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 $6.9 trillion to the U.S. economy and supported 35.9 million jobs in 2023.

New office, industrial, warehouse and retail space in 2023 generated:

• $1.2 trillion in contributions to the U.S. economy (GDP).
• $416.5 billion in personal earnings (wages and salaries).
• 6.2 million American jobs (created and supported).
• 904 million square feet of new space to accommodate 1.9 million jobs.

New commercial real estate construction created and supported more than 6 million American jobs in 2023.