The apartment construction boom in South Carolina has generated $28 billion in economic activity across the state and $7 billion for the Charleston region. A study conducted by the National Apartment Association (NAA) and the National Multifamily Housing Council reports that the apartment industry and its residents account for $6.9 billion in economic impact across the Lowcountry, $28.1 billion throughout South Carolina, and $3.4 trillion nationally.
Multifamily Apartment Market Creates over 30,000 Local Jobs
The study shows that the multifamily market supports 32,338 jobs in the Charleston region, and says residents spend $5.8 billion locally. The new construction boom of apartment buildings contributes $520 million to the local economy, renovation and repair of apartments add an additional $150 million and operations add $370 million to the Charleston regional economy.
“As demand for apartments continues to grow locally and nationally, the significant contributions to Charleston’s economy also increase,” said Tammy Carvajal, president of Charleston Apartment Association. She added that “apartments drive our local economy by adding employment opportunities, as well as revenue from resident spending, new construction, renovation and repair, and operations, all of which are positively impacting Charleston.” Carvajal said that the apartments are not just being built to accommodate students or young professionals. They also meet the housing needs of families, empty nesters, and single adults.
“The apartment industry will continue to work with our elected and appointed officials at all levels of government to expand the apartment housing supply to meet demand,” Carvajal said. “We’ll also renovate and repair existing units in Charleston to help meet the growing demand, which will enhance our local economy for years to come.”
The report showed that the tax payments grew by $100 million from residents who contributed more than $660 million to the Charleston area economy.
Apartment Construction Boom a National Trend
The nation also experienced an apartment construction boom with 346,900 additional apartments in 2017, an upward trend from 129,900 new apartment buildings in 2011.
“The apartment industry is a very powerful economic engine, making significant and positive contributions at the national, state, and local levels in terms of jobs, revenue, and tax impact,” said NAA President and CEO Robert Pinnegar. “This clearing illustrates that the rental housing industry has a tremendous impact on Charleston – and across the country – proving that the industry is a valuable partner in every community.”
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