Commercial real estate is experiencing record-setting growth and continues to be a significant contributor to the U.S. economy.
The development and ongoing operations of office, industrial and retail added 532 million square feet of new space and produced valuable jobs U.S. jobs.
• Contributes $600.8 billion to GDP
• Creates and supports 4 million jobs
• Salaries and wages of $192.7 billion
• 532 million square feet of new commercial space = space for 1.5 new jobs
Combined, commercial, residential, institutional and infrastructure development and operations contributes $3.7 trillion and supports 25.1 million jobs.
State economies are benefiting from a healthy industry, driving state revenue and adding inventory to attract new business and meet demand. The top five states for development value in 2018:
1. New York
Industrial and Warehouse
4. New York
Commercial real estate. Where America works… shops… lives… plays.
Data from “Economic Impacts of Commercial Real Estate, 2019 Edition”