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 2017
State Number of Apartments Total Value (000s)
Alabama 2,218 $231,109
Alaska 242 $38,054
Arizona 10,695 $1,494,132
Arkansas 2,571 $196,151
California 53,342 $9,753,820
Colorado 15,576 $1,953,459
Connecticut 1,912 $272,873
Delaware 1,063 $75,761
District of Columbia 5,623 $601,646
Florida 35,254 $4,780,691
Georgia 10,574 $1,239,035
Hawaii 1,404 $241,748
Idaho 2,485 $264,194
Illinois 13,618 $1,688,552
Indiana 5,067 $469,056
Iowa 5,407 $575,272
Kansas 2,223 $222,346
Kentucky 3,968 $298,371
Louisiana 1,210 $143,586
Maine 627 $54,254
Maryland 3,740 $548,448
Massachusetts 9,630 $1,656,129
Michigan 6,275 $676,070
Minnesota 8,129 $1,160,880
Mississippi 740 $71,105
Missouri 5,620 $564,031
Montana 1,069 $123,918
Nebraska 3,133 $287,445
Nevada 6,488 $624,398
New Hampshire 715 $76,673
New Jersey 16,872 $1,728,663
New Mexico 597 $46,679
New York 26,674 $3,582,392
North Carolina 17,072 $1,591,877
North Dakota 1,248 $109,963
Ohio 6,909 $828,187
Oklahoma 1,234 $112,669
Oregon 8,914 $1,209,809
Pennsylvania 5,511 $678,195
Rhode Island 102 $6,849
South Carolina 6,473 $629,048
South Dakota 1,790 $162,743
Tennessee 10,138 $915,674
Texas 54,874 $5,741,087
Utah 5,912 $683,332
Vermont 654 $66,309
Virginia 10,729 $745,363
Washington 20,992 $2,820,573
West Virginia 269 $21,599
Wisconsin 6,945 $712,610
Wyoming 279 $32,784
Total 424,806 $52,809,613
Source: US Census Bureau, Building Permits Survey. Updated September 2018

 

Multifamily Starts and Completions, 1992-2017 (5+ units in structure; includes units for owner occupancy)
Year Number of Starts Number of Completions Number of Permits
1992 139,000 158,000 138,439
1993 132,600 127,100 160,156
1994 223,500 154,900 240,980
1995 244,100 212,400 271,525
1996 270,800 251,300 290,306
1997 295,800 247,100 310,302
1998 302,900 273,900 355,466
1999 306,600 299,300 351,108
2000 299,100 304,700 329,283
2001 292,800 281,000 335,154
2002 307,900 288,200 341,397
2003 315,200 260,800 345,814
2004 303,000 286,900 366,248
2005 311,400 258,000 389,334
2006 292,800 284,200 384,079
2007 277,300 253,000 358,964
2008 266,000 277,200 295,400
2009 97,300 259,800 121,125
2010 104,300 146,500 135,318
2011 167,300 129,900 184,009
2012 233,900 157,600 285,062
2013 293,700 186,200 341,050
2014 341,700 255,600 381,953
2015 385,800 310,300 454,507
2016 380,800 311,000 421,064
2017 342,600 347,000 411,236
Source: US Census Bureau, New Residential Construction.Updated March 2018

 

Low-Income Housing Tax Credit Construction Activity
  9% Credit 4%/Tax Exempt Bond Credit Total
Year New Construction Rehab Total New Construction Rehab Total New Construction Rehab Total
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
2014 39,143 21,409 60,552 12,203 26,538 38,741 51,346 47,947 99,293

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.


Staff Resource