Commercial real estate is on the rise, with increases in spending for new office, industrial and retail development climbing toward pre-recession peaks. This positive trend is projected to gain further strength going forward – good news for the industry and the economies it supports.
In 2012, commercial real estate development – including pre-construction, construction and tenant improvements – contributed an impressive $303.4 billion to the U.S. GDP, yet down from its 2007 peak of $548.7 billion.
A link between the recovery of the development industry and the U.S. economy is well-established. With development spending increasing and the U.S. economy poised for growth, NAIOP advocates for sound fiscal policy that will generate jobs and prolong economic stability.
See how the states rank with cards specific to NAIOP’s chapters in the United States.
The data source is "How Office, Industrial and Retail Development Contributed to the U.S. Economy in 2012" by the NAIOP Research Foundation, October 2013.