Apartments in Utah — along with their tenants — are huge contributors to the state’s economy, according to a new report commissioned by the National Apartment Association (NAA). The survey, conducted by Hoyt Advisory Services, found that the apartment industry and its residents annually contribute $17.1 billion to Utah’s economy — $9.8 billion in Salt Lake City alone.{mprestriction ids="1,3"}
“As demand for apartments continues to grow locally and nationally, the significant contributions to Salt Lake City’s economy also increase,” said Paul Smith, executive director of the Utah Apartment Association. “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 Salt Lake City.”
In Salt Lake City, the apartment industry supports 45,926 jobs, the NAA report found. Other financial contributions break down as follows: Resident spending contributes $8.6 billion to the local economy, operations add $400 million, new construction contributes $680 million, and renovation and repairs add $150 million.
Nationally, the industry contributes more than $3.4 trillion – or $9.3 billion daily – to the national economy, the study said.
“Apartments are an ideal solution for many, including students, recent graduates, young professionals, families, singles and empty-nesters,” Smith said. “Therefore, 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. We’ll also renovate and repair existing units in Salt Lake City to help meet the growing demand, which will enhance our local economy for years to come.”
The study also determined that the apartment industry has a major impact on local, state and national tax economies. Locally, tax payments associated with local apartment operations added $80 million and their residents contributed more than $900 million in taxes to the Salt Lake City metro economy.{/mprestriction}
