By: Stephen S. Fuller, Ph.D.
In 2014, the commercial real estate development industry experienced its best year since 2007. This year’s edition of the annual report determined that the economic contributions made by the development process last year were 40 percent higher than those made in 2013. The data show that 2014 was the strongest year for economic development impacts from development activity 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: