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Phoenix economy benefits greatly from rental boom

According to a new study by the National Apartment Association and National Multifamily Housing Council, the local contribution from the apartment industry in the Phoenix metro area totaled $9.9 billion and supported 99,900 jobs in 2013.

Additionally, the economic contribution of local apartment construction totaled $1.4 billion, the economic contribution of local apartment operations totaled $1.7 billion, apartment construction and operations supported $1.1 billion in ppersonal earnings for local workers and renter spending in the Phoenix metro area contributed $6.9 billion to the local economy.

All total, the economic contribution of the apartment industry and its residents in Arizona totaled $13.1 billion and supported more than 131,700 jobs.

There are 281,000 apartment homes occupied in the Phoenix metro area and 530,300 residents living in those homes.

“Here in Phoenix, we’re feeling the positive economic impact of the booming apartment industry, which is helping our city thrive,” said Tom Simplot, president and CEO of the Arizona Multihousing Association, in a release detailing the study.

“The great news about the apartment industry is that the dollars and jobs don’t end with the construction. The ongoing operations and resident spending make each apartment community an economic engine, supporting local jobs and making a positive economic impact in our area and in towns across the country.”

Nationally, the apartment industry and its 36 million residents contributed $1.3 trillion to the U.S economy and supported 12.3 million jobs.