Metro Phoenix apartment industry contributes $53.8B to economy

AZBigMedia

AZBigMedia

A new Hoyt Advisory Services Study commissioned by the National Apartment Association (NAA) and National Multifamily Housing Council (NMHC) reveals that the apartment industry and its residents annually contribute $53.8 billion to Phoenix’s economy, $73.2 billion to Arizona’s and more than $3.4 trillion – or $9.3 billion daily – to the national economy.

The new report, available at WeAreApartments.org, provides a detailed breakdown of the economic impact nationally, by state, and in 50 metro areas.

In Phoenix, the apartment industry supports 284,400 jobs. Other financial contributions break down as follows: resident spending contributes $48.6 billion to the local economy, operations add $1.9 billion, new construction contributes $2.5 billion, and renovation and repair add $770 million.

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