NAIOP, the Commercial Real Estate Development Association, recently released its annual study “Economic Impacts of Commercial Real Estate” in which it details the development, construction, and ongoing operations of new commercial real estate in the U.S.
The study shows office, industrial, warehouse, and retail real estate development supported 6.25 million American jobs and contributed $861 billion to U.S. GDP in 2016. Between 2011 and October 2016, construction spending increased 48.7% and was a key factor in the economy’s growth in 2016. For the year ending in October 2016, total construction spending was up 3.4%.
Office and Warehouse spending increased by 28.7% and 12.7% respectively from 2015. Retail spending decreased 7 percent from gains of 8.2% in 2015. Industrial spending decreased significantly for the second straight year, down 29.9% from 2015.
Of the top 10 states by construction value (office, industrial, warehouse, and retail), only three (New York, Texas, and Florida) remained in the same position as 2015. New York was once again first on the list with $24.8 billion in direct spending and $46.05 billion in total output. Texas wasn’t far behind with $18.5 billion in direct spending and $44.3 billion in total output. Florida once again took the fifth position on the list.
To view the full report, click here.
Related Stories
Market Data | May 11, 2020
Interest in eSports is booming amid COVID-19
The industry has proved largely immune to the COVID-19 pandemic due to its prompt transition into online formats and sudden spike in interest from traditional sports organizations.
Market Data | May 11, 2020
6 must reads for the AEC industry today: May 11, 2020
Nashville residential tower will rise 416 feet and the construction industry loses 975,000 jobs.
Market Data | May 8, 2020
Construction industry loses 975,000 jobs in April as new association survey shows deteriorating demand for construction projects
Association partner Procore also releases near real-time construction data measuring impacts of coronavirus as association calls for new measures.
Market Data | May 8, 2020
7 must reads for the AEC industry today: May 8, 2020
The death of the office and Colorado's first multifamily project to receive WELL Precertification.
Market Data | May 7, 2020
5 must reads for the AEC industry today: May 7, 2020
5 memory care communities with a strong sense of mission and making jobsites safer in the COVID-19 world.
Market Data | May 6, 2020
6 must reads for the AEC industry today: May 6, 2020
5 questions engineers will ask after COVID-19 and coronavirus threatens push for denser housing.
Market Data | May 5, 2020
5 must reads for the AEC industry today: May 5, 2020
A new temporary hospital pops up in N.J., and apartment firms' reactivation plans begin to take shape.
Market Data | May 4, 2020
6 must reads for the AEC industry today: May 4, 2020
How working from home is influencing design and is this the end of the open office?
Market Data | May 4, 2020
The Los Angeles market continue to lead the U.S. hotel construction pipeline at the close of the first quarter of 2020
Nationally, under construction project counts hit a new all-time high with 1,819 projects with 243,100 rooms.
Market Data | May 1, 2020
Nonresidential construction spending declines in March as pandemic halts projects
Group warns loan threats are hurting relief program.
