Pub. 5 2020 Issue 3

9 ISSUE 3 2020 Connecticut Connecticut apartments and their residents contribute $23.5 B to the state economy annually , supporting 91.7 K jobs . 372.3 K Apartment Residents Spending from Connecticut ' s apartment residents contributes $20.8 B to the local economy each year ( including $2.5 B in taxes ), creating 85 K jobs . 224.5 K Apartment Homes The operation of Connecticut ' s apartment homes contributes $1.6 B to the local economy each year ( including $528.4 M in property taxes ), creating 2 K jobs . 62% Share of Connecticut ' s Apartments Built Before 1980 The renovation and repair of apartments helps preserve Connecticut ’ s older more a ordable units , contributing $391 M to the local economy annually and creating 1 K jobs . Age of Stock Before 1959 30% 1960 - 1979 31% 1980 - 1999 24% 2000 or Later 14% 2 K New Apartments Needed Annually Apartment demand is growing and the industry needs to keep up . However , producing enough new apartments to meet demand requires new development approaches , more incentives and fewer restrictions . Connecticut needs to build 2 K new apartment homes each year to meet demand . Apartment construction contributes $685.7 M to Connecticut ' s economy annually , creating 3 K jobs . Source : Hoyt Advisory Services ; NMHC / NAA ; U . S . Census Bureau