Quick Facts: New Construction

New Construction includes estimates of the economic impact of apartment construction and renovation, a state distribution of new apartment construction, activity in Low Income Housing Tax Credit construction, and multifamily permits, starts, and completions over time.

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Economic Impact

Apartment construction contributes annually:

$226.3 billion and 1,000,000 jobs

Apartment renovation and repair/capital expenditures contributes annually:

$77.0 billion and 378,000 jobs

To see the impact of construction by number of units for the U.S. and individual states, as well as the impact of operations and renter spending, use "NMHC’s Apartment Community Estimator” calculator.

Source: Hoyt Advisory Services, National Apartment Association and National Multifamily Housing Council, “The Contribution of Multifamily Housing to the U.S. Economy”

The Producer Price Index from the U.S. Bureau of Labor Statistics measures average change in price over time for goods and services. Released on a monthly basis, the series included below for inputs to residential construction began in 2014 and the series for materials began in 1982. Both charts allow users to select individual series and toggle the date ranges.

Download the data from this chart.

Low-Income Housing Tax Credit Construction Activity

	9% Credit			4%/Tax Exempt Bond Credit			Total
Year	New Construction	Rehab	Total	New Construction	Rehab	Total	New Construction	Rehab	Total
1987	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	34,491
1988	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	81,408
1989	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	126,200
1990	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	74,029
1991	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	111,970
1992	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	91,300
1993	68,105	40,204	108,309	N/A	N/A	2,658	N/A	N/A	110,967
1994	75,433	44,242	119,675	N/A	N/A	N/A	N/A	N/A	119,675
1995	55,807	30,291	88,843	4,606	5,906	10,512	60,413	36,197	99,355
1996	50,251	29,252	79,503	7,878	7,325	15,203	58,129	36,577	94,706
1997	50,301	22,776	73,077	9,978	8,997	18,975	60,279	31,773	92,052
1998	51,162	21,914	73,076	16,573	13,466	30,039	67,735	35,380	103,115
1999	49,999	18,153	68,152	22,374	17,832	40,206	72,373	35,985	108,358
2000	47,154	18,738	65,892	32,962	19,308	54,048	80,116	38,046	119,940
2001	55,370	18,520	74,929	28,254	26,962	55,216	83,624	45,482	130,145
2002	53,790	20,273	74,063	35,847	25,523	61,370	89,637	45,796	135,433
2003	54,819	22,962	78,505	38,878	23,728	62,606	93,697	46,690	141,111
2004	48,299	22,251	79,923	37,340	28,732	70,260	85,639	50,983	150,183
2005	49,010	23,805	73,178	34,361	34,847	69,218	83,371	58,652	142,396
2006	50,949	23,443	74,392	30,435	34,968	65,403	81,384	58,411	139,795
2007	52,382	24,759	77,141	28,829	40,283	69,112	81,211	65,042	146,253
2008	54,105	28,954	83,062	22,206	37,548	59,754	76,311	66,502	142,816
2009	43,186	25,562	68,748	16,802	27,316	44,118	59,988	52,878	112,866
2010	38,367	15,448	58,890	12,033	24,391	36,424	50,400	39,839	95,314
2011	29,339	20,982	50,321	17,273	26,358	43,631	46,612	47,340	93,952
2012	33,583	23,800	57,383	10,222	30,970	41,192	43,805	54,770	98,575
2013	36,602	20,099	56,701	15,290	32,901	48,191	51,892	53,000	104,892
2014	39,143	21,409	60,552	12,203	26,538	38,741	51,346	47,947	99,293
2015	40,779	20,526	61,305	20,863	31,766	52,629	61,642	52,292	113,934
2016	40,969	15,420	56,389	15,791	39,155	54,946	56,760	54,575	111,335
2017	42,488	17,243	59,731	20,684	37,048	57,732	63,172	54,291	117,463
2018	47,446	15,468	62,914	26,691	46,857	73,548	74,137	62,325	136,462
2019	51,228	17,842	69,070	29,281	43,448	72,729	80,509	61,290	141,799
Notes: Totals for 1987 through 1994 do not include 4%/tax exempt bond credits and only low-income units. Totals for 9% credits from 2009 through 2019 do not include units built/repaired in that current year that received allocations in previous years. Source: National Council of State Housing Agencies, Novogradac & Co. Updated 5/2021.

Christopher Bruen cbruen@nmhc.org

Caitlin Sugrue Walter cwalter@nmhc.org