The Contribution of the Commercial Real Estate Sector to the Canadian Economy
Submitted by: Real Property Association of Canada (REALpac) and NAIOP Research Foundation; Prepared by Altus Group Economic Consulting
Release Date: September 2012
The commercial real estate sector makes a substantial contribution to the Canadian economy, generating $63.3 billion in economic activity in 2011, according to a groundbreaking research report.
Prepared by Altus Group Economic Consulting, "The Contribution of the Commercial Real Estate Sector to the Canadian Economy" shows that capital investment in the CRE Sector totaled some $21.6 billion in 2011, accounting for about half of the total spending in Canada on non-residential construction. Some $14.9 billion was spent on new buildings; the rest ($6.7 billion) accounted for capital improvements, renovations and the upgrading of existing buildings.
The CRE Sector plays an important role in Canada's economy and the quality of life for all Canadians. Development and construction of commercial real estate buildings, and subsequently their daily operations, creates directly thousands of jobs and adds tremendous value to the Canadian GDP. Beyond the strict numbers of economic activity, spinoff benefits, jobs created, income earned and taxes generated, the CRE Sector is also responsible for imparting a tremendous benefit to communities across Canada by providing high-quality workspaces for millions of Canadians and places for Canadians to live, eat, shop and play.
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