The apartment industry as a whole contributed $1.3 trillion to the U.S. economy in 2013, along with more than 12 million jobs, Fox News reports.
U.S. Census Bureau figures indicate that apartment vacancies nationwide hit 4.8 percent, their lowest point in two decades in the last quarter of 2014. The surge in apartment living coincides with the drop in homeownership in the U.S..
According to Fox News, a study conducted by economist Stephen S. Fuller of George Mason University’s Center for Regional Analysis for the National Multifamily Housing Council and the National Apartment Association says that apartment building is taking the place of single-family construction as the leading economic driver of the housing industry.
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