Apartment Industry’s Economic Impact on North Carolina, Triad

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The National Apartment Association and National Multifamily Housing Council released updated results from a study they commissioned Hoyt Advisory Services to conduct. Here are the key takeaways for North Carolina:

  • There are 889,200 apartment residents in the state – Spending from North Carolina’s apartment residents contributes $62.5 billion to the local economy each year (including $5.3 billion in taxes), creating 358,000 jobs.
  • There are 517,800 apartment homes in North Carolina – The operation of North Carolina’s apartment homes contributes $3.2billion to the local economy each year (including$799.4 million in property taxes), creating 6,000 jobs.
  • 25% of North Carolina apartments were built before 1980; 41% were built between 1980-1999; 33% were built in year 2000 or later.
  • The renovation and repair of apartments helps preserve North Carolina’s older more affordable units, contributing$1Bto the local economy annually and creating 7,000 jobs.
  • North Carolina needs to build16,000 new apartment homes each year to meet demand. Apartment construction contributes $5 billion to North Carolina’s economy annually, creating 27,000 jobs.

While the Triad’s metro area numbers aren’t included in the report, they do have numbers for each Congressional district and the three districts that include the Triad break down as follows:

NC -5

  • 60,700 apartment residents – Spending from North Carolina 5th’s apartment residents contributes $4.6 billion to the local economy each year (including $392.3 million in taxes), creating 26,000 jobs.
  • 31,800 apartment homes – The operation of North Carolina 5th’s apartment homes contributes$211.8 million to the local economy each year (including$52.4 million in property taxes), creating 424 jobs.
  • 42% of apartments in NC-5 were built before 1980; 38% were built between 1980-1999; 20% were built in year 2000 or later.
  • The renovation and repair of apartments helps preserve North Carolina 5th’s older more affordable units, contributing$90 million to the local economy annually and creating 486 jobs.

NC-6

  • 46,600 apartment residents – Spending from North Carolina 6th’s apartment residents contributes $3.5 billion to the local economy each year (including $297.5 million in taxes), creating 20,000 jobs.
  • 25,600 apartment homes – The operation of North Carolina 6th’s apartment homes contributes $160.6 million to the local economy each year (including $39.7 million in property taxes), creating 322 jobs.
  • 41% of apartments in NC-6 were built before 1980; 41% were built between 1980-1999; 18% were built in year 2000 or later.
  • The renovation and repair of apartments helps preserve North Carolina 6th’s older more affordable units, contributing $68 million to the local economy annually and creating 368 jobs.

NC-13

  • 87,600 apartment residents – Spending from North Carolina 13th’s apartment residents contributes $6.0 billion to the local economy each year (including $509.9 million in taxes), creating 34,000 jobs.
  • 44,200 apartment homes – The operation of North Carolina 13th’s apartment homes contributes $275.4 million to the local economy each year (including $68.1 million in property taxes), creating 551 jobs.
  • 25% of apartments in NC-13 were built before 1980; 48% were built between 1980-1999; 27% were built in year 2000 or later.
  • The renovation and repair of apartments helps preserve North Carolina 13th’s older more affordable units, contributing $117 million to the local economy annually and creating 631 jobs.