How Supporting CRE Construction Could Drive the US Economic Recovery
Despite the severe economic downturn of 2020, the U.S. construction industry grew. Direct expenditures for building and nonbuilding construction climbed $51.7 billion to reach $1.4 billion for the year. Total jobs supported by construction grew by 400,000. And construction’s percentage of total U.S. GDP rose from 19.5% in 2019 to 21% in 2020.
In the annual NAIOP Research Foundation study, “Economic Impacts of Commercial Real Estate,” Stephen S. Fuller, Ph.D., university professor emeritus, Schar School of Policy and Government at George Mason University, detailed construction activity and impact across real estate sectors, analyzed factors impacting growth rates and argued that robust support of construction activity in commercial real estate and other sectors could drive America’s economic recovery.