Quick Facts: New Construction

Economic Impact
State Distribution of New Apartment Construction in 2017
Multifamily Starts and Completions, 1992-2017
Low Income Housing Tax Credit 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”

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.

Caitlin Sugrue Walter