State Reports

Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels.

An annual NAIOP Research Foundation study measures the valuable contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.

Combined, commercial, residential, institutional and infrastructure development and operations of existing commercial buildings contributed $7.9 trillion to the U.S. economy and supported 40.8 million jobs in 2024.

New office, industrial, warehouse and retail space in 2024 generated:

$1.1 trillion in contributions to the U.S. economy (GDP).
$384.1 billion in personal earnings (wages and salaries).
5.3 million American jobs (created and supported).
696 million square feet of new space to accommodate 1.6 million jobs.

New commercial real estate construction created and supported more than 5 million American jobs in 2024.

Report

[Watch] CRE Drives the U.S. Economy

Economic Impacts of Commercial Real Estate, 2025 U.S. Edition, by the NAIOP Research Foundation

The impact of new commercial real estate development and of the ongoing operations of existing commercial real estate buildings in the United States continues to grow, according to the annual Economic Impacts of Commercial Real Estate, 2025 U.S. Edition, research study conducted by the NAIOP Research Foundation.

State Flyers

The data source is Economic Impacts of Commercial Real Estate, 2025 U.S. Edition, published by the NAIOP Research Foundation.

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