ARIZONA – The total annual economic impact of construction and operations within Arizona’s apartment industry is the equivalent to the state playing host to more than 10 Super Bowls each year.
The apartment industry generates 22,000 jobs, US$699 million in wages, and US$3.8 billion in economic output each year as 37% of Arizona residents live in rental housing.
Those are some of the findings outlined in the Arizona Apartment Analysis, a report conducted by Elliott D. Pollack & Company for the Arizona Multihousing Association. The report addresses multiple factors related to the apartment industry in Arizona including an outlook on the state of the industry.
“Buoyed by strong job growth, increased personal income growth, positive demographic trends, and solid net migration inflows, the Arizona multifamily market is very healthy,” said John Carlson, Board Chair of the Arizona Multihousing Association and President of Mark-Taylor Residential.
The report shows that demand for multihousing continues to be strong. A significant percentage of millennials – the largest age group in the U.S. – are reaching their peak rental years. Because they are delaying marriage, they prefer apartments for a longer period of time.