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02/12/2013

Report finds area apartment industry has nearly $6 million economic impact

Apartment construction and operations contributed $5.9 billion to the metro Dallas economy in 2011 and support about 50,000 jobs, a report Tuesday by the National Multi Housing Council and the National Apartment Association finds.

The 2011 report is the latest figures available from the Washington-based groups. The metro Dallas area includes the 12-county North Texas region, including Tarrant County.

In Texas, the apartment industry contributed $93 million to the state’s economy and supported about 35,000 jobs in 2011, the report said.

The report covers the economic contribution of apartment construction, operations and resident spending on a national level plus all 50 states. Nationally, the apartment industry and its residents contributed $1.1 trillion to the economy in 2011.

"Although attention is usually focused on homebuilding and the single-family sector, the annual construction and operating outlays for apartment buildings with five or more units are major sources of economic activity, jobs and personal earnings," said Stephen Fuller, an economist at George Mason University, who worked on the study.

Added NMHC Chairman Thomas Bozzuto, "Even in one of the worst economic climates we’ve ever seen, the multifamily industry and its 35 million residents contributed more than $1 trillion to the economy. With up to seven million new renter households forming this decade, the dollars and jobs we add to the economy will only grow in magnitude."

_ Sandra Baker

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