[Watch] How CRE Benefits the U.S. Economy
The four phases of commercial real estate development yield significant contributions to the U.S. economy, creating jobs and building the places we work, shop, live and play. In 2022, combined economic contributions of new commercial building development and the operations of existing commercial buildings:
- Contributed $2.3 trillion to U.S. GDP
- Generated $831.8 billion in personal earnings
- Supported a total of 15.1 million jobs
Each dollar of construction spending generates $2.89 in economic, reflecting the cumulative effects of the initial construction expenditures as they cycle throughout the economy. Construction spending of $1.8 trillion yields $5.2 trillion to U.S. GDP.
State economies benefit from a healthy commercial real estate industry, which yields state revenue and adds inventory to attract new businesses and jobs.
Data from Economic Impacts of Commercial Real Estate, 2023 U.S. Edition. Download the report and see state data.