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 U.S. 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 3.3 million American jobs in 2016 (a measure of both new and existing jobs).
- Commercial real estate development contributed $465 billion to U.S. 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:
- Commercial real estate development supported 43,130 jobs.
- Commercial real estate development contributed $6.3 billion to U.S. GDP.
- Wages and salaries generated in Washington State came to $2.1 billion.
“Commercial real estate makes a significant contribution to Washington State’s annual economy,” says NAIOP Washington State President Kristin Jensen, Vice President of Development, Touchstone. “The member companies of NAIOP Washington State work to support economic development in our communities and our state through high quality, well-planned, sustainable development projects that support our region’s economic growth and preserve environmental resources for generations to come. Working with local municipalities and state leaders, we collaborate on transit-oriented development and affordable housing solutions that house our growing community and simultaneously support commercial growth and development. Together we work on policies that are beneficial to our communities while allowing responsible development of under-utilized lands.”
The complete Economic Impacts of Commercial Real Estate, 2017 Edition, is available online and includes detail by product type and impact on state economies.
About NAIOP Washington State
NAIOP Washington State is a trade association for developers, owners and investors in office, industrial, multi-family and all other commercial real estate sectors. The chapter, recognized as 2016 Chapter of the Year, is the fifth-largest and one of the fastest growing chapters nationally, with more than 850 members representing the region’s leading firms in commercial real estate development. It provides a number of opportunities for professional development and serves as a comfortable and welcoming forum for networking and business improvement.
NAIOP’s Washington State chapter is known for its philanthropy, with hundreds of its members volunteering each year for community enhancement projects ranging from stream recovery to social service center renovations. The chapter is also recognized for its significant advocacy efforts to ensure responsible and balanced development practices in the Washington.