NAIOP: Commercial Real Estate Vital to the Overall Economy; Industrial Sector Leads, and Retail Stages a Comeback

Originally published on January 26, 2023 by Kathryn Hamilton for NAIOP E-Newsletter. 

The impact of new commercial real estate development in the U.S. continues to grow, according to the annual Economic Impacts of Commercial Real Estate research study conducted by the NAIOP Research Foundation.

The combined economic contributions of new commercial building development and the operations of existing commercial buildings in 2022 resulted in direct expenditures of $826.9 billion and the following impacts on the U.S. economy: 

  • Contributed $2.3 trillion to U.S. gross domestic product (GDP).
  • Generated $831.8 billion in personal earnings.
  • Supported 15.1 million jobs.

Among other highlights:

  • Significant (143.4%) increase in non-warehouse (manufacturing) industrial building construction in 2022, making it the largest segment of new CRE construction in 2022.
  • The four property types covered in the report saw increased construction spending (hard costs) last year (see table).
View Report
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