Multifamily housing development can be a key plank in a thriving economy, insisted Tom Bozzuto, the chairman of the National Multi Housing Council, in the nation’s capital today. And, last year, there was a 50% lag between supply of new apartments and a demand level that stood at 300,000, his company, The Bozzuto Group, said.

He was speaking before a House Energy and Commerce subcommittee in Washington, D.C., according to a press release issued by the multifamily development firm, to highlight “the economic strength of the apartment industry.”

“The apartment industry is a competitive and robust $1.1 trillion industry that helps 35 million renters live in a home that's right for them. In an environmentally sound way, we help build vibrant communities by offering housing choice, supporting local small businesses, creating millions of jobs and contributing to the fabric of communities across the country," said Bozzuto, also The Buzzuto Group chairman and CEO.

He cited the example of an apartment development worth $72 million in which his company is involved at Union Wharf in Baltimore.

 “The apartment industry can be a robust economic engine that provides lasting job growth and spending nationwide,” Bozzuto added. “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.”