A NAIOP Research Foundation Study was released this month noting commercial real estate and construction rebounds in 2011. The study shows that construction spending grew more than 12% from 2010 to 2011, with 238.3 million square feet built in 2011, which is 2.5% more than was developed in 2010. These new projects provide the capacity for 610,000 jobs in the United States, with commercial real estate development and construction contributing $262 billion to the US GDP, up 13% from 2010.
"2011 was a transition year for the U.S. economy and the construction sector," said the report's author, economist Stephen S. Fuller, PhD, Dwight Schar Faculty Chair, University Professor and the Director of the Center for Regional Analysis at the George Mason University. "The U.S. economy shifted from a federal stimulus to private-sector driven growth pattern and construction spending grew accordingly."
The following states posted the highest amounts of direct spending in all three phases of development across all categories of commercial real estate (number in parenthesis refers to that state's rank in 2010):
- Texas (Previous rank: 2), $7.9 billion in spending, 150,102 jobs supported
- New York (1), $6.5 billion in spending, 83,762 jobs supported
- West Virginia (48), $5.9 billion in spending, 100,889 jobs supported
- California (3), $4.5 billion in spending, 70,817 jobs supported
- Arizona (14), $4.2 billion in spending, 74,117 jobs supported
- Utah (26), $3.6 billion in spending, 77,550 jobs supported
- Florida (4), $3.4 billion in spending, 64,970 jobs supported
- Illinois (10), $3.0 billion in spending, 50,136 jobs supported
- Massachusetts (21), $3.05 billion in spending, 41,382 jobs supported
- (tie) North Carolina (7), $3.05 billion in spending, 55,920 jobs supported
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