Development and construction of new commercial real estate in the United States – office, industrial, warehouse, retail and multifamily – 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.

The combined economic contributions of new commercial building development and the operations of existing commercial buildings in 2025 resulted in direct expenditures of $1.4 trillion and the following impacts on the U.S. economy:

• Contributed $3.5 trillion to U.S. GDP
• Generated $1.3 trillion in personal earnings
• Supported a total of 20.4 million jobs

New commercial real estate construction created and supported more than 7 million American jobs in 2025