Study Shows Broad Impact of CRE on Nation’s Economy
The commercial real estate industry is a significant contributor to the nation’s economic engine. In 2009, the office building industry contributed $118.4 billion to the U.S. economy. Real estate is one of the leading employers in the United States. Office building operations alone supported more than a million jobs in 2009. Firms in the commercial real estate industry employ building managers, asset managers, custodial staff, security staff, brokers and accountants and retain a myriad of other services through contract, such as legal consulting, landscape maintenance and window cleaning to name just a few. In addition, the five billion square feet of private office space located in the 91 markets served by BOMA’s local associations provide work space for an estimated 21 million office jobs.
Did You Know?…
- For each dollar of outlay for office building operations, workers in the U.S. realized an increase of 92 cents in personal earnings;
- For each $1 million of outlay for office building operations, 24.4 jobs were supported nationwide;
- For each dollar of outlay for office building operations, workers in the U.S. realized an increase of 92 cents in personal earnings;
- For each $1 million of outlay for office building operations, 24.4 jobs were supported nationwide resulting in a total of 994,728 jobs across all sectors in addition to the more than one million jobs directly supported by office building operations.
Download the BOMA International Economic Impact Study, The Contribution of Office Building Outlays on the U.S. and States Economies in 2009.
2009 State Data
