Economic Impacts of Commercial Real Estate, 2023 U.S. Edition

By: Brian Lewandowski, Adam Illig, Michael P. Kercheval, Ph.D. and Richard Wobbekind, Ph.D.

Release Date: January 2023

This annual study, 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.

The combined economic contributions of new commercial building development and the operations of existing commercial buildings in the United States in 2022 resulted in direct expenditures of $826.9 billion and the following impacts on the U.S. economy:

  • Contributed $2.3 trillion to U.S. gross domestic product (GDP).
  • Generated $831.8 billion in personal earnings.
  • Supported 15.1 million jobs.

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Watch How CRE Benefits the U.S. Economy

See how the four phases of commercial real estate development yield significant contributions to the U.S. economy, creating jobs and building communities.

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Economic Impacts of CRE, 2023 U.S. Map