If you are reading this, then it’s likely you are a contributor to the $3.4 trillion impact the apartment industry has on the U.S. economy. Admit it, this is a larger number than you thought. This new research by Hoyt Services, a study commissioned by NAA and NMHC, breaks it down quite impressively. Four types of industry expenditure (activity) were identified and separately analyzed to fully capture industry impacts. They are construction of new rental units; renovation and repair of existing properties; property operations and maintenance activities; and spending by renting households. Each posted very strong growth over the three years studied, led by resurgent construction activity.