State Reports

State Reports 2022 Economic Impacts of CRE

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.

In 2021, combined commercial, residential, institutional and infrastructure development and operations of existing commercial buildings contributed $4.8 trillion to U.S. GDP and supported 32.7 million jobs.

Across the U.S., NEW office, industrial, warehouse and retail space in 2021 generated:

  • $653 billion in contributions to the national economy (GDP).
  • $231.5 billion in personal earnings (wages and salaries).
  • 4.3 million American jobs (created and supported).
  • 733 million square feet of new space to accommodate 1.6 million new jobs.

The U.S. economy is now firmly in a rebound, with growth projected to be 5.6% in 2021 and 4% in 2022. Total employment is expected to return to pre-pandemic levels in 2022.

The data source is Economic Impacts of Commercial Real Estate, 2022 U.S. Edition, to be published soon by the NAIOP Research Foundation.

Alabama
NAIOP Alabama

Arizona
NAIOP Arizona

California
NAIOP Inland Empire

NAIOP Sacramento Valley

NAIOP San Diego

NAIOP San Francisco

NAIOP Silicon Valley

NAIOP SoCal

Colorado
NAIOP Colorado

Connecticut
NAIOP Connecticut/
Suburban New York

District of Columbia
NAIOP DC|MD

Florida
NAIOP Central Florida

NAIOP Northeast Florida

NAIOP Northwest Florida

NAIOP South Florida

NAIOP Tampa Bay

Georgia
NAIOP Georgia

Hawaii
NAIOP Hawaii

Illinois
NAIOP Chicago

Indiana
NAIOP Indiana

Kentucky
NAIOP Cincinnati/
Northern Kentucky

Maryland
NAIOP Maryland

NAIOP DC|MD

Massachusetts
NAIOP Massachusetts

Minnesota
NAIOP Minnesota

Nevada
NAIOP Northern Nevada

NAIOP Southern Nevada

New Jersey
NAIOP New Jersey

New Mexico
NAIOP New Mexico

New York
NAIOP Connecticut/
Suburban New York

NAIOP New York City

NAIOP Upstate New York

North Carolina
NAIOP Charlotte

NAIOP North Carolina Piedmont Triad

NAIOP Raleigh Durham

Ohio
NAIOP Central Ohio

NAIOP Cincinnati/
Northern Kentucky

NAIOP Dayton Area

NAIOP Northern Ohio

Oklahoma
NAIOP Oklahoma

Oregon
NAIOP Oregon

Pennsylvania
NAIOP Pittsburgh

NAIOP Greater Philadelphia

Tennessee
NAIOP Nashville

Texas
NAIOP Austin

NAIOP Houston

NAIOP North Texas

Utah
NAIOP Utah

Virginia
NAIOP Northern Virginia

Washington State
NAIOP Washington State

Wisconsin
NAIOP Wisconsin