The estimated one-year impacts of building 100 rental apartments in a typical local area include:
- $11.7 million in local income,
- $2.2 million in taxes and other revenue for local governments, and
- 161 local jobs.
These are local impacts, representing income and jobs for residents of the typical metropolitan area or nonmetropolitan county, and revenue for all jurisdictions within the local area. They are also one-year impacts that include both the direct and indirect impact of the construction activity itself, and the impact of local residents who earn money from the construction activity spending part of it within the local area’s economy.
The additional, annually recurring impacts of building 100 rental apartments in a typical local area include:
- $2.6 million in local income,
- $503,000 in taxes and other revenue for local governments, and
- 44 local jobs.
These are ongoing, annual local impacts that result from the new apartments becoming occupied, and the occupants paying taxes and otherwise participating in the local economy year after year. They also represent impacts that have been reduced to account for the natural vacancy rate that tends to prevail in multifamily properties