The construction and ongoing operations of new commercial real estate—encompassing office, industrial, warehouse, and the retail sectors—supported a whopping 6.25 million American jobs and contributed $861 billion to the U.S. GDP in 2016. That’s according to a new study, “Economic Impacts of Commercial Real Estate,” published by the NAIOP Research Foundation. Construction within the commercial sector continues to grow, with construction spending up 3.4 percent last year over the previous year.
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In 2016, about 410 million square feet of office, retail, warehouse, and industrial space was added to the market, which is enough to house more than 1 million new workers, according to the report.
“The importance of commercial development to the U.S. economy is well established, and the industry’s growth is critical to creating new jobs, improving infrastructure, and creating places to work, shop, and play,” says Thomas Bisacquino, NAIOP president and CEO.
The following 10 states had the highest construction value for office, industrial, warehouse, and retail combined, according to the report:
- New York
- Texas
- California
- Louisiana
- Florida
- Georgia
- Michigan
- Illinois
- Pennsylvania
- Massachusetts
Source: “Latest Report: U.S. Commercial Real Estate Development Supports 6 Million Jobs, Contributes $861 Billion to the Economy,” NAIOP.org (April 10, 2017)
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