Rental Boom Boosting Indy Economy
Indiana's rental boom is ringing up big bucks for the Indy economy.
The National Apartment Association reports the apartment industry contributed $3.97 billion and nearly 44,000 jobs to the Indianapolis metro-area economy in 2013. Those numbers generated roughly $4 million in property tax revenue. Figures are based on apartment construction, operations and resident spending. The study says renter spending alone contributed $2.88 billion to the Indy metro economy in 2013.
The Indiana Apartment Association cites consistent job growth in the state as the major reason behind the hot apartment industry. Some 36 million Americans live in apartments and the NAA says the industry pumped $1.3 trillion into the U.S. economy and created 12.3 million jobs across in 2013.