Quick Facts: New Construction



Economic Impact 


 Apartment construction in 2013 generated:


  • $30.0 billion in direct spending
  • $92.6 billion in economic contribution
  • 702,482 jobs

To see the impact of construction by number of units for the U.S. and individual states, as well as the impact of operations and renter spending, use NMHC’s “Apartment Community Estimator” calculator.  


Source: National Apartment Association and National Multi Housing Council, “The Trillion Dollar Apartment Industry”


 


  State Distribution of New Apartment Construction in 2016
StateNumber of ApartmentsTotal Value (000s)
Alabama2,971$340,624 
Alaska304$43,339 
Arizona10,073$1,317,403 
Arkansas1,906$136,012 
California48,850$8,250,579 
Colorado16,599$2,101,098 
Connecticut2,842$374,002 
Delaware846$71,914 
District of Columbia4,320$430,463 
Florida38,777$5,168,505 
Georgia14,831$1,654,237 
Hawaii1178$382,921 
Idaho1,909$179,964 
Illinois11,354$1,485,781 
Indiana3,910$372,642 
Iowa5,572$662,860 
Kansas4,038$384,304 
Kentucky4,863$318,417 
Louisiana1,467$158,019 
Maine514$48,387 
Maryland5,779$789,489 
Massachusetts7,806$1,417,907 
Michigan5,102$609,349 
Minnesota9,039$1,214,090 
Mississippi555$46,431 
Missouri6,549$665,701 
Montana1,199$101,986 
Nebraska2,783$231,649 
Nevada6,409$516,515 
New Hampshire910$119,688 
New Jersey16,008$1,687,710 
New Mexico1009$90,823 
New York21,157$2,722,627 
North Carolina16,433$1,427,126 
North Dakota1,515$149,367 
Ohio6,649$667,462 
Oklahoma2,460$168,908 
Oregon8,131$959,987 
Pennsylvania5,545$615,922 
Rhode Island101$4,981 
South Carolina5,517$466,131 
South Dakota2,305$231,778 
Tennessee11,040$1,155,894 
Texas55,633$5,419,477 
Utah6,707$821,607 
Vermont628$55,389 
Virginia9,012$901,908 
Washington19,957$2,351,464 
West Virginia425$30,954 
Wisconsin7,462$813,487 
Wyoming115$11,833 
Total421,064$50,349,112 
Source: US Census Bureau, Building Permits Survey. Updated June 2017


 
Multifamily Starts and Completions, 1992-2016 (5+ units in structure; includes units for owner occupancy)
YearNumber of StartsNumber of CompletionsNumber of Permits
1992139,000158,000138,439
1993132,600127,100160,156
1994223,500154,900240,980
1995244,100212,400271,525
1996270,800251,300290,306
1997295,800247,100310,302
1998302,900273,900355,466
1999306,600299,300351,108
2000299,100304,700329,283
2001292,800281,000335,154
2002307,900288,200341,397
2003315,200260,800345,814
2004303,000286,900366,248
2005311,400258,000389,334
2006292,800284,200384,079
2007277,300253,000358,964
2008266,000277,200295,400
200997,300259,800121,125
2010104,300146,500135,318
2011167,300129,900184,009
2012233,900157,600285,062
2013293,700186,200341,050
2014341,700255,600381,953
2015385,800310,300454,507
2016380,800311,000421,064
Source: US Census Bureau, New Residential Construction.Updated June 2017
Low-Income Housing Tax Credit Construction Activity
 9% Credit4%/Tax Exempt Bond CreditTotal
YearNew ConstructionRehabTotalNew ConstructionRehabTotalNew ConstructionRehabTotal
1987 N/A  N/A  N/A  N/A  N/A  N/A  N/A  N/A     34,491
1988 N/A  N/A  N/A  N/A  N/A  N/A  N/A  N/A     81,408
1989 N/A  N/A  N/A  N/A  N/A  N/A  N/A  N/A   126,200
1990 N/A  N/A  N/A  N/A  N/A  N/A  N/A  N/A     74,029
1991 N/A  N/A  N/A  N/A  N/A  N/A  N/A  N/A   111,970
1992 N/A  N/A  N/A  N/A  N/A  N/A  N/A  N/A     91,300
1993                       68,105        40,204        108,309 N/A  N/A        2,658 N/A  N/A   110,967
1994                       75,433        44,242        119,675 N/A  N/A  N/A  N/A  N/A   119,675
1995                       55,807        30,291          88,843                         4,606       5,906    10,512                       60,413     36,197    99,355
1996                       50,251        29,252          79,503                         7,878       7,325    15,203                       58,129     36,577    94,706
1997                       50,301        22,776          73,077                         9,978       8,997    18,975                       60,279     31,773    92,052
1998                       51,162        21,914          73,076                       16,573     13,466    30,039                       67,735     35,380  103,115
1999                       49,999        18,153          68,152                      22,374    17,832    40,206                      72,373     35,985  108,358
2000                       47,154        18,738          65,892                       32,962     19,308    54,048                       80,116     38,046  119,940
2001                       55,370        18,520          74,929                       28,254     26,962    55,216                       83,624     45,482  130,145
2002                       53,790        20,273          74,063                       35,847     25,523    61,370                       89,637     45,796  135,433
2003                       54,819        22,962          78,505                       38,878     23,728    62,606                       93,697     46,690  141,111
2004                       48,299        22,251          79,923                       37,340     28,732    70,260                       85,639     50,983  150,183
2005                       49,010        23,805          73,178                       34,361     34,847    69,218                       83,371     58,652  142,396
2006                       50,949        23,443          74,392                       30,435     34,968    65,403                       81,384     58,411  139,795
2007                       52,382        24,759          77,141                       28,829     40,283    69,112                       81,211     65,042  146,253
2008                       54,105        28,954          83,062                       22,206     37,548    59,754                       76,311     66,502  142,816
2009                       43,186        25,562          68,748                       16,802     27,316    44,118                       59,988     52,878  112,866
2010                       38,367        15,448          58,890                       12,033     24,391    36,424                       50,400     39,839    95,314
2011                       29,339        20,982          50,321                       17,273     26,358    43,631                       46,612     47,340    93,952
2012                       33,583        23,800          57,383                       10,222     30,970    41,192                       43,805     54,770    98,575
2013                       36,602        20,099          56,701                       15,290     32,901    48,191                       51,892     53,000  104,892
201439,14321,40960,55212,20326,53838,74151,34647,94799,293
Notes: Totals for 1987 through 1994 do not include 4%/tax exempt bond credits and only low-income units. Totals for 9% credits from 2009 through 2014 do not include units built/repaired in that current year that received allocations in previous years. Source: National Council of State Housing Agencies, Novogradac & Co. Updated 12/2016.