Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels.
An annual NAIOP Research Foundation study measures the valuable contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.
In 2021, combined commercial, residential, institutional and infrastructure development and operations of existing commercial buildings contributed $4.8 trillion to U.S. GDP and supported 32.7 million jobs.
Across the U.S., NEW office, industrial, warehouse and retail space in 2021 generated:
$653 billion in contributions to the national economy (GDP).
$231.5 billion in personal earnings (wages and salaries).
4.3 million American jobs (created and supported).
733 million square feet of new space to accommodate 1.6 million new jobs.
The U.S. economy is now firmly in a rebound, with growth projected to be 5.6% in 2021 and 4% in 2022. Total employment is expected to return to pre-pandemic levels in 2022.
The data source is Economic Impacts of Commercial Real Estate, 2022 U.S. Edition, to be published soon by the NAIOP Research Foundation.