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Multifamily Market Adds $63B to Local Economy

LOS ANGELES—According to an NAA Study, the apartment industry contributes major funds and jobs—as many as 534,900—to the L.A. economy in 2013.

By Kelsi Maree Borland | Updated on March 11, 2015

LOS ANGELES—The multifamily market has contributed $63.1 billion annually to the local Los Angeles economy, according to a recent National Apartment Association survey analyzing data from 2013. The survey shows that apartment industry, including construction, operations and resident spending, has generated billions of dollars as well as 534,900 jobs. This is more than any other metropolitan area in the US.

“We weren’t surprised by the results,” Jim Clarke, EVP at Apartment Association of Greater Los Angeles, tells GlobeSt.com. “We did a similar survey last year that showed similar results, but this is probably surprising for some people who don’t understand how important the multifamily communities are to metropolitan areas as a whole.”

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