Multi-family a boon to Valley economy, study says

apartment boon

apartment boonThe apartment industry in the metropolitan Phoenix area contributed $9.9 billion and 99,900 jobs to the local economy in 2013, according to a new study.

The National Multifamily Housing Council and the National Apartment Association has released a study finding the Phoenix area has 281,000 occupied apartment homes and 530,300 apartment residents, which comes out to about 12 percent of the population.

Tom Simplot, president and CEO of the Arizona Multihousing Association, said in a press release Phoenix is experiencing a booming apartment industry, fueled by demographic changes such as a growing Millennial population and a rediscovery of metropolitan urban cores.

“Here in Phoenix, we’re feeling the positive economic impact of the booming apartment industry, which is helping our city thrive,” Simplot said in the release. “The great news about the apartment industry is that the dollars and jobs don’t end with construction. The ongoing operations and resident spending make each apartment community an economic engine, supporting local jobs and making a positive economic impact in our area – and in towns across the country.”

Multi-housing consisted of 42 percent of total building in 2013, the study said.

The study looked at money and jobs from apartment construction, operations and resident spending based on research by economist Stephen S. Fuller, Ph.D., with the Center for Regional Analysis at George Mason University.

For more information about the study or to access a calculator that determines the economic impact of potential new multi-housing developments, click here.

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