Development and construction of new commercial real estate – office, industrial and retail buildings – continued its climb in 2012, supporting approximately 2.3 million American jobs and contributing $303.4 billion to the nation’s economy, marking the second year that the sector posted gains since 2007, according to a new report released today by the NAIOP Research Foundation.
But industry experts warn that global economic sentiment and uncertainty in Washington and state capitals are dampening a more fulsome recovery in the sector. The report can be found here. http://bit.ly/CREcontributions2013
Study Highlights Include:
• Commercial real estate alone supported at least 2.3 million American jobs in 2012
• Commercial real estate contributed $303.4 billion to U.S. GDP, a 16 percent increase from 2011
• Construction and development spending grew nearly 10 percent from 2011
• 307.5 million square feet built in 2012, a 29 percent increase from 2011
In 2012, the commercial real estate development sector added $303.4 billion to the U.S. GDP, up from $261.6 billion in 2011, a near 16 percent increase, according to the report. This addition to the economy generated $96.7 billion in new personal earnings and supported 2.3 million full-time equivalent, year-round jobs.