The NAIOP Research Foundation has released its report on How Office, Industrial and Retail Development and Construction Contributed to the U.S. Economy in 2012 which shows that commercial real estate is on the rise. The report quantifies the economic impact of new commercial real estate development and construction in the U.S. and states for 2012, including jobs created, income generated, GDP and the effect of multipliers. According to the report, development and construction of new commercial real estate – office, industrial and retail buildings – continued its climb in 2012, supporting approximately 2.3 million American jobs and contributing $303.4 billion to the nation’s economy, marking the second year that the sector posted gains since 2007.
Some key hilights from the report include:
• Commercial real estate alone supported at least 2.3 million American jobs in 2012
• Commercial real estate contributed $303.4 billion to U.S. GDP, a 16% increase from 2011
• Construction and development spending grows nearly 10% from 2011
• 307.5 million square feet built in 2012, a 29% increase from 2011
This video produced by the NAIOP Research Foundation further explains how commercial real estate development positively impacts the economy.
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