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Report: Commercial Real Estate in Washington State Supported 56,617 Jobs and $8.8 Billion of GDP in 2017 [Press Release]

SEATTLE – The NAIOP Research Foundation has released the NAIOP Economic Impacts of Commercial Real Estate report (2018 Edition). The report is conducted for purposes of estimating the annual economic contribution of commercial real estate development to the U.S. economy.

Development and construction of new commercial real estate in the United States – office, industrial, warehouse and retail – generates significant economic growth at the state and national levels. This annual study, “The Economic Impacts of Commercial Real Estate,” published by the NAIOP Research Foundation, measures the contribution to GDP, salaries and wages generated and jobs supported from the development and operations of commercial real estate.

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Tourism & Hospitality Trends & Forecast [December 2017 Breakfast Recap]

December panelists at eventNAIOP WA members and guests gathered last Wednesday morning to learn about tourism and hospitality in our region. Before the panel started, attendees were treated to a video montage from September’s Community Enhancement event at Farmer Frog, a sustainable, educational farm in Woodinville.

NAIOP Washington state outgoing president Kristin Jensen introduced the morning’s breakfast topic. The hospitality and tourism sector is growing in Seattle and the Puget Sound. The panel discussed the factors making that a reality, including exponential population growth, and what the 58 cranes dotting the Seattle skyline mean for the future of the industry.

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Economic Impact of Commercial Real Estate in Washington State [NAIOP News]

Report: Commercial Real Estate in Washington State Supported 43,130 Jobs and $6.3 Billion of GDP in 2016

SEATTLE – In late February, the NAIOP Research Foundation released the NAIOP Economic Impacts of Commercial Real Estate report (2017 Edition). The report is conducted for purposes of estimating the annual economic contribution of commercial real estate development to the U.S. economy. 

National highlights from the 2017 report include:

  • Commercial real estate development supported 6.3* million American jobs in 2016 (a measure of both new and existing jobs).
  • Commercial real estate development contributed $465 billion to the GDP* in 2016.
  • There were 410.1 million square feet of commercial real estate space built in 2016, with capacity to house 1.1 million new workers.

Locally, 2016 economic impacts in Washington State included: 

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