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 | Sep 14, 2020
6 must reads for the AEC industry today: September 14, 2020
63% of New York's restaurants could be gone by 2021 and new weapons in the apartment amenities arms race.
Market Data | Sep 11, 2020
5 must reads for the AEC industry today: September 11, 2020
Des Moines University begins construction on new campus and the role of urgent care in easing the oncology journey.
Market Data | Sep 10, 2020
6 must reads for the AEC industry today: September 10, 2020
Taipei's new Performance Hall and Burger King's touchless restaurant designs.
Market Data | Sep 9, 2020
6 must reads for the AEC industry today: September 9, 2020
What will the 'new normal' look like and the AIA hands out its Twenty-five Year Award.
Market Data | Sep 8, 2020
‘New normal’: IAQ, touchless, and higher energy bills?
Not since 9/11 has a single event so severely rocked the foundation of the commercial building industry.
Market Data | Sep 8, 2020
7 must reads for the AEC industry today: September 8, 2020
Google proposes 40-acre redevelopment plan and office buildings should be an essential part of their communities.
Market Data | Sep 4, 2020
6 must reads for the AEC industry today: September 4, 2020
10 Design to redevelop Nanjing AIrport and TUrner Construction takes a stand against racism.
Market Data | Sep 4, 2020
Construction sector adds 16,000 workers in August but nonresidential jobs shrink
Association survey finds contractor pessimism is increasing.
Market Data | Sep 3, 2020
6 must reads for the AEC industry today: September 3, 2020
New affordable housing comes to the Bronx and California releases guide for state water policy.
Market Data | Sep 2, 2020
Coronavirus has caused significant construction project delays and cancellations
Yet demand for skilled labor is high, new survey finds.