Apartment construction and operations contributed $14.7 billion to the economies of Orange and Los Angeles counties in 2011, supporting 107,000 jobs, according to a report released today.
Despite the sluggish economy, the apartment construction industry in the two counties supported 18,000 jobs, spent $1.3 billion on new local apartment construction and created a total economic apartment construction contribution of $2.7 billion in 2011, according to the study by the National Multi Housing Council and the National Apartment Association.
The study found the apartment operations industry supported 88,000 local jobs, spent $5.8 billion operating 1.3 million apartment homes and generated a total local economic contribution of $12 billion in the two counties.
The figures were based on research of buildings with five units or more conducted by economist Stephen S. Fuller of George Mason University's Center for Regional Analysis.
"Although attention is usually focused on homebuilding and the single- family sector, the annual construction and operating outlays for apartment buildings with five or more units are major sources of economic activity, jobs and personal earnings," Fuller said.
- City News Service