Commercial real estate development acts as a powerful force in the U.S. economy. In 2013, new development and spending for office, industrial, warehouse and retail contributed $376 billion to GDP and supported 2.8 million jobs. Wages and salaries over that time period totaled $120 billion. Projections look positive with development spending expected to increase with year-over-year growth in the 8-15 percent range by the end of 2015.
For additional information, read the NAIOP Research Foundation report “Economic Impacts of Commercial Real Estate, 2014 Edition.” The NAIOP Research Foundation fosters building better communities through practical research and education that advances the quality and makes evident the benefits of commercial real estate ownership and development.