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.
- Commercial real estate development contributed $531.2 billion to the U.S. GDP.
- Commercial real estate development created and supported 3.5 million American jobs.
- Commercial real estate development generated $180.5 billion in salaries and wages.
- There were 565 million square feet of office, industrial, warehouse and retail space built in 2020, with capacity to house 1.4 million new employees.
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.