New development and ongoing operations of existing commercial real estate in the United States, across the spectrum of property types—office, industrial, warehouse and retail— supported 7.6 million American jobs and contributed $935.1 billion to U.S. GDP in 2017. That’s according to the recently released annual study, “Economic Impacts of Commercial Real Estate,” published by the NAIOP Research Foundation.
To put $935.1 billion in perspective, that’s more than the GDP of Turkey or the Netherlands or Switzerland. If U.S. CRE were its own country, it would be the 17th largest economy in the world, just behind Indonesia, at least according to the International Monetary Fund’s estimation of each country’s GDP.
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