According to the annual Economic Impacts of Commercial Real Estate research study by the NAIOP Research Foundation, commercial real estate development in the United States continues to play a significant role in driving economic activity. In 2023, new construction and operations of existing buildings contributed $913.1 billion directly to GDP and had a total impact of $2.5 trillion.
The nonresidential construction subsector saw strong growth with a 21.9% increase in completions as of October 2023, contributing significantly to overall construction spending which accounted for approximately 20.6% of total GDP with multiplier effects included.
NAIOP President and CEO Marc Selvitelli stated that despite some adjustments in construction activity, particularly within the industrial sector due to changes brought on by the pandemic and other economic factors, commercial real estate remains an important contributor to our nation’s economy. Looking ahead into 2024, there is optimism for further expansion within this industry.
