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June 2017   Volume 43, Number 6      
 

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The 10 States Investing the Most in Commercial Real Estate

New commercial real estate accounted for 6.25 million American jobs and contributed $861 billion to the U.S. GDP in 2016, according to a new study, “Economic Impacts of Commercial Real Estate,” published by the NAIOP Research Foundation.

The annual study measures the contributions to GDP, salaries and wages generated, and jobs created and supported from the development and operations of commercial real estate.

A key factor in the U.S. economy’s growth in 2016 was the continuing expansion of the construction sector. Construction spending was up 3.4 percent in 2016 over the previous year. In 2016, roughly 410 million square feet of industrial, office, retail, and warehouse space were added to the market, which is enough to house over 1 million new workers.

“The importance of commercial development to the U.S. economy is well established, and the industry’s growth is critical to creating new jobs, improving infrastructure, and creating places to work, shop, and play,” says Thomas Bisacquino, NAIOP president and CEO.

The 10 states that had the highest construction values for office, industrial, warehouse, and retail combined, were N.Y., Texas, Calif., La., Fla., Ga., Mich., Ill., Pa., and Mass. according to the report.

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In this issue:

Virtual Reality Shakes Up Real Estate

All-cash Chinese Buyers Disappearing From U.S. Real Estate Markets

Consumer Confidence Falls after Record High

Immigrant Households Impact Success of Real Estate Market

Multifamily Construction Loans Are Getting Harder for Developers to Find

Survey NAR Survey Finds Increase in Consumer Confidence in the Midwest and Rural Areas

Purchases of Vacation Homes Declined for Second Straight Year in 2016

Rising Home Prices Drive Up Homeowner Debt

The 10 States Investing the Most in Commercial Real Estate

How Sellers Can Avoid the Downsides of Hot Real Estate Markets


 


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