Residential and commercial real estate began to rebound in 2011. 2015 showed significant growth in real estate development. The economic impact of commercial development is often overlooked when we do not take into account pre-construction and post-construction effects. Commercial development has a long-term impact on local, state, and national economies. Here, we will highlight some of the Ways in which commercial development improved the overall US economy in 2015.
The NAIOP conducted extensive research and published a full report. Below are some of their findings.
In 2015:
- 3.2 million American jobs were supported by commercial real estate development. This includes new and existing jobs.
- $450 billion was contributed to the US GDP through commercial real estate development in 2015.
- 429.4 Million square feet of commercial real estate space was built, having a capacity to house 1.1 million workers.
Economists understand the importance and impact of commercial real estate development on the overall US economy. Looking at the growth in 2015 and the first half of 2016, experts project continued growth in this sector for 2017 and 2018. Office, retail, and healthcare construction are among the most in-demand structures. This report is great news for developers in the US.
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