Watch this short video to discover how commercial real estate development serves as a powerful economic engine – building communities, creating jobs and boosting the economy.
In 2017, new development of commercial real estate:
Contributed $541.0 billion to U.S. GDP.
Created and supported 3.6 million jobs.
Yielded $173.5 billion in wages and salaries.
Nearly 524 million square feet of office, retail, warehouse and industrial commenced construction in 2017, with capacity to house more than 1.3 million new workers.
This study also includes the economic contributions from operation of existing buildings. Combining the economic contributions of new development with the economic contributions from operation of existing buildings, the following economic contributions were made:
- Contributed $935.1 billion to U.S. GDP.
- Created and supported 7.57 million new and existing jobs.
- Generated $286.4 billion in salaries and wages.
See how your state ranks — the report includes detailed data on commercial real estate development activity in all 50 states, including direct spending; total output; salaries and wages; and jobs supported.
Read more in the press release.
Data from Economic Impacts of Commercial Real Estate, 2018 Edition, published by the NAIOP Research Foundation.
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About NAIOP: NAIOP, the Commercial Real Estate Development Association, is the leading organization for developers, owners and related professionals in office, industrial, retail and mixed-use real estate. NAIOP comprises 19,000 members in North America. NAIOP advances responsible commercial real estate development and advocates for effective public policy. For more information, visit naiop.org.
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