Ohio Ranked #3 State in U.S. for Commercial Real Estate Development

February 27, 2023

COLUMBUS, OH – According to data from the recently published, “Economic Impacts of Commercial Real Estate, 2023 U.S. Edition”, Ohio is the third highest ranking state in the U.S. for overall contributions of real estate to state GDP of $64 billion, $27 billion in direct spending, $24 billion in personal earnings. and 424,000 jobs supported in 2022. This report is published annually by the NAIOP Research Foundation and additionally ranks Ohio in the following categories:

  • Warehouse: Ohio ranks #8
  • Industrial (includes manufacturing): Ohio ranks #3 behind Texas and Arizona
  • Retail: Ohio ranks #8

“Ohio’s commercial real estate industry has become a powerful economic engine for creating and generating jobs with significant contributions to our local and state economy,” said Josh Gerth, President of NAIOP of Ohio. “Thanks to sound economic development policies and strong partnerships in the public and private sector, our state has proven its commitment to improving communities and outpace other states throughout the nation.”

Nationally, the impact of new commercial real estate development in the U.S. continues to grow.

The combined economic contributions of new commercial building development and the operations of existing commercial buildings in 2022 resulted in direct expenditures of $826.9 billion and the following impacts on the U.S. economy:

  • Contributed $2.3 trillion to U.S. gross domestic product (GDP).
  • Generated $831.8 billion in personal earnings.
  • Supported 15.1 million jobs

“The data in the report are strong economic indicators of commercial real estate development investment, job growth, and subsequential contributions to the U.S. economy,” said Marc Selvitelli, CAE, President and CEO of NAIOP. “Our success could be met with headwinds as inflation, workforce constraints and higher interest rates create uncertainty. Our Research Foundation, legislative team and education will keep our members and industry professionals informed on these issues and offer resources as the industry navigates potentially choppy waters.”

The full report is online: www.naiop.org/contributions23