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 contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.
Commercial real estate development supported 3.6 million American jobs in 2017 (a measure of both new and existing jobs).
Commercial real estate development contributed $541.0 billion to U.S. GDP.
- Commercial real estate development generated $174 billion in salaries and wages.
There were 523.6 million square feet of commercial real estate space built in 2017, with capacity to house 1.3 million new workers.
The data source is Economic Impacts of Commercial Real Estate, 2018 Edition, published by the NAIOP Research Foundation.