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Commercial real estate development supported 3.2 million jobs and contributed $450 billion to the U.S. gross domestic product in 2015, according to new data from the NAIOP Research Foundation.
In a report titled “Economic Impacts of Commercial Real Estate, 2016 Edition,” the NAIOP determined that 429.4 million square feet of commercial real estate space was constructed last year, with capacity to accommodate 1.1 million new workers. Within the different commercial real estate sectors, office construction expenditures increased by three percent in 2015 while retail construction expenditures and warehouse construction expenditures were up 8.2 percent and 10.8 percent respectively. But industrial construction spending plummeted in 2015 by 46.2 percent, a marked reversal from the 74.2 percent increase recorded in 2014.
“Commercial real estate continues to bring new jobs, improve infrastructure, and create places to live, work and play,” said Thomas Bisacquino, NAIOP president and CEO. “This is positive news both for the industry and the nation, but clarity on budget policy and tax reform following the presidential election will provide more certainty and add to the confidence of developers and investors.”