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.

Combined, commercial, residential, institutional and infrastructure development and operations of existing commercial buildings contributed $6.5 trillion to the U.S. economy and supported 37.7 million jobs in 2022.

New office, industrial, warehouse and retail space in 2022 generated:

• $1.0 trillion in contributions to the U.S. economy (GDP).
• $386.8 billion in personal earnings (wages and salaries).
• 5.7 million American jobs (created and supported).
• 926 million square feet of new space to accommodate 1.9 million new jobs.

Total value of construction starts soared in 2022, setting a new record level for commercial development’s economic impact.