By AZRE | AZ Big Media
New development of commercial real estate and of the ongoing operations of existing commercial real estate buildings in the United States – office, industrial, warehouse and retail – supported 8 million American jobs, contributed $1.01 trillion to the U.S. GDP in 2020, and generated $338.1 billion in personal earnings – according to “Economic Impacts of Commercial Real Estate, 2021 U.S. Edition,” a study released this week by the NAIOP Research Foundation. And Arizona industrial and warehouse development played a major role in that economic impact.
According to the report, Arizona is the No. 8 state in the U.S. for contributions to state GDP created by industrial (manufacturing facilities) development, and also the No. 8 state for warehouse (e-commerce distribution facilities) development. Overall, construction and development of Arizona industrial and warehouse, office, and retail created and supported 83,805 related jobs and contributing $11 billion to the state’s economy in 2020 (the most recent data available).