Multifamily's Impact on Houston's Economy
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The multifamily industry contributed $23B and supported nearly 219,000 jobs in Houston in 2013, according to a new report commissioned by the National Multifamily Housing Council and National Apartment Association. $2.7B of that came from apartment construction, $3.7B is from apartment operations, and the industry paid out $2.1B in salaries for local workers. Houston’s apartment boom was largely fueled by the influx of Millennials drawn to Houston’s job creation, HAA president Jackie Rhone says. The data, by George Mason University economist Stephen Fuller, shows that there are 36 million apartment residents and 12.3 million jobs supported by multifamily in the US, and the industry added $1.3T to the national economy.