Texas  received  $93.0 billion  economic contribution from the combined
construction, operation and resident spending, says new report "The Trillion
Dollar Apartment Industry"

WASHINGTON,  Feb. 12, 2013  /PRNewswire-USNewswire/ -- Despite the worst economy
in a generation, apartment construction and operations contributed  $5.9 billion
 to the  metro Dallas economy  in 2011 supporting 50,000 local jobs, according
to a new report released today by the National Multi Housing Council (NMHC) and
the National Apartment Association (NAA). In addition, apartments and their
residents contributed  $93.0 billionto Texas' economy  supporting 2.2 million
jobs. The report, along with an interactive map and economic impact calculator,
is available on the new website  www.WeAreApartments.org.  

Based on research by economist  Stephen S. Fuller, Ph.D., of  George Mason
University's Center for Regional Analysis, the report covers the economic
contribution of apartment construction, operations and resident spending on a
national level plus all 50 states. In addition, construction and operations data
is available for 12 metro areas:  Atlanta,  Boston,  Chicago,  Dallas,  Denver, 
Houston,  Los Angeles,  Miami,  New York City,  Philadelphia,  Seattle  and 
Washington, D.C.

Highlights from the report include:

* Nationally, the apartment industry and its residents contributed  $1.1
trillion  to the economy in 2011,  or more than  $3 billion  every day. This
combined spending supported nearly 25.4 million total jobs.  
* Within the  Dallas  metro area, the apartment industry spent  $725 million  on
new apartment construction, creating a total economic contribution of  $1.7
billion  supporting 13,000 local jobs  in 2011.  
* The apartment industry spent  $1.9 billion  operating the metro's 598,000
apartment homes, generating a total economic contribution  of  $4.3 billion 
supporting 37,000 local jobs - more than twice the impact of apartment
construction.  
* Within  Texas, apartment construction contributed  $4.6 billion  to the state
economy supporting 35,000 jobs  in 2011.  
* Operating the state's 1.8 million apartment homes created a total economic
impact  of  $12.4 billion  to  Texas  supporting 182,000 jobs.  
* Texas' 3.4 million apartment residents spent  $36.2 billion  on goods and
services within the state in 2011, creating a total economic impact  of  $76.0
billion  supporting 2 million jobs.

"The apartment industry doesn't just provide homes, but creates thousands of
good paying, local jobs that stay right here within  Dallas," said Apartment
Association of Greater Dallas Executive Vice President  Gerry Henigsman. "The
eye-opening report shows just how important apartments and our residents are to
Texas-contributing  $93 billion  to the state economy."  

"Although attention is usually focused on homebuilding and the single-family
sector, the annual construction and operating outlays for apartment buildings
with five or more units are major sources of economic activity, jobs and
personal earnings," said Fuller. "In addition, the residents of apartment
buildings constitute an important source of local, state and national economic
activity as their spending for goods and services is recycled through the
economy. Like the operating outlays for apartment buildings, the spending by
renters recurs annually thereby supporting local economies on an ongoing basis."

In conjunction with the study's release, the new website 
www.WeAreApartments.org  breaks down the data by each state and the 12 metro
areas through an interactive map. Visitors can also use ACE, the Apartment
Community Estimator, a new tool that allows users to enter the number of
apartment homes of an existing or proposed community to determine the potential
economic impact within  Texas  or any of the 50 states.  

"For the first time we're able to quantify the tremendous economic impact of
apartment residents across the country, in addition to the powerful
contributions from apartment construction and operations," said NAA Chairman of
the Board Alexandra Jackiw, CPM, CAPS. "It truly shows a comprehensive view of
the industry's critical role not just in housing, but to the economy at large."

"Even in one of the worst economic climates we've ever seen, the multifamily
industry and its 35 million residents contributed more than  $1 trillion  to the
economy," said NMHC Chairman  Thomas S. Bozzuto, CEO, The Bozzuto Group. "With
up to seven million new renter households forming this decade-almost half of all
new households-the dollars and jobs we add to the economy will only grow in
magnitude."

For more information or to download the report "The Trillion Dollar Apartment
Industry", visit  www.WeAreApartments.org.  

Dallas-specific information can be found at  www.WeAreApartments.org/Dallas.

Texas-specific information can be found at  www.WeAreApartments.org/Texas.

Metro Area Defined:

Dallas-Fort Worth-Arlington, Texas. Includes  Collin County,  Dallas County, 
Delta County,  Denton County,  Ellis County,  Hunt County,  Johnson County, 
Kaufman County,  Parker County,  Rockwall County,  Tarrant County  and  Wise
County.

• Footwear, up 5 percent.

• Jewelry, up 5.6 percent. Last year, jewelry sales fell 30 percent.

Weaker area included luxury items, whose 0.8 percent increase came nowhere near making up for last year's 20 percent decline. Apparel sales fell 0.4 percent on top of a 19 percent decline last year.

A full picture of how individual retailers did will not be known until Jan. 7, when many report December sales.