Commercial Real Estate Recovering

Development and construction of new commercial real estate – office, industrial and retail buildings – continued its climb in 2012, supporting approximately 2.3 million American jobs and contributing $303.4 billion to the nation's economy, marking the second year that the sector posted gains since 2007, according to a new report released this week by the NAIOP Research Foundation (Commercial Real Estate Development Association).

Commercial real estate alone supported at least 2.3 million American jobs in 2012

Commercial real estate contributed $303.4 billion to U.S. GDP, a 16% increase from 2011

Construction and development spending grew nearly 10% from 2011

307.5 million square feet built in 2012, a 29% increase from 2011

Top Ten States for Commercial Real Estate:

1. New York, $4.80 billion in spending, supporting 122,600 jobs

2. Texas, $4.34 billion in spending, supporting 162,877 jobs

3. Iowa, $2.92 billion in spending, supporting 85,753 jobs

4. California, $2.88 billion in spending, supporting 96,572 jobs

5. Ohio, $2.04 billion in spending, supporting 76,830 jobs

6. Florida, $1.97 billion in spending, supporting 78,274 jobs

7. Massachusetts, $1.78 billion in spending, supporting 49,653 jobs

8. North Carolina, $1.75 billion in spending, supporting 68,819 jobs

9. Illinois, $1.64 billion in spending, supporting 56,654 jobs

10. Georgia, $1.58 billion in spending, supporting 61,715 jobs

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