DFW apartment industry contributes $25B to local economy

DALLAS-FORT WORTH – North Texas is the apartment building capital of the country, with more new rental units in the works than anywhere else in the U.S.

A new report by the National Multifamily Housing Council and the National Apartment Association says that the apartment sector contributes more than $25 billion a year to the local economy. Apartments also support more than 239,600 jobs in construction and operations.

The study estimates apartment development contributed $2.4 billion to the local economy in 2013, the latest year for the figures.

“North Texas continues to see substantial apartment development,” said Kin Oldham, Executive Director of the Apartment Association of Greater Dallas. “The DFW area also has one of the fastest growing populations, fueled by thousands of people moving to the area.”

Apartments in the DFW area had the fourth highest economic total in the country, behind New York City ($111.5 billion), Los Angeles ($63.1 billion) and Chicago ($29.8 billion).

See the full report from the National Multifamily Housing Council and the National Apartment Association.