State Reports

Economic Impact of Commercial Real Estate

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 2020, the development and operation of new and existing buildings (office, warehouse, industrial and retail) generated the following economic benefits:

  • Contributed $1.01 trillion to U.S. GDP.
  • Created and supported 8.0 million American jobs (a measure of both new and existing jobs).
  • Generated $338.1 billion in salaries and wages.

In 2020, the development of NEW office, warehouse, industrial and retail buildings:

  • Contributed $531.2 billion to the U.S. GDP.
  • Created and supported 3.5 million American jobs.
  • Generated $180.5 billion in salaries and wages.

The U.S. economy is expected to regain its footing in most sectors during 2021, with estimated growth of 4.0% and unemployment falling to 5.7%.

The data source is Economic Impacts of Commercial Real Estate, 2021 U.S. Edition, published by the NAIOP Research Foundation.

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