According to data from “Economic Impacts of Commercial Real Estate, 2023 U.S. Edition” published annually by the NAIOP Research Foundation, Colorado is the 9th highest ranking state in the U.S. in terms of commercial real estate development in the warehouse sector, with a total contribution to state GDP of $6.8 billion, direct spending of $2.96 billion, personal earnings of $2.69 billion and 44,012 jobs supported.
Nationally, the impact of new commercial real estate development in the U.S. continues to grow.
The combined economic contributions of new commercial building development and the operations of existing commercial buildings in 2022 resulted in direct expenditures of $826.9 billion and the following impacts on the U.S. economy:
· Contributed $2.3 trillion to U.S. gross domestic product (GDP).
· Generated $831.8 billion in personal earnings.
· Supported 15.1 million jobs
“The data in the report are strong economic indicators of commercial real estate development investment, job growth, and subsequential contributions to the U.S. economy,” said Marc Selvitelli, CAE, president and CEO of NAIOP. “Our success could be met with headwinds as inflation, workforce constraints, and higher interest rates create uncertainty. Our Research Foundation, legislative team, and education will keep our members and industry professionals informed on these issues and offer resources as the industry navigates potentially choppy waters.”
Download the full report HERE
