Commercial real estate development remains a significant driver of U.S. economic activity, according to NAIOP Commercial Real Estate Development Association.
“The combined economic contributions of new commercial building development and the operations of existing commercial buildings in 2024 resulted in direct expenditures of $898.5 billion,” the association cites.
New and existing commercial buildings also:
- Contributed $2.5 trillion to U.S. GDP
- Generated $862.5 billion in personal earnings
- Supported a total of 14.2 million jobs
As of March 2025, the NAIOP CRE Sentiment Index, which measures industry expectations for commercial real estate market conditions over the next 12 months, dropped to 50, down from 46 in the fall of last year. An index of 50 indicates no change in CRE conditions is expected in the next 12 months.
In the warehouse sector, Pennsylvania is the sixth highest-ranking state in the country, with $13.6 billion in contributions to state GDP last year. Additionally, commercial real estate development in the commonwealth created and supported 65,494 jobs and generated $4.1 billion in wages and salaries in 2024.
“The commercial real estate development industry remains an engine for growth across the United States,” says NAIOP CEO and President Marc Selvitelli. “A surge in manufacturing projects that were initiated over the last two years are now coming online, and new data center construction is providing the infrastructure for exponential advancements in technology and the use of AI in everyday life.”
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