The commercial real estate development industry in 2014 saw its best year since 2007. The economic contributions yielded by the development process increased significantly by 40 percent over the previous year, the largest gain since the market began to recover in 2011.
Direct expenditures for 2014 totaled $174.31 billion, up from $124 billion the year before, and resulted in the following economic contributions to the U.S. economy:
- Total contribution to U.S. GDP reached $528.1 billion, up from $376.35 billion in 2013.
- Personal earnings (or wages and salaries paid) totaled $168.42 billion, up from $120.02 billion in 2013.
- Jobs supported (a measure of both new and existing jobs) reached 3.94 million in 2014, up from 2.81 million the year before.
Forecasts predict increased construction spending and growing investment in office, industrial and retail buildings will yield greater contributions to GDP through 2017.
See how the states rank with cards specific to NAIOP’s chapters in the United States.
The data source is "Economic Impacts of Commercial Real Estate, 2015 Edition" by the NAIOP Research Foundation, June 2015.
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