The Numbers Don't Lie: Commercial Real Estate Matters
The commercial real estate industry is a significant driver of the nation’s economic engine. In fact, the office building industry contributed $227.6 billion to the U.S. economy in 2013 alone. Real estate also is one of the leading employers in the United States. According to the latest numbers, office building operations alone supported 1.8 million jobs. Firms in the commercial real estate industry employ building managers, asset managers, custodial staff, security staff, brokers and accountants, and they retain a myriad of other services through contract, such as legal consulting, landscape maintenance and window cleaning, just to name a few. In addition, the more than 10 billion square feet of office space located in the markets served by BOMA’s local associations provide workspace for an estimated 46.6 million office jobs.
Did you know…
- For each $1 spent on office building expenditures, the U.S. economy gained $2.76, resulting in $82.4 billion in annual operating expenses contributing a total of $227.6 billion to the U.S. GDP?
- For each $1 of office building expenditures, workers in the U.S. realized an increase of 87 cents in personal earnings?
- For each $1 million of expenditures for office building operations, 21.9 jobs were supported nationwide, resulting in a total of 1.8 million jobs?
Download the BOMA International Economic Impact Study, Where America Goes to Work: The Contribution of Office Building Operations to Economy, 2014.
The national numbers are impressive, but when you are meeting with your member of Congress or recruiting new BOMA members, how the CRE industry affects your local market is essential information. Click your state below to find out how influential commercial real estate is in your area.
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2014 State Data