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NAIOP: CRE’s Contribution to GDP Increases
The impact of new development and of the ongoing operations of existing commercial real estate buildings in the U.S. has grown to support 9.2 million American jobs and contribute $1.14 trillion to U.S. GDP in 2019, said the NAIOP Research Foundation. Both numbers represent an increase from 2018’s 8.3 million jobs and contribution of $1.0 trillion to GDP.
Combined, commercial, residential, institutional and infrastructure development and operations contribute $3.9 trillion in construction spending and accounted for 18.1% of all U.S. economic activity in 2019, according to the foundation’s latest “Economic Impact of Commercial Real Estate” study.
“Commercial real estate remains as a significant economic driver, facilitating growth and creating valuable jobs,” said Thomas Bisacquino, NAIOP president and CEO. “Despite slowing global and U.S. fiscal growth, the economy’s expansion is expected to extend beyond 2020. This is good news for our industry, as steady demand will drive new construction and development.”
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- ◦Economy
- ◦Development
