Only Texas scored higher in the recent NAIOP survey. When it comes to commercial real estate development, Arizona is the second highest ranking state in the U.S. for overall contributions of real estate to state GDP of $91.3 billion, $41.2 billion in direct spending, $37 billion in personal earnings, and 661,000 jobs supported in 2022.

Nationally, the impact of new commercial real estate development in the U.S. continues to grow.

The combined economic contributions of new commercial building development and the operations of existing commercial buildings in 2022 resulted in direct expenditures of $826.9 billion and the following impacts on the U.S. economy: 

•  Generated $831.8 billion in personal earnings.

• Supported 15.1 million jobs.

NAIOP’s Marc Selvetelli says commercial real estate will continue to be an economic leader, “The data in the report are strong economic indicators of commercial real estate development investment, job growth, and subsequential contributions to the U.S. economy.”