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:
Office
1. New York
2. Texas
3. Virginia
4. California
5. Illinois
Industrial and Warehouse
1. Texas
2. Tennessee
3. Colorado
4. California
5. Florida
Retail
1. Texas
2. Florida
3. California
4. New York
5. Georgia
Commercial real estate. Where America works… shops… lives… plays.
Data from “Economic Impacts of Commercial Real Estate, 2019 Edition”
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