The San Diego metro area’s apartment industry had an $11.9 billion economic impact in 2013, including supporting more than 111,000 jobs, according to a recent report by two industry advocacy groups.
The regional numbers were part of a national report commissioned by the National Multifamily Housing Council and National Apartment Association. Based on research by economist Stephen Fuller of George Mason University, the report tracked data for 40 metro areas, including dollars and jobs generated from apartment construction, operations and resident spending.
The San Diego County impact included more than $1 billion spent on managing apartments and $704.5 million spent on apartment construction. The local market had 621,600 residents living in 274,900 apartment units as of 2013.
“San Diego has a disproportionately large population growth within the 20-to-34-year-old demographic, an age group that tends to favor renting apartments,” said Alan Pentico, executive director of the nonprofit San Diego County Apartment Association, in a statement. “Combined with the area’s strong job growth, there’s a high demand for apartments here.”
Nationally, the apartment industry and its 36 million residents generated $1.3 trillion for the U.S. economy, researchers said. The study was based on data from 2013, the latest year for which full-year numbers were available.