$1.1 Trillion Apartment Industry Highlights Multifamily Job Growth for Congress
Highlighting the economic strength of the apartment industry in front of Congress, Tom Bozzuto, Chairman and CEO of the Bozzuto Group, represented the National Multi Housing Council (NMHC) and the National Apartment Association (NAA) before a House Energy and Commerce Subcommittee last week.
The apartment industry is a competitive and robust $1.1 trillion industry that helps 35 million renters live in a home that„¢s right for them. In an environmentally sound way, we help build vibrant communities by offering housing choice, supporting local small businesses, creating millions of jobs and contributing to the fabric of communities across the country, said Bozzuto, who is also chairman of NMHC.
It takes at least 300,000 new apartments each year to meet demand, but less than half that number was delivered in 2012. Highlighting a $72 million apartment construction project in Baltimore Union Warf, Bozzuto drew the connection between job creation, manufacturing and multifamily development.
This building required enough concrete to fill 240 swimming pools. End-to-end, the lumber used would span about 331 miles and the drywall could cover more than 42 football fields. In addition, we will use 204,000 lbs. of granite, 290,000 bricks, more than 7,000 gallons of paint, 1,700 appliances and 3,500 cabinets, said Bozzuto. A significant percentage of these construction materials were manufactured in America, with more than 25 percent being sourced within 500 miles of the project site.
The apartment industry can be a robust economic engine that provides lasting job growth and spending nationwide, Bozzuto added. With up to seven million new renter households forming this decade”almost half of all new households”the dollars and jobs we add to the economy will only grow in magnitude.
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