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Measuring The Impact Of CRE On The U.S. Economy

Measuring The Impact Of CRE On The U.S. Economy

U.S. commercial real estate development supported 3.2 million jobs and contributed $450 billion to the economy in 2015.

By Tierney Plumb

Overall, U.S. commercial real estate development supported 3.2 million jobs and contributed $450 billion to the economy in 2015, according to a new summer report by the NAIOP Research Foundation.

The indirect impacts of shovels and cranes created even more mega figures.

"With the direct and indirect impact of construction spending on the U.S. economy in 2015 totaling $3.2 trillion and accounting for 17.8 percent of GDP, the continuing growth of construction spending that began in 2011 will provide continuing support to the economy's growth rate during the next several years," says the report's author, economist Stephen S. Fuller.

New commercial real estate added to the market was qualified by office, industrial, warehouse, and retail space, and jobs were both new and existing.

New York especially shone amongst the 50 states last year, placing No. 1 in terms of construction value for office space. Thanks to super-sized…

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