Economic Impacts of Commercial Real Estate, 2017 Edition
By: Stephen S. Fuller, Ph.D.
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. This annual study, “The Economic Impacts of Commercial Real Estate,” published by the NAIOP Research Foundation, measures the contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.
Highlights from the “Economic Impacts of Commercial Real Estate, 2017 Edition” include:
- Commercial real estate development supported 6.25 million American jobs in 2016 (a measure of both new and existing jobs).
- Commercial real estate development contributed $864 billion to U.S. GDP.
- Commercial real estate development generated $264.4 billion in salaries and wages.
- There were 410.1 million square feet of commercial real estate space built in 2016, with capacity to house 1.1 million new workers.