Apartment construction and operations contributed $3.3 billion to the metro Boston economy, supporting 24,000 local jobs in 2011, according to a new report by the National Multi Housing Council and the National Apartment Association.

Based on research by economist Stephen S. Fuller, of George Mason University’s Center for Regional Analysis, the report covers the economic contribution of apartment construction, operations and resident spending on a national level. Construction and operations data is also available for 12 metro areas, including Boston.

Within the Boston metro area, the apartment industry spent $288 million on new apartment construction, creating a total economic contribution of $527 million, supporting 3,600 local jobs. Statewide, apartment construction contributed $602 million to the Massachusetts economy, supporting 3,900 jobs in 2011.

Operating the state’s 469,000 apartment homes created a total economic impact of $3.5 million to Massachusetts supporting 47,000 jobs.

"The apartment industry doesn’t just provide homes, but creates thousands of good paying, local jobs that stay right here within Massachusetts," Greg Vasil, CEO of the Greater Boston Real Estate Board, said in a statement.

Study: Apartment Industry Contributed $3.3B To Boston Economy

by Banker & Tradesman time to read: 1 min
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