The apartment industry and its residents annually contribute $20.3 billion to Charlotte’s economy, according to a study commissioned by the National Apartment Association (NAA) and National Multifamily Housing Council (NMHC).

The apartment industry supports 88,132 jobs in Charlotte as well as resident spending in excess of $17.1 billion. New construction contributes $2 billion, and renovation and repair add $360 million.

The report, online at WeAreApartments.org, has economic impact in 50 metro areas.

North Carolina needs to build 16,000 new apartment homes each year to meet demand. Apartment construction contributes $5 billion to North Carolina’s economy annually, creating 27,000 jobs.

“As demand for apartments continues to grow locally and nationally, the significant contributions to Charlotte’s economy also increase. Apartments drive our local economy by adding employment opportunities, as well as revenue from resident spending, new construction, renovation and repair, and operations, all of which are positively impacting Charlotte,” said Kim Graham, executive director of the Greater Charlotte Apartment Association.

Local tax payments added up to $240 million, according to the study.

Nationally, resident spending contributed $3 trillion to the U.S. economy, while operations adds $175 billion. New construction contributes $150 billion and renovation and repair adds $69 billion, the study says.

Some 346,900 new apartments were built in 2017, up from 129,900 in 2011.

The study was conducted by Hoyt Advisory Services which also found that a significant portion of the existing apartment stock will need to be renovated in the coming years, boosting the renovation and repair sector.

“The apartment industry’s contribution is one that has grown in recent years, fueled by increased rental demand overall as population and employment growth continue and renting becomes a preferred tenure choice for millions of Americans,” said Eileen Marrinan, Managing Director of Eigen 10 Advisors, which partnered with Hoyt.