apartment Association and the National Multi Housing Council.
Since $1.1 trillion can be tricky to put your arms around, try equating the industry’s economic contribution to more than $3 billion every day!
So what does this mean for people whose livelihoods help make the apartment industry a strong economic player?
In one word, jobs. With up to seven million new renter households forming this decade—up to half of all new households—the dollars and jobs the apartment industry add to the local, state and national economies should only grow in size.
Many states and metro areas should experience significant economic benefits from expanding markets for apartments. Consequently, it’s up to all of us in the industry to help educate state and local policymakers and community leaders about the value of the people who build, work and live in apartments, and the jobs and dollars they bring.
Today, the apartment industry helps 35 million renters live in a home that’s right for them. We help build vital communities by offering housing choices, supporting local businesses, and contributing to the foundation of communities. And the future looks even brighter.
“… it’s up to all of us in the industry to help educate state and local policymakers and community leaders about the value of the people who build, work and live in apartments and the jobs and dollars they bring.”
Greg Brown is the senior vice president of Government Affairs for the National Apartment Association (NAA). He joined NAA in 2010 to lead the expansion of the Government Affairs department. Greg has been a housing advocate for 15 years, with a strong emphasis in multifamily issues.
NAA is America’s leading advocate for quality rental housing. NAA’s mission is to serve the interests of multifamily housing owners, managers, developers and suppliers and maintain a high level of professionalism in the multifamily housing industry to better serve the rental housing needs of the public. As a federation of more than 170 state and local affiliates, NAA is comprised of 63,000 members representing 6.8 million apartment homes throughout the United States and Canada. For more information, visit naahq.org