According to data from the National Multifamily Housing Council and the National Apartment Association, apartment construction, operation and resident spending contributed $7.9 billion to the local economy and supported 72,800 job in the Baltimore metro area 2013.
The findings don’t really come as a surprise. The multifamily market has performed exceedingly well in the wake of the 2008 financial crisis that lead to extremely tight credit markets, especially around home loans. It’s also been pushed by changes in lifestyle preferences of Millennials, who generally want a more urban lifestyle than their parents or grandparents.
Baltimore has seen a boon in apartment development, particularly in the city core where tax credits to redevelop Class B office space into apartments has fueled a surge in that style of development.
Apartments’ contribution to Baltimore’s economy
- The economic contribution of local apartment construction totaled $541.3 million.
- The economic contribution of local apartment operations totaled $1.3 billion.
- Apartment construction and operations supported more than $612.1 million in personal earnings for local workers.
- Renter spending in the Baltimore metro area contributed $6 billion to the local economy.
- The total economic contribution of the apartment industry and its residents in Maryland totaled $18.5 billion and supported 169,500 jobs.
Source: National Multifamily Housing Council and the National Apartment Association study.